patrick.net

E-man says

Not sure why you’re upset. Flood in the high mountains??

I'd guess mnsweeps meant mudslides due to heavy rain. Seems like a pretty area, though.

Maybe part of the $200K markup is required for the interior staging bill - seems 90% of the pics feature the rented furniture? Of course, when 80% of the front of the house is a disproportionate garage door and erratically sloped driveway, ya gotta hawk something else.

Never have been able to figure out why people build in such high risk areas, and then cry when they get hit with whatever disaster they knowingly courted. Particularly in coastal flood zones. Dune Road in the Hamptons is notorious for that - very often under 12 inches of water, but they want their %*(&^%# waterfront homes... and then ask the Feds to pay for the constant road work. The place should just be abandoned.

Seasoned flippers are still making money, but their profit margin has shrinked and asset movement has slowed down. Talk about days when they were able to flip a property in few days with a hefty profit. They are getting pinched financially like other businesses.

if i could make $200k in 2 weeks i sure as hell would do it.

so would everyone else on this forum.

just tells you that it's a terrible time to buy. There are still flippers there out of touch with reality. Just be informed and watch them burn when they can't flip and have to take a loss by keeping the place longer, people like that flipper are very responsible for the economic collapse... flipped too much too often.

E-man

sorry I meant flash floods / mudslides coming from the mountain and it happens in this area.

Theres an abundance of uninformed or incorrect money out there.

Lots of flippers have been stuck. Heck, as many of my co-workers who make less than I do slowly lose their homes, which I could not have afforded(let alone them), after a 5 year funny money loan and 2-3 years of rent free living, other co-workers are LOL "investing" in negative cash flow properties cause like duh....so cheap....so certain to go up.

Seriously, I work with two people who bought negative cash flow properties in LA County because they believe that the properties are so inexpensive, that they are guaranteed to go up in value within 3-5 years and therefore will cover the $200 or so a month these boobs are sacrificing at the moment. I generally bite my tongue, but it was really really hard to do when one of them actually had the nads to tell me "well, they aren't making anymore land".

Small sample size? You betcha. But perhaps a glimpse into why there are so many "investors" in LA County at the moment while most of the posters here bemoan the dearth of cash flow positive properties in LA County.

Flipping a house is no different from flipping stock, oil or gold.

Some people make money. Some people lose money.
There is no such thing as win-win.

Nightmare house,Roof is also shot as you can see signs of leak in all the rooms ceiling.

Lol, I love the they aren't making anymore land argument. When people spend huge amounts of money into something, they'll find a way to justify it to themselves...

The taxpayers WANT US to flip houses back and forth to each other - thats half the GDP.

Thats why 96% of all loans are taxpayer backed. Anyone who doesnt want to play the ponzi game in real estate has the freedom to rent or live on the street.

It only seems abusive when you are not the dude making 200k flipping homes but instead you are the taxpayer bailing out the bank that made the 750k bad loan that gave Mr Flipper his BMW money. lol. Thats our system. Privatize profits/socialize loss.

PockyClipsNow says

The taxpayers WANT US to flip houses back and forth to each other - thats half the GDP.
Thats why 96% of all loans are taxpayer backed. Anyone who doesnt want to play the ponzi game in real estate has the freedom to rent or live on the street.
It only seems abusive when you are not the dude making 200k flipping homes but instead you are the taxpayer bailing out the bank that made the 750k bad loan that gave Mr Flipper his BMW money. lol. Thats our system. Privatize profits/socialize loss.

There are plenty of up sides of our excellent tax system. On the down side it can easily be abused as there is no strong tax payer watch on the government.

I love La Crescenta!