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garysears.
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February 15, 2009 at 8:06 PM #346902February 16, 2009 at 12:11 AM #347037
urbanrealtor
ParticipantI’ll show you one that just screams non-pro flipper.
1264 Essex. (in 92103)
This was sold as a repo in November for $273k.
It came back a couple weeks ago for $475k.I was asked to consult on this by my broker (who was asked by the seller prior to listing).
The seller was doing lots of rationalizing and really did not care for my suggestions that he was off his nut.
Again, I am not always very politic about expressing my opinion to clients or leads.
February 16, 2009 at 12:11 AM #347604ParticipantI’ll show you one that just screams non-pro flipper.
1264 Essex. (in 92103)
This was sold as a repo in November for $273k.
It came back a couple weeks ago for $475k.I was asked to consult on this by my broker (who was asked by the seller prior to listing).
The seller was doing lots of rationalizing and really did not care for my suggestions that he was off his nut.
Again, I am not always very politic about expressing my opinion to clients or leads.
February 16, 2009 at 12:11 AM #347506ParticipantI’ll show you one that just screams non-pro flipper.
1264 Essex. (in 92103)
This was sold as a repo in November for $273k.
It came back a couple weeks ago for $475k.I was asked to consult on this by my broker (who was asked by the seller prior to listing).
The seller was doing lots of rationalizing and really did not care for my suggestions that he was off his nut.
Again, I am not always very politic about expressing my opinion to clients or leads.
February 16, 2009 at 12:11 AM #347472ParticipantI’ll show you one that just screams non-pro flipper.
1264 Essex. (in 92103)
This was sold as a repo in November for $273k.
It came back a couple weeks ago for $475k.I was asked to consult on this by my broker (who was asked by the seller prior to listing).
The seller was doing lots of rationalizing and really did not care for my suggestions that he was off his nut.
Again, I am not always very politic about expressing my opinion to clients or leads.
February 16, 2009 at 12:11 AM #347358ParticipantI’ll show you one that just screams non-pro flipper.
1264 Essex. (in 92103)
This was sold as a repo in November for $273k.
It came back a couple weeks ago for $475k.I was asked to consult on this by my broker (who was asked by the seller prior to listing).
The seller was doing lots of rationalizing and really did not care for my suggestions that he was off his nut.
Again, I am not always very politic about expressing my opinion to clients or leads.
February 16, 2009 at 12:59 AM #347042Effective Demand
ParticipantFlippers are definetly alive and well, they use their pricing knowledge (what a home will sell for) combined with liquidity advantage to buy cheap, do trashout, paint and carpet (if needed) and sell quickly.
Even with the economy and values dropping it is hard to get it too wrong as long as you set a certain max percentage on your buy relative to market value and buy in the active part of the market where all the demand is.
February 16, 2009 at 12:59 AM #347363ParticipantFlippers are definetly alive and well, they use their pricing knowledge (what a home will sell for) combined with liquidity advantage to buy cheap, do trashout, paint and carpet (if needed) and sell quickly.
Even with the economy and values dropping it is hard to get it too wrong as long as you set a certain max percentage on your buy relative to market value and buy in the active part of the market where all the demand is.
February 16, 2009 at 12:59 AM #347477ParticipantFlippers are definetly alive and well, they use their pricing knowledge (what a home will sell for) combined with liquidity advantage to buy cheap, do trashout, paint and carpet (if needed) and sell quickly.
Even with the economy and values dropping it is hard to get it too wrong as long as you set a certain max percentage on your buy relative to market value and buy in the active part of the market where all the demand is.
February 16, 2009 at 12:59 AM #347511ParticipantFlippers are definetly alive and well, they use their pricing knowledge (what a home will sell for) combined with liquidity advantage to buy cheap, do trashout, paint and carpet (if needed) and sell quickly.
Even with the economy and values dropping it is hard to get it too wrong as long as you set a certain max percentage on your buy relative to market value and buy in the active part of the market where all the demand is.
February 16, 2009 at 12:59 AM #347609ParticipantFlippers are definetly alive and well, they use their pricing knowledge (what a home will sell for) combined with liquidity advantage to buy cheap, do trashout, paint and carpet (if needed) and sell quickly.
Even with the economy and values dropping it is hard to get it too wrong as long as you set a certain max percentage on your buy relative to market value and buy in the active part of the market where all the demand is.
February 16, 2009 at 7:03 AM #347664Nor-LA-SD-guy
Participant[quote=Scarlet]I’m seeing people buying REOs for 50% off peak, planning to be flippers in 2-5 years. Its hard to flip now because values are falling so fast. So, people are buying and renting. Problem is they are planning their investment strategy on today’s rents.
When I look at an REO I ask myself if I could cash flow if I needed to undercut the cheapest rental in the hood in order to attract a renter in a a down market. Even at today’s REO prices the numbers going forward don’t work.
In the IE they are still building new homes (lots, oddly) and there is a huge shadow inventory of empty homes that do not show up in the MLS. Rents are going to fall a lot. There are too many houses now, they are still building more and people are leaving CA in droves. Landlord is not a growth industry.
Wait until the coming tax increases take effect and start to hit home. [/quote]
“people are leaving CA in droves”
I keep hearing that here and there, But the last stat I saw said SD had the largest population growth last year than in the last three years ??
so where are these people going anyway ???
February 16, 2009 at 7:03 AM #347418Participant[quote=Scarlet]I’m seeing people buying REOs for 50% off peak, planning to be flippers in 2-5 years. Its hard to flip now because values are falling so fast. So, people are buying and renting. Problem is they are planning their investment strategy on today’s rents.
When I look at an REO I ask myself if I could cash flow if I needed to undercut the cheapest rental in the hood in order to attract a renter in a a down market. Even at today’s REO prices the numbers going forward don’t work.
In the IE they are still building new homes (lots, oddly) and there is a huge shadow inventory of empty homes that do not show up in the MLS. Rents are going to fall a lot. There are too many houses now, they are still building more and people are leaving CA in droves. Landlord is not a growth industry.
Wait until the coming tax increases take effect and start to hit home. [/quote]
“people are leaving CA in droves”
I keep hearing that here and there, But the last stat I saw said SD had the largest population growth last year than in the last three years ??
so where are these people going anyway ???
February 16, 2009 at 7:03 AM #347097Participant[quote=Scarlet]I’m seeing people buying REOs for 50% off peak, planning to be flippers in 2-5 years. Its hard to flip now because values are falling so fast. So, people are buying and renting. Problem is they are planning their investment strategy on today’s rents.
When I look at an REO I ask myself if I could cash flow if I needed to undercut the cheapest rental in the hood in order to attract a renter in a a down market. Even at today’s REO prices the numbers going forward don’t work.
In the IE they are still building new homes (lots, oddly) and there is a huge shadow inventory of empty homes that do not show up in the MLS. Rents are going to fall a lot. There are too many houses now, they are still building more and people are leaving CA in droves. Landlord is not a growth industry.
Wait until the coming tax increases take effect and start to hit home. [/quote]
“people are leaving CA in droves”
I keep hearing that here and there, But the last stat I saw said SD had the largest population growth last year than in the last three years ??
so where are these people going anyway ???
February 16, 2009 at 7:03 AM #347532Participant[quote=Scarlet]I’m seeing people buying REOs for 50% off peak, planning to be flippers in 2-5 years. Its hard to flip now because values are falling so fast. So, people are buying and renting. Problem is they are planning their investment strategy on today’s rents.
When I look at an REO I ask myself if I could cash flow if I needed to undercut the cheapest rental in the hood in order to attract a renter in a a down market. Even at today’s REO prices the numbers going forward don’t work.
In the IE they are still building new homes (lots, oddly) and there is a huge shadow inventory of empty homes that do not show up in the MLS. Rents are going to fall a lot. There are too many houses now, they are still building more and people are leaving CA in droves. Landlord is not a growth industry.
Wait until the coming tax increases take effect and start to hit home. [/quote]
“people are leaving CA in droves”
I keep hearing that here and there, But the last stat I saw said SD had the largest population growth last year than in the last three years ??
so where are these people going anyway ???
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