Already in the Red ..... Bank
Here is a story about a flipper who bought at the top of last year's market and has yet to even put the house on the market. These stories are starting to become a dime a dozen.
Snip...
"And now here she is a year later, with a house bought at the top of the market still unfinished, hoping like crazy that her new crew—"Elks Lodge guys who I feel safe with," she calls them—will enable her to finally get it on the market by month's end.
It's what you might call an object lesson for any amateur who ever thought flipping a property was easy.
Swanson, a voluble 40-year-old from Manhattan, worked for 10 years in TV & film production, a business that lives and dies by tight budgets and schedules. She's also been an office manager. But for a long time, she's yearned to test interior design skills that she says have been her passion since childhood."
posted by Little_Silvered at 8:13 PM
5 Comments:
Boy, she's so confident that she will make a profit. I hope for her sake that she's right. I think she waited too long to flip it. These stories are a dime a dozen. Many people with no idea what it takes to renovate houses have gotten themselves into this "flipping" craze. People think that they can still make big money by doing this. They need to realize that they are very late to the party.
With realtors still pushing the Fix n' Flip angle, it'll be pretty hard to convince potential investors that they've arrived too late. Check out the tagline on this listing in Eatontown: http://realtor.com/Prop/1060327497
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I love the people who invest in $8,000 kitchen counter tops and other ammenities then try to sell you their tiny 5 room home, no basement, no garage on less than 1/4 acre for $469,900.
LOL! Sorry, but I'm an eat off paper plates kind of guy or wash the dishes by hand as well. I'd rather have a basement for my workshop and pool table and a garage for my motorcycle thanks!
To motorcycle man....that's just why you'll always be a renter and single .......so get over it ,you are always making poor choices in life !
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