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waiting hawk
ParticipantCash back is for suckers and broke people.
ParticipantThe reporter sent me an email back:
“Thanks for the email. It definitely was an interesting story to work
on.Take care,
David Cho”
ParticipantOn my site I posted a bunch of these guys that were taking it up the you know what. Here was the one from Palm Springs I use to have on my site:
We first posted on this place on 10-9-06. Now it’s December 3rd and this flip is a $121,000 loss right off the list price. That doesn’t include all the monthly payments for 10 months or selling cost. This is going to be a fat loss for the bank and flipper. THANKS TO TLC FOR THE FIND! THAT’S ALMOST 30% LOWER FROM THE ORIGINAL LISTING AT $929,000.
Original post on 10-9-06
Yes sir we got ourselves a regular, “I’m going to flip this and make tons of $ on TV” flipper debtor from “Flip That House” TV program on TLC. After watching this I told myself they are dead meat if they are still listed. SURE ENOUGH! But reality TV works both ways.
Bought on 02-22-06 for $580,000 Plus $200,000 for flippage cost =$780,000 without ANY selling cost or holding cost for over 7 MONTHS.
Was listed at $929,000 now ~15% off sale at $799,000 ($679,000 Dec. 3rd 2006)
2051 E CALLE FELICIA, Palm Springs, CA 92262**
Nice red door (barf). So the question of the year is:
Did these guys win or did the guy in year 1995 win by paying $142,500?
Have fun and look at the 799k 3,000 sqft “McMansions” that blow this 2177 sqft home away. Here is a bigger home and bigger lot FOR LESS!
Link to “Flip This House” Flipper Debtor
Here is a comment I found about this house:
The second episode is in Palm Springs and the flipper is Mark Cassie. He bought a 1953 house for $580,000. It has 2177 sq ft, 3 bedrooms and 3 baths. He wants to renovate and keep the 1950 retro feel of the home and get rid of the 1970’s mediterreanean redo with the low wall in the front yard and the arches on the front porche and inside. He has a budget of $60,000 and wants to get it all done in 4 weeks.The timeline is blown by 3 weeks and the budget by $140,000, yeap a $140,000. The final buget was $200,000. I wish they had shown why the budget blew up so much cause this guy is an experieced flipper. The realtor mentions that pricing the house is very important cause you don’t want it too high you want people to think its a great price and buy it quickly. Mark was very surprised when the realtor wanted to list the house for $929,00 cause Mark would have been happy with $879,000. Still if it sells at $929,000 Mark is looking at a potential profit of $149,000 (now it’s $121,000 loss off the list price).
Is there such a thing called “negative profit”? Just checking!
They did sell it at a fat 100k loss (without carry cost)in March to a sucker:
Sale History & Tax Info Sale History
03/15/2007: $679,000
02/22/2006: $580,000
06/23/1995: $142,500Participanteasy question to answer. NO it does not. Let’s say someone in UK buys a house that appears to be half price to them here. Then what? He rents it and gets a great (joking) return of half the rent vs mortgage that pays him back crappy butt paper USD currency? Bad investment.
ParticipantParticipantWhat I am wondering is how long these banks hold on to them before they pitch them for investors (not speculators). Will these banks drop them 10-20k each month for 2 years or drop them more till they sell?
ParticipantDoes anyone ever reflect back to just a year ago when us housing bears had cold nights in the forest? Now its spring and we came out of hibernation to watch this mess unfold.
ParticipantParticipant23109VC, You have to be crazy to even look at anything let alone get serious, but either way good luck.
I’m always telling my wife what great days we are livin in. It will be to bad that so many will suffer so I can enjoy a better life.
ParticipantWonder what she will write after we send a link to this post?
ParticipantThey can’t bailout these people. It’s too late. To bail out that many would mean hyper-inflation the likes never seen. What they going to do? Send 100k check to each debtor?
ParticipantI’m crazy, ex military, and have a tone of guns. Where do I sign?
April 11, 2007 at 8:47 PM in reply to: NY Times..”A Word of Advice During a Housing Slump: Rent “ #49880ParticipantPost any house in the country that went up from Nov. 2005 600k. PLEASE!
ParticipantNow this is an idea that I would come up with sober.
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