[quote=ocrenter]looks like this guy went down the typical path to the real estate bust:
purchased and flipped a 2700 sqft home in Chula Vista within 16 months for $150k profit.
purchased and flipped another 2800 sqft home in Chula Vista within 6 months for $170k profit.
both homes were sold in January of 2003, within a couple of weeks of each other.
The profits of course went to his move up mansion in Bonita at 4200 sqft, purchased in January of 2003 for $850k. there’s a nice pool and spa with a built in water slide, looks pretty updated, he probably put that in after his purchase.
Looks like the home went to foreclosure in January of 2009 and was picked up by a buyer in April of ’09 for $618k.[/quote]
Some people flipped a couple homes, were able to upgrade to a nice home with cash, saw the bubble forming, got out and quite the game before the music stopped.
Many, like this guy and his wife did not. Greed motivated people to make irrational decisions. Unfortunately the lesson will once again be forgotten by future generations.
