I keep seeing these house flipper shows where the onwer pulls up in a 80K $ car and starts barking orders at all the contractors to get to work. Doesnt pay them squat and then sells the house for a 40K + profit. I dont see how this is going on with the housing market in the dumps. Whats the catch?
Must be a rerun
The catch is, you have to keep paying for everything until you sell the house.
Originally Posted by rogerk
They make everything look so easy on TV, not everyone on there makes 40-100k each flip. Some break even, some make money, and some get screwed.
Well one in particular seems to always make money and he even wrote a book. I saw him pushing it on TV the other day. You could fix my house up all day and it still wouldnt sell for much more than I paid because of the neighborhood. I guess this guy is buying them all on foreclosure.
buy low sell high -
check the date of the filming of those shows - they are 6 months behind or more
plus I think the bs the profits - they leave off closing costs to make the numbers bigger
they say guy makes 40k but after realestate fees lawyers fees etc carrying costs he may have made 10k 20 k MAYBE
its all smoke and mirrors
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Originally Posted by rogerk
You know the old saying, if it's to good to be true it probably is.
I'm a firm believer in this.
I would like to see the balance sheet on that one
Its A tv show ........ their making money on the shows advertizing, WHO CARES IF THE HOUSE SELLS.
A Lot of those shows end saying the house still hasn't sold or that the sale fell through being they could not get financing.
Half those shows are sponsored by relators , bulding material companies or anything else connected to housing sales. They just want you to belive buying houses is a good idea now.
Just like all the infomershalls telling you you can be a millionare buying houses with no money down. They have had those on for years ....... how you think guys that took those courses are doing ??????
Anyone buying houses right now is risking getting his head chopped off. I don't buy we have seen the end of the drop in housing prices. I have watched them going up rediculously the last 10-15 years , Im sure it longer then that really.
Everyone is trying to artifically hold prices of houses up ...... they can stall it but they can't stop it. Houses are still over priced unless they just start knocking them down so builders can build new ones.
If you don't belive it ....... just watch
Last edited by dec; 01-03-2009 at 01:48 AM.
It is all BS. Most of those cars are leased. Some of them were in Texas, I
even ran the license plates on Public Data. Look at the inspection sticker
at the expiration dates, some were filmed years ago. One of the cars
I ran was a salvage.
You know they only show the good ones where they did make some
money, and when they list the expenses, some expenses are missing.
I have been buying and selling real estate since the mid 70's, so I know
what really happens, and how much one can really make. There are deals
to be made, just not that quick.
I have been buying homes since last Septmeber, but it will take years
before I can sell them and make good money, in the mean time rent
them out, which in Austin is easy, so many people are comming here
from other places.
Its not like they pay appraised price when they buy those places.
Sell me your place for 30,000 under current appraised value, and I'll flip it for a profit.
I pity the people that buy those places from those guys.
I know someone thats been doing that for years, used to Dun me to come work for him over the weekends. I could make a more for a couple of hours work than I did thru the week at my regular job, profit sharing, once in a life time deal, yadi yadi yadi, but no firm dollar amount was ever spoken. Of course I'd be responsible for setting up my own business, insurance to do work so my license wouldn't get yanked, just minor details according to him. Recently noticed one of his house for sale.
.................................................. .................................................. .................................................. .................................................. ................. in the deliquient tax notices, it was his personal residence to boot!
I only have to make it work till I retire.
he finds some real suprises in those houses he goes to flip...but always finds time to entertain himself......Trademark Properties is going after him http://www.flipthislawsuit.com/2007/...state-package/
Originally Posted by maxster
Read post .729. LMAO.
Read, read, read!
I have noticed on those shows they never update the electrical as I saw the same Federal Pacific panel AFTER all the work was done. I have not seen them update the A/C equipment in them either. No, its a fresh coat of paint, some new cabinets, new grass, and some fancy plumbing fixtures. Then these clowns expect to make thousands of dollars after all that hard work?