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Yep, that is exactly what most people in the past 15 years think flipping is, thanks to a bunch of fast talkers on infomercials telling the public that "flipping" is rehabbing a house.
English is a descriptive language, not a prescriptive one.
That's not what "flipping" is. Flipping is about taking a decent house, making some inexpensive cosmetic changes, and putting it back on the market fort an obscene profit. Your example is about fixing up a fixer-upper, which is usually a major undertaking and a big investment.
Interesting perspective. Still, buying a house, giving it fresh coat of paint, new carpet, and new appliances does indeed add value. There is nothing shameful in that.
Quote:
Originally Posted by james777
Flipping is buying real estate, doing absolutely nothing to it, and then reselling it, hopefully for a profit. Many times, but not always, the flippers do not take title to the property, so they are really selling a contract on a property. What you two have described above is rehabbing or remodeling.
I have met a lot of homeless people over the decades. They are homeless for lot of different reasons. Many have mental issues and/or drug and alcohol addiction. Some simply choose it as a more simple way to live. Some are forced into it, usually temporarily, and those are usually not out wandering the streets. They are mostly in shelters. Once someone gets into homelessness it is hard to get out. event people with no issues often end up with mental or substance abuse issues and, even if they don't it is hard to break free. Who is going to hire a homeless person?
I winder in coming years how many will end up homeless with college degrees and massive student loan debt. People are finally starting to realize how serious the student loan crises is. Current college students seem to be taking a more realistic look at their borrowing and spending and trying to find ways to cut or eliminate student loans. My older kids borrowed, an borrowed some more. they figured they would just be poor forever but they would have the job they wanted (at least until they found out they did not really want that job after all). the youngest is being extremely cautious. He is determined he will borrow no more than $4000 a year. If that means living at home and commuting, taking some time at community college, taking time off to work for a while - whatever it takes he is not going into debt. Many of his peers are the same way. This is very different than his older siblings who are 5 - 9 years older than he is. I think kids are wising up.
I have met a lot of homeless people over the decades. They are homeless for lot of different reasons. Many have mental issues and/or drug and alcohol addiction. Some simply choose it as a more simple way to live. Some are forced into it, usually temporarily, and those are usually not out wandering the streets. They are mostly in shelters. Once someone gets into homelessness it is hard to get out. event people with no issues often end up with mental or substance abuse issues and, even if they don't it is hard to break free. Who is going to hire a homeless person?
I winder in coming years how many will end up homeless with college degrees and massive student loan debt. People are finally starting to realize how serious the student loan crises is. Current college students seem to be taking a more realistic look at their borrowing and spending and trying to find ways to cut or eliminate student loans. My older kids borrowed, an borrowed some more. they figured they would just be poor forever but they would have the job they wanted (at least until they found out they did not really want that job after all). the youngest is being extremely cautious. He is determined he will borrow no more than $4000 a year. If that means living at home and commuting, taking some time at community college, taking time off to work for a while - whatever it takes he is not going into debt. Many of his peers are the same way. This is very different than his older siblings who are 5 - 9 years older than he is. I think kids are wising up.
The thing about the student loans is that they generally can't be discharged during bankruptcy proceedings.
Back in 2016, my job was extremely shaky. I had a lot of unsecured debt. While it would have been bad to let that go, it could have all been flushed down the toilet in a Chapter 7, and you could start fresh. An ex of mine went through a Chapter 7. Compared to people I know with high student loan debt, the Chapter 7 is relatively painless.
I have met a lot of homeless people over the decades. They are homeless for lot of different reasons.
The entire point of this thread is that the ranks of the homeless are beginning to be swelled by people who do not have mental illness, drug problems or lack of "employment."
I can't think of a more frightening economic indicator, and even collaterally trying to bundle it in to a fixed view of "the homeless" is... dismissive.
In places like New York City, the free market dictates developers will only build luxury buildings because that's where they make the most profits. Unless the real estate market totally collapses, rich foreigners will readily purchase these units with all cash. I've heard one estimate that only half of all luxury apartments in Manhattan are actually occupied. Unless there is some central planning involved (of course not, that's socialism!), noone is going to build affordable housing units for the middle class.
In places like New York City, the free market dictates developers will only build luxury buildings because that's where they make the most profits. Unless the real estate market totally collapses, rich foreigners will readily purchase these units with all cash. I've heard one estimate that only half of all luxury apartments in Manhattan are actually occupied. Unless there is some central planning involved (of course not, that's socialism!), noone is going to build affordable housing units for the middle class.
While not every city is likw New York, I do get your point.
Some countries have banned non-citizens from buying real property. I think it might be time to regulate this, although there is probably a real eastate lobby that would fight it. Whike they are at it, I’d ban foreign women from coming to the US to have babies, as well. There is no upside for our country in allowing this.
In places like New York City, the free market dictates developers will only build luxury buildings because that's where they make the most profits. Unless the real estate market totally collapses, rich foreigners will readily purchase these units with all cash. I've heard one estimate that only half of all luxury apartments in Manhattan are actually occupied. Unless there is some central planning involved (of course not, that's socialism!), noone is going to build affordable housing units for the middle class.
They have real estate junkets where they fly over Chinese investors and others who want property in Manhattan and other desirable places, so they don't care as long as they are sold. People assume Americans are buying these expensive places but there are a lot of foreign property owners in major cities now. There may be a lot of truth in the statement that China will own us one day!
While not every city is likw New York, I do get your point.
Some countries have banned non-citizens from buying real property. I think it might be time to regulate this, although there is probably a real eastate lobby that would fight it. Whike they are at it, I’d ban foreign women from coming to the US to have babies, as well. There is no upside for our country in allowing this.
There is upside to the sellers. The Trumps were famous for pushing residency visas as a bonus to purchasing apartments. Not just them, many real estate developers do this too, but the irony is there for whoever appreciates it.
They also have maternity junkets for wealthy Chinese and other foreigners, where they arrange to magically be here when their baby is due. There are companies that help them do this.
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