Comments on: Know any flippers in Trouble?

By: ViewFromSanDiego

ViewFromSanDiego — Fri, 20 Jun 2008 15:26:18 +0000

I live in San Diego and there’s a flipper in trouble on my block. Bought a house with MAJOR structural defects, packed with trash (dead former owner had been a packrat), and hadn’t been updated in 30 years. Rumor had it in our neighborhood that the buyer was a contractor and was doing most of the work himself. Nope. New owner is a Realtor. I went to his absolutely ghost town open house. He hired out all of the work and is now trying to get $100,000 more than what he paid. Ain’t gonna work.

By: los angeles native

los angeles native — Tue, 17 Jun 2008 15:09:40 +0000

I have to agree that now is not the ideal time to flip houses for a profit. If you have money to spare and are looking to flip houses in the future, it may be wise to buy a house at auction or that is going through foreclosure for dirt cheap. When the market starts to turn around, you will be able to flip it in no time.

By: So Cal Real Estate Guy

So Cal Real Estate Guy — Mon, 16 Jun 2008 19:26:04 +0000

I agree with Kevin. Whatever your “day job” is paying you, Kevin and I will double it.

By: kevin

kevin — Tue, 10 Jun 2008 16:27:17 +0000

I am going through withdrawals, it’s been almost a month. It’s as if you have a real life outside of blogging about the bubble…

By: Markus Arelius

Markus Arelius — Thu, 05 Jun 2008 20:27:46 +0000

Jesus! Well, it’s always good to see the airbags deploy on that Audi.

I think most of the Casey Serin-like flippers in OC got out of Dodge toward the end of 2007. Now it’s OC banks that are trying to flip foreclosed houses –and they oh so royally suck at it.

By: Paul

Paul — Wed, 04 Jun 2008 18:43:10 +0000

Thank you, I have sent you an email.

By: Chuck Ponzi

Chuck Ponzi — Tue, 03 Jun 2008 14:35:55 +0000

socalb (at) gmail.com

By: Paul

Paul — Mon, 02 Jun 2008 23:28:17 +0000

Chuck, How do I email you?

By: Edmund West

Edmund West — Sat, 17 May 2008 23:53:23 +0000

Actually I think we should cut HGTV a little slack as just a 2 years late mirror on society. People were in fact doing what they showed . If they do now plan on showing that taking 16 weeks to do a crappy paint job and putting up crown molding may not result in a $188,000 profit when you get ”multiple offers” day 1 on the market. I think I may enjoy the steadily growing sense of impending doom as the flippers face reality – could make the show a hit again. And if it scares off anyone who thinks we are at the bottom and now is the time to get in to the market before it goes up again then they are finally doing a public service. By the way did anyone else wonder if the price estimates were totally phoney “….yeah we plan on gutting the kitchen, granite counters, stainless steel appliances, new cabinets, recessed lighting, 18 inch tile floor”, Whats our budget? $4500. That might be another area where some daylight could be shed.

By: Chuck Ponzi

Chuck Ponzi — Sat, 17 May 2008 20:59:33 +0000

Thanks Jim,

However, I disagree with you. These guys will do anything for good tv. flippers in trouble is just as enjoyable to watch as pretty much anything. TV reflects society, not guides it.

Years ago, people wanted to watch a show where people made insane amounts of money being stupid. Today, they want to see people lose outrageous amounts of money being stupid. Humans are a fickle bunch.

Just look at news at 11:00. It’s car crashes, shootouts, and drug deals. Real fun stuff.

Chuck

By: JimAtLaw

JimAtLaw — Sat, 17 May 2008 12:19:21 +0000

Do you seriously think we’re going to get anything like reality from the show? I doubt it – being the bubble’s biggest fans and promoters, it seems more likely they’ll pick a one in a thousand “miracle turnaround” scenario to show us all that you can still can make huge profits flipping into this market and that we should really all be running out to buy today before prices start running back up.

Actually Chuck, I’m kinda surprised you’d help these people out…

By: Keahi Pelayo

Keahi Pelayo — Fri, 16 May 2008 18:12:14 +0000

Great metaphor with the picture. Even here in Honolulu, flip at your own risk. I tell clients to be sure to have a long term plan too.
Aloha,
Keahi
RE/MAX 808 Realty
877-737-2093
808-737-2093

By: California Kid

California Kid — Fri, 16 May 2008 03:22:19 +0000

Who cut the brake lines on this wreck (flip)….. or as some say “give them enough rope and they will hang themselves”. I am still wondering how the group in San Antonio of Flip this House has survived this long… given their mis-understanding of truely renovating properties is beyond me. They show these guys buying homes that should be demolished with EVERYTHING wrong from the structrue to the basic things, but they show up with a paint brush and day laborers making patch work and have the nerve to sell these homes and pat themselves on the back as if the did some great service….. wake up call to those in the San Antonio area, if you recognize this group….run,run,run. As for the OC area flippers, I think their are a few sitting near the freeway off-ramps looking for assistance.