I was talking with the MIL about all-cash flippers reselling for big profits, and she freaked a little, saying they should all go to “their own special level of hell”. This was a bit of a surprise, and after telling her that I would be doing exactly the same thing if I had the money, I explained that A) the flippers get their profit, B) the bank gets a loan, and C) the little guy gets a home. Everyone’s happy, so where’s the harm? She just mumbled something about “evil” and didn’t really have an answer.
I’m a little guy also, and I really don’t see the big deal in paying list price for a place, as long as it’s reasonable compared to rents. I just put in an offer on a really great Temecula place for $120/sf. That’s high compared to last year, and yeah I would be “overpaying”, but still so ridiculously affordable that there’s really no reason to bitch about it. I couldn’t rent an equivalent place in SD for $1,000/month more.
