North park flips… relatistic prices?

[SD Realtor]

CAR I understand completely. One thing though is that it really is a slippery slope. The direction that our country is heading is one that concerns me and I shudder when I think about incremental loss of freedom as regulation increases. It is a slippery slope. Okay so you totally outlaw flippers. What about investment for rentals? Right now some of the purchases (at least at trustee sale) may not be ripe for a flip but may represent some decent cash flow opportunity for a rental (especially in light of savings rates) right now. Do those get taken away as well?

Yes we agree 100% on the answer which is make things more STRICT for those who haven’t saved for a large downpayment.

However you run that idea up the flagpole in this environment and you will likely be called a racist in about 2 seconds.

So what do you do?

I agree with Pem you hang in there. You guys will get your places. It will take time. Also don’t think in the negative (hard for me to do because I always do that) and think about hiring someone to go to the auction for you. Look at what is available that day and by 9 am send them down with the cashiers checks. It is not as hard as you make it out to be and many of us have other jobs as well. Set your max price and let it go.

JP would you have bought Beryl for 450k? That is 32k more then the auction but you would have the home free and clear. Again, I know it is not easy to do but the mission is not as impossible as you guys make it out to be.

Also I think you are seeing a delayed effect. Many of the flips you have seen or are seeing are leftovers from the run we have had. I believe you will see those start to dry up as we move forward. Some of them will go sour as well. Hindsight is 20/20 and the bottom we had in 2008 is passed us by but will come again driven moreso by rates then anything else. Hopefully the rates will be high enough and our govt will be indebted enough that they cannot continue to subsidize housing but one never knows.

[blahblahblah]

What’s with all the flipper hating? The only flippers left are the good ones that actually fix up properties, improve them, and return them to the market. They are adding value and are a net positive in our economy. That is more than I can say for a lot of people that just push paper all day. Ever watch that show “Flipping Out” with Jeff Lewis? That guy is amazing, he completely transforms those houses. In addition he is hanging himself out there 12 months a year with huge loans as well as his own money trying to get those projects completed. That takes talent, skill, big cojones, and those that can do it deserve to be rewarded.

There were a lot of wannabe flippers back in the bubble but I imagine most of them have been shaken back into their cubicles by now.

Note that I am not, nor ever have been a flipper but I do appreciate the good ones for helping to improve neighborhoods. They provide a valuable service.

[blahblahblah]

What’s with all the flipper hating? The only flippers left are the good ones that actually fix up properties, improve them, and return them to the market. They are adding value and are a net positive in our economy. That is more than I can say for a lot of people that just push paper all day. Ever watch that show “Flipping Out” with Jeff Lewis? That guy is amazing, he completely transforms those houses. In addition he is hanging himself out there 12 months a year with huge loans as well as his own money trying to get those projects completed. That takes talent, skill, big cojones, and those that can do it deserve to be rewarded.

There were a lot of wannabe flippers back in the bubble but I imagine most of them have been shaken back into their cubicles by now.

Note that I am not, nor ever have been a flipper but I do appreciate the good ones for helping to improve neighborhoods. They provide a valuable service.

[blahblahblah]

What’s with all the flipper hating? The only flippers left are the good ones that actually fix up properties, improve them, and return them to the market. They are adding value and are a net positive in our economy. That is more than I can say for a lot of people that just push paper all day. Ever watch that show “Flipping Out” with Jeff Lewis? That guy is amazing, he completely transforms those houses. In addition he is hanging himself out there 12 months a year with huge loans as well as his own money trying to get those projects completed. That takes talent, skill, big cojones, and those that can do it deserve to be rewarded.

There were a lot of wannabe flippers back in the bubble but I imagine most of them have been shaken back into their cubicles by now.

Note that I am not, nor ever have been a flipper but I do appreciate the good ones for helping to improve neighborhoods. They provide a valuable service.

[blahblahblah]

What’s with all the flipper hating? The only flippers left are the good ones that actually fix up properties, improve them, and return them to the market. They are adding value and are a net positive in our economy. That is more than I can say for a lot of people that just push paper all day. Ever watch that show “Flipping Out” with Jeff Lewis? That guy is amazing, he completely transforms those houses. In addition he is hanging himself out there 12 months a year with huge loans as well as his own money trying to get those projects completed. That takes talent, skill, big cojones, and those that can do it deserve to be rewarded.

There were a lot of wannabe flippers back in the bubble but I imagine most of them have been shaken back into their cubicles by now.

Note that I am not, nor ever have been a flipper but I do appreciate the good ones for helping to improve neighborhoods. They provide a valuable service.

[blahblahblah]

What’s with all the flipper hating? The only flippers left are the good ones that actually fix up properties, improve them, and return them to the market. They are adding value and are a net positive in our economy. That is more than I can say for a lot of people that just push paper all day. Ever watch that show “Flipping Out” with Jeff Lewis? That guy is amazing, he completely transforms those houses. In addition he is hanging himself out there 12 months a year with huge loans as well as his own money trying to get those projects completed. That takes talent, skill, big cojones, and those that can do it deserve to be rewarded.

There were a lot of wannabe flippers back in the bubble but I imagine most of them have been shaken back into their cubicles by now.

Note that I am not, nor ever have been a flipper but I do appreciate the good ones for helping to improve neighborhoods. They provide a valuable service.

[jpinpb]

CONCHO – I will not run out of examples if I look, but I’d prefer not to do that b/c I just don’t want to exasperate myself. Flippers are just making it difficult for normal people to buy. I just came across another example today.

3670 Arizona Sold in April for 450k, now LP 750k.

Yes, I would’ve bought it. No, I don’t want to pay someone to go to the courthouse steps every time it came up since January 2009 on the off chance I can compete w/other flippers. In any case, it appears this one was listed one day, delisted the next day and then out of the blue, sold. Pocket listing maybe?

I don’t expect realtors to understand my frustration or CAR’s frustration. I expect them to defend the market. That is how they make their living. I understand this.

[jpinpb]

CONCHO – I will not run out of examples if I look, but I’d prefer not to do that b/c I just don’t want to exasperate myself. Flippers are just making it difficult for normal people to buy. I just came across another example today.

3670 Arizona Sold in April for 450k, now LP 750k.

Yes, I would’ve bought it. No, I don’t want to pay someone to go to the courthouse steps every time it came up since January 2009 on the off chance I can compete w/other flippers. In any case, it appears this one was listed one day, delisted the next day and then out of the blue, sold. Pocket listing maybe?

I don’t expect realtors to understand my frustration or CAR’s frustration. I expect them to defend the market. That is how they make their living. I understand this.

[jpinpb]

CONCHO – I will not run out of examples if I look, but I’d prefer not to do that b/c I just don’t want to exasperate myself. Flippers are just making it difficult for normal people to buy. I just came across another example today.

3670 Arizona Sold in April for 450k, now LP 750k.

Yes, I would’ve bought it. No, I don’t want to pay someone to go to the courthouse steps every time it came up since January 2009 on the off chance I can compete w/other flippers. In any case, it appears this one was listed one day, delisted the next day and then out of the blue, sold. Pocket listing maybe?

I don’t expect realtors to understand my frustration or CAR’s frustration. I expect them to defend the market. That is how they make their living. I understand this.

[jpinpb]

CONCHO – I will not run out of examples if I look, but I’d prefer not to do that b/c I just don’t want to exasperate myself. Flippers are just making it difficult for normal people to buy. I just came across another example today.

3670 Arizona Sold in April for 450k, now LP 750k.

Yes, I would’ve bought it. No, I don’t want to pay someone to go to the courthouse steps every time it came up since January 2009 on the off chance I can compete w/other flippers. In any case, it appears this one was listed one day, delisted the next day and then out of the blue, sold. Pocket listing maybe?

I don’t expect realtors to understand my frustration or CAR’s frustration. I expect them to defend the market. That is how they make their living. I understand this.

[jpinpb]

CONCHO – I will not run out of examples if I look, but I’d prefer not to do that b/c I just don’t want to exasperate myself. Flippers are just making it difficult for normal people to buy. I just came across another example today.

3670 Arizona Sold in April for 450k, now LP 750k.

Yes, I would’ve bought it. No, I don’t want to pay someone to go to the courthouse steps every time it came up since January 2009 on the off chance I can compete w/other flippers. In any case, it appears this one was listed one day, delisted the next day and then out of the blue, sold. Pocket listing maybe?

I don’t expect realtors to understand my frustration or CAR’s frustration. I expect them to defend the market. That is how they make their living. I understand this.

[SD Realtor]

JP how are we defending the market? Come on now…I am defending the right for people to make money. Seriously look at all the cancellations and postponements and compare them to the sales you are upset about. We are talking stats that are 1 for 20 or 1 for 30. Look at how many people are allowed to live in a home without paying a mortgage and compare that to flips.

There is no defending the market. Defending the market would be someone saying you should go buy now. These guys asking 599k for Villa Terrace are crazy. You think they will get that. You spend paragraphs and paragraphs complaing but you spend one or two lines saying no I will not send someone down to trustee sale even though yes you would have bought the home.

Once again, it is one of those I can’t get what I want because other people are doing what they want. Even though with more work, time and effort maybe I can get what I want but I choose not to do that.

Well then wait. The market is manipulated and you be patient and let it come to you or you play hardball and work harder to go get what you want. The numbers that are on the manipulated side are so vast that it makes the flippers look like they have all the listings.

There are other people I have met that do this for a living and if it were up to you guys you would advocate taking their livelihood away. I just don’t think that is right. What the govt and banks are doing is wrong, more wrong then ever, but telling people no you cannot do this or that anymore is even more wrong.

[SD Realtor]

JP how are we defending the market? Come on now…I am defending the right for people to make money. Seriously look at all the cancellations and postponements and compare them to the sales you are upset about. We are talking stats that are 1 for 20 or 1 for 30. Look at how many people are allowed to live in a home without paying a mortgage and compare that to flips.

There is no defending the market. Defending the market would be someone saying you should go buy now. These guys asking 599k for Villa Terrace are crazy. You think they will get that. You spend paragraphs and paragraphs complaing but you spend one or two lines saying no I will not send someone down to trustee sale even though yes you would have bought the home.

Once again, it is one of those I can’t get what I want because other people are doing what they want. Even though with more work, time and effort maybe I can get what I want but I choose not to do that.

Well then wait. The market is manipulated and you be patient and let it come to you or you play hardball and work harder to go get what you want. The numbers that are on the manipulated side are so vast that it makes the flippers look like they have all the listings.

There are other people I have met that do this for a living and if it were up to you guys you would advocate taking their livelihood away. I just don’t think that is right. What the govt and banks are doing is wrong, more wrong then ever, but telling people no you cannot do this or that anymore is even more wrong.

[SD Realtor]

JP how are we defending the market? Come on now…I am defending the right for people to make money. Seriously look at all the cancellations and postponements and compare them to the sales you are upset about. We are talking stats that are 1 for 20 or 1 for 30. Look at how many people are allowed to live in a home without paying a mortgage and compare that to flips.

There is no defending the market. Defending the market would be someone saying you should go buy now. These guys asking 599k for Villa Terrace are crazy. You think they will get that. You spend paragraphs and paragraphs complaing but you spend one or two lines saying no I will not send someone down to trustee sale even though yes you would have bought the home.

Once again, it is one of those I can’t get what I want because other people are doing what they want. Even though with more work, time and effort maybe I can get what I want but I choose not to do that.

Well then wait. The market is manipulated and you be patient and let it come to you or you play hardball and work harder to go get what you want. The numbers that are on the manipulated side are so vast that it makes the flippers look like they have all the listings.

There are other people I have met that do this for a living and if it were up to you guys you would advocate taking their livelihood away. I just don’t think that is right. What the govt and banks are doing is wrong, more wrong then ever, but telling people no you cannot do this or that anymore is even more wrong.

[SD Realtor]

JP how are we defending the market? Come on now…I am defending the right for people to make money. Seriously look at all the cancellations and postponements and compare them to the sales you are upset about. We are talking stats that are 1 for 20 or 1 for 30. Look at how many people are allowed to live in a home without paying a mortgage and compare that to flips.

There is no defending the market. Defending the market would be someone saying you should go buy now. These guys asking 599k for Villa Terrace are crazy. You think they will get that. You spend paragraphs and paragraphs complaing but you spend one or two lines saying no I will not send someone down to trustee sale even though yes you would have bought the home.

Once again, it is one of those I can’t get what I want because other people are doing what they want. Even though with more work, time and effort maybe I can get what I want but I choose not to do that.

Well then wait. The market is manipulated and you be patient and let it come to you or you play hardball and work harder to go get what you want. The numbers that are on the manipulated side are so vast that it makes the flippers look like they have all the listings.

There are other people I have met that do this for a living and if it were up to you guys you would advocate taking their livelihood away. I just don’t think that is right. What the govt and banks are doing is wrong, more wrong then ever, but telling people no you cannot do this or that anymore is even more wrong.

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