Flipping still active

[Nor-LA-SD-guy]

[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 ???

[BGinRB]

I know of few attempts: MLS #090008309 – paid $425K a month ago, put in $30-40K, asking for $579K.

Same as MLS #080072371.

JtR had few posts about the intrinsic of the process on his website.

[BGinRB]

I know of few attempts: MLS #090008309 – paid $425K a month ago, put in $30-40K, asking for $579K.

Same as MLS #080072371.

JtR had few posts about the intrinsic of the process on his website.

[BGinRB]

I know of few attempts: MLS #090008309 – paid $425K a month ago, put in $30-40K, asking for $579K.

Same as MLS #080072371.

JtR had few posts about the intrinsic of the process on his website.

[BGinRB]

I know of few attempts: MLS #090008309 – paid $425K a month ago, put in $30-40K, asking for $579K.

Same as MLS #080072371.

JtR had few posts about the intrinsic of the process on his website.

[BGinRB]

I know of few attempts: MLS #090008309 – paid $425K a month ago, put in $30-40K, asking for $579K.

Same as MLS #080072371.

JtR had few posts about the intrinsic of the process on his website.

[garysears]

This is a flipper I am watching:

MLS #: 090006689
724 CLAMATH, Spring Valley, CA 91977

Over a year ago this was a Fannie Mae foreclosure listed for $225K. It was gradually reduced over the months until it was the lowest 3 bedroom listing in Spring Valley at $125K.

It sold for $105K and I was somewhat surprised to see it back on the market for $269K. I don’t know how much work has been done but it looks extensive. Personally I think they are about 80K too high on the list price but I’ve been surprised before by buyer irrationality. $269K will get a lot of house in Spring Valley right now and this isn’t the most desirable part of the town.

I think Spring Valley buyers should be looking $170K and under for 3 br places.

[garysears]

This is a flipper I am watching:

MLS #: 090006689
724 CLAMATH, Spring Valley, CA 91977

Over a year ago this was a Fannie Mae foreclosure listed for $225K. It was gradually reduced over the months until it was the lowest 3 bedroom listing in Spring Valley at $125K.

It sold for $105K and I was somewhat surprised to see it back on the market for $269K. I don’t know how much work has been done but it looks extensive. Personally I think they are about 80K too high on the list price but I’ve been surprised before by buyer irrationality. $269K will get a lot of house in Spring Valley right now and this isn’t the most desirable part of the town.

I think Spring Valley buyers should be looking $170K and under for 3 br places.

[garysears]

This is a flipper I am watching:

MLS #: 090006689
724 CLAMATH, Spring Valley, CA 91977

Over a year ago this was a Fannie Mae foreclosure listed for $225K. It was gradually reduced over the months until it was the lowest 3 bedroom listing in Spring Valley at $125K.

It sold for $105K and I was somewhat surprised to see it back on the market for $269K. I don’t know how much work has been done but it looks extensive. Personally I think they are about 80K too high on the list price but I’ve been surprised before by buyer irrationality. $269K will get a lot of house in Spring Valley right now and this isn’t the most desirable part of the town.

I think Spring Valley buyers should be looking $170K and under for 3 br places.

[garysears]

This is a flipper I am watching:

MLS #: 090006689
724 CLAMATH, Spring Valley, CA 91977

Over a year ago this was a Fannie Mae foreclosure listed for $225K. It was gradually reduced over the months until it was the lowest 3 bedroom listing in Spring Valley at $125K.

It sold for $105K and I was somewhat surprised to see it back on the market for $269K. I don’t know how much work has been done but it looks extensive. Personally I think they are about 80K too high on the list price but I’ve been surprised before by buyer irrationality. $269K will get a lot of house in Spring Valley right now and this isn’t the most desirable part of the town.

I think Spring Valley buyers should be looking $170K and under for 3 br places.

[garysears]

This is a flipper I am watching:

MLS #: 090006689
724 CLAMATH, Spring Valley, CA 91977

Over a year ago this was a Fannie Mae foreclosure listed for $225K. It was gradually reduced over the months until it was the lowest 3 bedroom listing in Spring Valley at $125K.

It sold for $105K and I was somewhat surprised to see it back on the market for $269K. I don’t know how much work has been done but it looks extensive. Personally I think they are about 80K too high on the list price but I’ve been surprised before by buyer irrationality. $269K will get a lot of house in Spring Valley right now and this isn’t the most desirable part of the town.

I think Spring Valley buyers should be looking $170K and under for 3 br places.

[UCGal]

[quote=garysears]This is a flipper I am watching:

MLS #: 090006689
724 CLAMATH, Spring Valley, CA 91977

Over a year ago this was a Fannie Mae foreclosure listed for $225K. It was gradually reduced over the months until it was the lowest 3 bedroom listing in Spring Valley at $125K.

It sold for $105K and I was somewhat surprised to see it back on the market for $269K. I don’t know how much work has been done but it looks extensive. Personally I think they are about 80K too high on the list price but I’ve been surprised before by buyer irrationality. $269K will get a lot of house in Spring Valley right now and this isn’t the most desirable part of the town.

I think Spring Valley buyers should be looking $170K and under for 3 br places.[/quote]

I would be very suspicious of a house that says:
This is not a short sale or REO. Property sold as is.

Why make a point of “as is” unless there are known problems. Or maybe I’m just more paranoid than most.

[UCGal]

[quote=garysears]This is a flipper I am watching:

MLS #: 090006689
724 CLAMATH, Spring Valley, CA 91977

Over a year ago this was a Fannie Mae foreclosure listed for $225K. It was gradually reduced over the months until it was the lowest 3 bedroom listing in Spring Valley at $125K.

It sold for $105K and I was somewhat surprised to see it back on the market for $269K. I don’t know how much work has been done but it looks extensive. Personally I think they are about 80K too high on the list price but I’ve been surprised before by buyer irrationality. $269K will get a lot of house in Spring Valley right now and this isn’t the most desirable part of the town.

I think Spring Valley buyers should be looking $170K and under for 3 br places.[/quote]

I would be very suspicious of a house that says:
This is not a short sale or REO. Property sold as is.

Why make a point of “as is” unless there are known problems. Or maybe I’m just more paranoid than most.

[UCGal]

[quote=garysears]This is a flipper I am watching:

MLS #: 090006689
724 CLAMATH, Spring Valley, CA 91977

Over a year ago this was a Fannie Mae foreclosure listed for $225K. It was gradually reduced over the months until it was the lowest 3 bedroom listing in Spring Valley at $125K.

It sold for $105K and I was somewhat surprised to see it back on the market for $269K. I don’t know how much work has been done but it looks extensive. Personally I think they are about 80K too high on the list price but I’ve been surprised before by buyer irrationality. $269K will get a lot of house in Spring Valley right now and this isn’t the most desirable part of the town.

I think Spring Valley buyers should be looking $170K and under for 3 br places.[/quote]

I would be very suspicious of a house that says:
This is not a short sale or REO. Property sold as is.

Why make a point of “as is” unless there are known problems. Or maybe I’m just more paranoid than most.

[UCGal]

[quote=garysears]This is a flipper I am watching:

MLS #: 090006689
724 CLAMATH, Spring Valley, CA 91977

Over a year ago this was a Fannie Mae foreclosure listed for $225K. It was gradually reduced over the months until it was the lowest 3 bedroom listing in Spring Valley at $125K.

It sold for $105K and I was somewhat surprised to see it back on the market for $269K. I don’t know how much work has been done but it looks extensive. Personally I think they are about 80K too high on the list price but I’ve been surprised before by buyer irrationality. $269K will get a lot of house in Spring Valley right now and this isn’t the most desirable part of the town.

I think Spring Valley buyers should be looking $170K and under for 3 br places.[/quote]

I would be very suspicious of a house that says:
This is not a short sale or REO. Property sold as is.

Why make a point of “as is” unless there are known problems. Or maybe I’m just more paranoid than most.

[Author]

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