Skip to content
Do you have adblock enabled?
 
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Yahoo)   Won't someone think of the poor home flippers who buy affordable homes and make them unaffordable? They are really suffering right now   (finance.yahoo.com) divider line
    More: Amusing, United States housing bubble, Real estate, home flipper, home office, advantage of the U.S. housing bubble, Subprime mortgage crisis, fellow home flippers, home prices  
•       •       •

1212 clicks; posted to Business » on 11 Oct 2022 at 4:35 PM (23 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



55 Comments     (+0 »)
View Voting Results: Smartest and Funniest


Oldest | « | 1 | 2 | » | Newest | Show all

 
2022-10-11 3:36:42 PM  
Home flippers will be put on the 'B' Ark.
 
2022-10-11 3:40:43 PM  
Whatever happened to that Roberto Montelongo guy from the original show? I blamed the entire housing crisis on that one guy.

Just because why not.
 
2022-10-11 3:44:58 PM  
What about the poor mass retailers of cheap modern farmhouse gray woodish flooring, cheap white shaker cabinets, and cheap white subway tile? I mean every flipped house looked so unique!
 
2022-10-11 3:51:06 PM  

SecretAgentWoman: What about the poor mass retailers of cheap modern farmhouse gray woodish flooring, cheap white shaker cabinets, and cheap white subway tile? I mean every flipped house looked so unique!


What about all the factories and their workers who make the "Live, Laugh, Love" signs??? They're all out on the street now, and funny enough, can't afford a house.
 
2022-10-11 4:36:32 PM  

Combustion: SecretAgentWoman: What about the poor mass retailers of cheap modern farmhouse gray woodish flooring, cheap white shaker cabinets, and cheap white subway tile? I mean every flipped house looked so unique!

What about all the factories and their workers who make the "Live, Laugh, Love" signs??? They're all out on the street now, and funny enough, can't afford a house.


But on their cardboard box home they can still write "Live, Laugh, Love"
 
2022-10-11 4:42:01 PM  
I would never buy a home from a house flipper . Also never work for one ever again .
 
2022-10-11 4:42:13 PM  
Fark 'em
 
2022-10-11 4:46:35 PM  
I used to be able to count on at least one unsolicited "we want to buy your home" offer by mail every week.  When the interest rates first started going up, they all but stopped.
 
2022-10-11 4:48:30 PM  

Combustion: SecretAgentWoman: What about the poor mass retailers of cheap modern farmhouse gray woodish flooring, cheap white shaker cabinets, and cheap white subway tile? I mean every flipped house looked so unique!

What about all the factories and their workers who make the "Live, Laugh, Love" signs???



media.tenor.comView Full Size


Fark them
 
2022-10-11 4:52:00 PM  
I just read an article about how 7% mortgage interest rate just makes housing unaffordable and i kept thinking how mine was 7.5% over 20 years ago.
 
2022-10-11 4:54:15 PM  
Fark user imageView Full Size
 
2022-10-11 4:56:12 PM  
I'll think about them dying in a fire. Double for the ones that youtube grift about it.
 
2022-10-11 4:57:03 PM  

log_jammin: I just read an article about how 7% mortgage interest rate just makes housing unaffordable and i kept thinking how mine was 7.5% over 20 years ago.


Anyone who thinks 7% is high doesn't remember (or wasn't alive for) the 80s.
 
2022-10-11 4:59:23 PM  

Myk-House of El: I used to be able to count on at least one unsolicited "we want to buy your home" offer by mail every week.  When the interest rates first started going up, they all but stopped.


They haven't stopped here. A couple years ago they started sending text messages as well. I still get one every few weeks.
 
2022-10-11 5:09:05 PM  

max_pooper: Myk-House of El: I used to be able to count on at least one unsolicited "we want to buy your home" offer by mail every week.  When the interest rates first started going up, they all but stopped.

They haven't stopped here. A couple years ago they started sending text messages as well. I still get one every few weeks.


I had spam calls too, but not nearly as regularly.  They may still be happening, but they don't leave voice mails.  Never really had an issue with spam text messages, but I protect my number fairly well.
 
2022-10-11 5:12:15 PM  

Combustion: SecretAgentWoman: What about the poor mass retailers of cheap modern farmhouse gray woodish flooring, cheap white shaker cabinets, and cheap white subway tile? I mean every flipped house looked so unique!

What about all the factories and their workers who make the "Live, Laugh, Love" signs??? They're all out on the street now, and funny enough, can't afford a house.


What about the Tar-ge' "PoundTown" signs?
 
2022-10-11 5:12:42 PM  
I've made good money "flipping" houses. Except I think of them as my home, re-modeling (roofs, windows, insulation, HVAC updates, etc) as making improvements and living there for years. Last one took me 11 years.
 
2022-10-11 5:15:40 PM  

max_pooper: Myk-House of El: I used to be able to count on at least one unsolicited "we want to buy your home" offer by mail every week.  When the interest rates first started going up, they all but stopped.

They haven't stopped here. A couple years ago they started sending text messages as well. I still get one every few weeks.


shiat. I get like 20 texts a week. Wish I knew how I got on that farking list. Sometimes it's a real person and I hope it hurts their feelings when I reply with "unsubscribe"
 
2022-10-11 5:20:51 PM  

neongoats: Wish I knew how I got on that farking list.


neongoats: ...I reply

Just a theory.
 
2022-10-11 5:21:24 PM  

NewportBarGuy: Whatever happened to that Roberto Montelongo guy from the original show? I blamed the entire housing crisis on that one guy.

Just because why not.


If you mean Armando Montelongo, he divorced his wife, married a blonde bimbo, and got sued by 164 students of his scam real estate seminars.

Judge threw out the lawsuit and Armando continues to defraud thousands of students every year.

He openly said he's made a fortune from these knobs.
 
2022-10-11 5:22:12 PM  

log_jammin: I just read an article about how 7% mortgage interest rate just makes housing unaffordable and i kept thinking how mine was 7.5% over 20 years ago.


Pfft.  Ours was 10.5% over 30 years ago.
 
2022-10-11 5:26:21 PM  

mcreadyblue: NewportBarGuy: Whatever happened to that Roberto Montelongo guy from the original show? I blamed the entire housing crisis on that one guy.

Just because why not.

If you mean Armando Montelongo, he divorced his wife, married a blonde bimbo, and got sued by 164 students of his scam real estate seminars.

Judge threw out the lawsuit and Armando continues to defraud thousands of students every year.

He openly said he's made a fortune from these knobs.


Oh, so a great American success story!

I suspected as much. That f*cking guy.
 
2022-10-11 5:46:51 PM  

Wave Of Anal Fury: log_jammin: I just read an article about how 7% mortgage interest rate just makes housing unaffordable and i kept thinking how mine was 7.5% over 20 years ago.

Anyone who thinks 7% is high doesn't remember (or wasn't alive for) the 80s.


My uncle bought a 3-family in Boston in 1982 at 18%.
 
2022-10-11 5:48:46 PM  

RottenEggs: I would never buy a home from a house flipper . Also never work for one ever again .


Bought our house as a flip and yeah definitely noticed some half assed work they did but the house was in our budget and close to work/downtown.

Being first time owners maybe we should have looked at more houses.  Hindsight 20/20 and whatnot..
 
2022-10-11 6:05:25 PM  
Wife and I bought our first home a little over 4 years ago. Since that time, the "value" has gone up about 70%. We've both agreed that we will not sell it to a flipper or one of those bullshiat companies that buy up homes strictly to forever-rent them. We want an actual person/couple/family to buy it, even if it means we're losing some "value" by not selling to a giant corp or shady guy.
 
2022-10-11 6:08:49 PM  

Wave Of Anal Fury: Anyone who thinks 7% is high doesn't remember (or wasn't alive for) the 80s.


I remember.  I also remember that the home cost about 19k.
 
2022-10-11 6:13:08 PM  

Kornchex: I remember.  I also remember that the home cost about 19k.


now remember how much you were paid back then.
 
2022-10-11 6:35:42 PM  
Bless their hearts.
 
2022-10-11 6:48:13 PM  

log_jammin: Kornchex: I remember.  I also remember that the home cost about 19k.

now remember how much you were paid back then.


In 1982, the median personal income was $24,733.
In 2021, it skyrocketed to $37,522.
https://fred.stlouisfed.org/series/MEPAINUSA672N

Do you think that home's cost also increased by about 51%? I'd be surprised if it was under 1000% higher now.
 
2022-10-11 7:01:25 PM  

OccamsWhiskers: log_jammin: Kornchex: I remember.  I also remember that the home cost about 19k.

now remember how much you were paid back then.

In 1982, the median personal income was $24,733.
In 2021, it skyrocketed to $37,522.
https://fred.stlouisfed.org/series/MEPAINUSA672N

Do you think that home's cost also increased by about 51%? I'd be surprised if it was under 1000% higher now.


i see the point went sailing right past your head.
 
2022-10-11 7:02:11 PM  

Myk-House of El: I used to be able to count on at least one unsolicited "we want to buy your home" offer by mail every week.  When the interest rates first started going up, they all but stopped.


Yeah I noticed all the road signs and mailings disappeared around here right after the first interest rate increase.

EvilEgg: Home flippers will be put on the 'B' Ark.


You spit truth, but then they also somehow have the skill of actually managing to hire contractors to work on houses. I want to know how that's done, because good luck with that if you're an owner resident. Can't even get anyone to quote fark-off prices.
 
2022-10-11 7:03:35 PM  
Percentage increase in median income over last 10 years 2011 -2021: 17%

Percentage increase in median home price over last 10 years: 105%

For all the braggarts saying they had no problem with high interest rate loans, remember, that home price was a much smaller ratio of your income.  I too remember paying 11 3/4% on a loan for my 1st house.  It was a stretch, and I barely qualified, but the price of that home was less than 3 times my yearly income.  That ratio no longer applies.

Thanks, in a large part, to people who have bought homes with no intention of living in them.
Landlords, flippers, NIMBYs, are all part of the problem in the massive increase in prices.

I welcome a crash, and then maybe some farking regulation to keep those schemes out of home buying markets.
 
2022-10-11 7:20:23 PM  

Wave Of Anal Fury: log_jammin: I just read an article about how 7% mortgage interest rate just makes housing unaffordable and i kept thinking how mine was 7.5% over 20 years ago.

Anyone who thinks 7% is high doesn't remember (or wasn't alive for) the 80s.


But to be honest, back in the 80s a 100k house was like, " and why would i want a house with 6 bedrooms, and a in ground pool?
 
2022-10-11 7:21:21 PM  

alltim: [Fark user image 300x168]


scontent-sjc3-1.xx.fbcdn.netView Full Size
 
2022-10-11 7:33:50 PM  
There's a show here in NZ called "the block" where a bunch of different groups have to renovate and auction off a home for the highest profit, and the "winners" of this latest round made a whopping profit of $4k and I laughed my ass off.
 
2022-10-11 8:25:50 PM  

pounddawg: alltim: [Fark user image 300x168]

[scontent-sjc3-1.xx.fbcdn.net image 640x645]


I'm a stay at home cabbie and my wife does butterfly acupuncture.  Our budget is 1.2 million
 
2022-10-11 8:38:38 PM  
Do you consider unsanitary hoarder's houses "affordable" subby?  I know lots of flippers are just throwing on stone countertops, but there are some genuinely uninhabitable houses that get put into livable conditions by flippers too.
 
2022-10-11 9:16:02 PM  
After searching for a home for a year and overpaying (compared to 2019) considerably for a much more compromised situation than I'd hoped for; home flippers suffering would improve my mood and outlook considerably.
 
2022-10-11 9:28:03 PM  
Makes me glad my wife has weaned off of sone of these shows. Tarek and Christina in Orange County were the farkin' worst. At least the Armenian chick in Chicago was fun to watch and see if one eastern European mob faction would whack her after she didn't pay off her "investors".
 
2022-10-11 9:43:26 PM  

RottenEggs: I would never buy a home from a house flipper . Also never work for one ever again .


We all know why, right? Just draw your Venn diagram.

The perfect house flipper. Strike that. A house flipper who can make money... is a bean counter. A penny pincher. Someone who knows code. Someone who understands home purchase, financing, tax law, zoning, fashion, homebuyer tastes, local markets, and present and future trends.

In a market with skyrocketing prices, any number of glaring deficits won't matter. Somehow it will all get paid for by the buyer, who will be willing to pay for it because hey, the next buyer will pay for it. But even in an up market, the flipper can make profits from greed just as easily or easier than from sweat, so they will take it from contractors.

In a down market? There are no house flippers who can make money. Simple as that. If they have the skills listed above, they are GONE. If they don't have those skills, then they are already derelict losers, they just might not know it yet.

As an addendum... most people reading this have done "the flipping math" in their head, right? I have done it often, and I have a really hard time coming out with any reliable "income" of more than about 20-40 k per year doing it. And that is with a good amount of work invested. 100 k? Possible, but with so much luck and risk involved that it is a Vegas proposition. And no bank is going to finance a Vegas proposition.
 
2022-10-11 9:44:38 PM  
There is a good version of a house flipper, believe it or not. There were two houses on my block which were definite fixer-uppers (as in, uninhabitable in one instance, borderline uninhabitable in the other) and house flippers came in and put in the work and money to get them back on the market and sold them for a tidy profit.

But I can understand the hate if someone buys an affordable home which might need some TLC, does little to nothing to it or does it super-cheaply and then sells it for a stupid markup.
 
2022-10-11 10:00:56 PM  

2fardownthread: RottenEggs: I would never buy a home from a house flipper . Also never work for one ever again .

We all know why, right? Just draw your Venn diagram.

The perfect house flipper. Strike that. A house flipper who can make money... is a bean counter. A penny pincher. Someone who knows code. Someone who understands home purchase, financing, tax law, zoning, fashion, homebuyer tastes, local markets, and present and future trends.

In a market with skyrocketing prices, any number of glaring deficits won't matter. Somehow it will all get paid for by the buyer, who will be willing to pay for it because hey, the next buyer will pay for it. But even in an up market, the flipper can make profits from greed just as easily or easier than from sweat, so they will take it from contractors.

In a down market? There are no house flippers who can make money. Simple as that. If they have the skills listed above, they are GONE. If they don't have those skills, then they are already derelict losers, they just might not know it yet.

As an addendum... most people reading this have done "the flipping math" in their head, right? I have done it often, and I have a really hard time coming out with any reliable "income" of more than about 20-40 k per year doing it. And that is with a good amount of work invested. 100 k? Possible, but with so much luck and risk involved that it is a Vegas proposition. And no bank is going to finance a Vegas proposition.


I've kind of wondered about this since flipping shows have really taken off since the '08 crash. They complain about their margins now, double the carrying costs between any loans and time on market and see what they scrape out.
 
2022-10-11 10:01:37 PM  

12349876: Do you consider unsanitary hoarder's houses "affordable" subby?  I know lots of flippers are just throwing on stone countertops, but there are some genuinely uninhabitable houses that get put into livable conditions by flippers too.


Thumbs up to this comment. Yes flippers DO ADD to the housing stock. But we all see the pitfalls here, right? If the flipper is overinvesting in a property, the flipper will lose money unless they sell it above some prevailing market price.

So if a flipper is someone simply doing repairs and making a house livable at some low standard, then God bless em. Unfortunately, it is almost vanishingly unlikely that someone will be compensated adequately for making an unlivable domicile into a livable one. It is likely to be the most expensive work with the least return and the greatest liability.

The urge is then overwhelming to keep polishing the turd to recoup that investment by adding extras to goose the resale value. But then, what about the derelict next door?

It is a fool's game in the long run. A graveyard of good intentions. I truly wish that housing stock were replenished like this in the real world. A sobering experience would be to look at Detroit or virtually any major city where "reparable" housing stock is just allowed to moulder and crumble. It is a huge waste that appears to be unavoidable.

You can solve the problem by pooling capital, pooling liability, hiring teams of experts and rolling through an area and renovating everything. Renewal! Renewal! But then people start screaming Gentrification! and the NIMBYs take over. The capitalists lose and everyone rejoices. Politics wins. Policy is crushed.
 
2022-10-11 10:32:00 PM  

2fardownthread: 12349876: Do you consider unsanitary hoarder's houses "affordable" subby? I know lots of flippers are just throwing on stone countertops, but there are some genuinely uninhabitable houses that get put into livable conditions by flippers too.
Thumbs up to this comment. Yes flippers DO ADD to the housing stock. But we all see the pitfalls here, right? If the flipper is overinvesting in a property, the flipper will lose money unless they sell it above some prevailing market price.


Lots of poor people would be more than happy to fix up a crappy house, but they can't even get a loan for a derelict house.  House flippers can.
And what poster up there said--good luck finding anyone to work on your house.  I have a little old house that needs all repairs, but I've been living here for years, and I can barely get anyone to return my calls.  The guy who did my roof ripped me off, but of course I didn't realize it until I was paying him off.  I couldn't get anyone to come give me an estimate.  I'm not an investor.

The money always rolls upwards, and the people with the money make sure of it.
 
2022-10-11 10:37:16 PM  

Kornchex: Wave Of Anal Fury: Anyone who thinks 7% is high doesn't remember (or wasn't alive for) the 80s.

I remember.  I also remember that the home cost about 19k.


Just stop.  Your point is taken, but the median price was more like 82k methinks.  It's bad enough that you don't need to exaggerate.

OccamsWhiskers: In 1982, the median personal income was $24,733.
In 2021, it skyrocketed to $37,522.
https://fred.stlouisfed.org/series/MEPAINUSA672N

Do you think that home's cost also increased by about 51%? I'd be surprised if it was under 1000% higher now.


See above comment.  There weren't 19k homes in the '80s.  There are today!
https://moneyinc.com/worst-neighborhoods-in-detroit-in-2022/
 
2022-10-11 10:41:20 PM  

Dr.Fey: See above comment.  There weren't 19k homes in the '80s.  There are today!
https://moneyinc.com/worst-neighborhoods-in-detroit-in-2022/


I bought my house for $24,000 in 2006.  Today Zillow says it's worth almost $100,000, but Zillow lies bigtime.
Hell, if I could get someone to work on it, it would be worth--$200,000, $300,000--infinity!

Instead, they send me postcards to buy it.
 
2022-10-11 10:44:55 PM  

hammettman: I welcome a crash, and then maybe some farking regulation to keep those schemes out of home buying markets.


You should think twice, as should anyone who smarted your post.  It sounds great in concept, but you understand we had a crash ~2008 that led us here.

Cheaper housing means more investment properties more easily gained by those with means.  You think that a buyer's market is going to benefit the lower middleclass, or the wealthy?

/just askin'
 
2022-10-11 11:12:35 PM  

cryinoutloud: Dr.Fey: See above comment.  There weren't 19k homes in the '80s.  There are today!

I bought my house for $24,000 in 2006.


Ok Boomer.

I'll take this opportunity to point out that I somewhat agreed with your comment in a different thread about how Millennials have mythical ideas about how historic home ownership has been - the one in which you called them twats - and now wonder why you are attempting to counter my claim that there weren't 19k houses (generally speaking) in the '80s.

/I mean, I'm sure there were, but they were houses that nobody wanted.

Fark user image

-cryinoutloud

Fark user imageView Full Size


I don't intend to be meanspirited, but just how bad is that red state shack you live in that it was $24,000 in 2006, while the bubble was reaching its peak?

cryinoutloud: if I could get someone to work on it


Weren't you also busting Millennials' chops for not being able to do their own home repairs?

Fark user image
-cryinoutloud


Convictions are good things to have and to keep.  They should not be fluid.
 
2022-10-12 1:54:15 AM  

Dr.Fey: hammettman: I welcome a crash, and then maybe some farking regulation to keep those schemes out of home buying markets.

You should think twice, as should anyone who smarted your post.  It sounds great in concept, but you understand we had a crash ~2008 that led us here.

Cheaper housing means more investment properties more easily gained by those with means.  You think that a buyer's market is going to benefit the lower middleclass, or the wealthy?

/just askin'


y.yarn.coView Full Size
 
2022-10-12 9:45:32 AM  

scottydoesntknow: Wife and I bought our first home a little over 4 years ago. Since that time, the "value" has gone up about 70%. We've both agreed that we will not sell it to a flipper or one of those bullshiat companies that buy up homes strictly to forever-rent them. We want an actual person/couple/family to buy it, even if it means we're losing some "value" by not selling to a giant corp or shady guy.


Rock on, my brother and/or sister. I don't care and I wouldn't be surprised if the next buyer knocks my place down and puts up affordable housing; I'm cashing out with as much cash as I can cash so I can buy a place outright somewhere no one wants to live.
 
Displayed 50 of 55 comments


Oldest | « | 1 | 2 | » | Newest | Show all


View Voting Results: Smartest and Funniest

This thread is closed to new comments.

Continue Farking




On Twitter


  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.