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Seeking information about Texas real estate market, real estate foreclosure investing, first time real estate foreclosure purchase, 100k-200k price, how to flip a house
And I get what you mean. But it DOES bother me when I hear about the schemes of "investors", who think that trying to make short-term money by flipping houses is "investing". It's quite damaging to the market overall, and is really no different from the sad people who gamble at casinos to "make money". People with similar "schemes" (who thought it was possible to get something for nothing at the expense of other people) played a large role in wrecking real estate markets all over the country. Those people should be embarrassed and ashamed.
^ +1.
It's funny; as interesting as it is to watch HGTV, I think it is single handedly responsible for some awful things; the "house flipping" craze is one of them. Just another get-rich-quick scheme that seldom works.
Another is tacky design. While it may look real cool on tv when they cover a living room wall with hubcaps, it doesn't in real life. I've been looking at homes lately, and you would not believe the tacky, tasteless things I've seen; much of it very obviously inspired by tv...
It's funny; as interesting as it is to watch HGTV, I think it is single handedly responsible for some awful things; the "house flipping" craze is one of them. Just another get-rich-quick scheme that seldom works.
Another is tacky design. While it may look real cool on tv when they cover a living room wall with hubcaps, it doesn't in real life. I've been looking at homes lately, and you would not believe the tacky, tasteless things I've seen; much of it very obviously inspired by tv...
Oh yes. Isn't looking at homes fun? I can look past all of the bad choice in furniture, placement, colors, etc. But they crack me up. You want to meet the people and look them straight in the eye and ask them, "did you REALLY think this would IMPROVE the chances of selling your house?" When looking at houses it is EASY to spot the one that was "flipped". I saw one that HAD TO BE an "out of stater" that did the flip. While the slide in range might be in high end homes in California or New Jersey....... NOT in Texas.
I always like on "sell this house" or whatever they put down peel and stick vinyl tiles OVER ceramic tile or even worse TEAR UP HARDWOODS and put them down. WTH!?!?!?! You need to post some of the interesting things your seeing. I'll never forget the one that needed a 2 hour notice while looking for my parents a house. You'd think that with that 2 hours they would at least clean up SOMETHING! Nope, showed up and the house was as dark as a basement, not a single blind, window treatment open, dirty dishes in the sink and on the counters, coffee grinds on the countertop spread out, dirty laundry in the floors of the upstairs bedrooms and the best...... the pic looked like a nice green backyard. In reality it was PAINTED CONCRETE! According to the listing it was an OWNER/AGENT!
But it DOES bother me when I hear about the schemes of "investors", who think that trying to make short-term money by flipping houses is "investing". It's quite damaging to the market overall, and is really no different from the sad people who gamble at casinos to "make money". People with similar "schemes" (who thought it was possible to get something for nothing at the expense of other people) played a large role in wrecking real estate markets all over the country. Those people should be embarrassed and ashamed.
Anyone who tries to invest in flipping houses from out of state and they are not even REMOTELY aware of the area is going to lose their shirt, pants, socks, shoes, etc. Your right, most of it is schemes and there are still people out there thinking that with "all of these foreclosures" they can pick up some "real steals" and flip those houses and get rich from it. Even worse, the op is a recent immigrant to the U.S. and lives in one area up in the northeast. They are going by what some infomercial has fed them or listened to too much bad advice from other "experts" that they need to run in and scoop up all of these foreclosures real cheap - yes, did you not hear, the banks are practically GIVING THEM AWAY . Then slap on some fresh paint, stick a for sale sign in the front yard for 3x what they paid for it and some sucker will come by w/ in the first week and offer them 25% MORE than the listed price. If it was THAT easy we would all be doing it.
And I get what you mean. But it DOES bother me when I hear about the schemes of "investors", who think that trying to make short-term money by flipping houses is "investing". It's quite damaging to the market overall, and is really no different from the sad people who gamble at casinos to "make money". People with similar "schemes" (who thought it was possible to get something for nothing at the expense of other people) played a large role in wrecking real estate markets all over the country. Those people should be embarrassed and ashamed.
If you had asked about investing long-term in Texas real estate, you would have received a helpful and friendly response. But your posting was quite explicit: you're only interested in trying to extract a quick payday from a city to which you contribute nothing. And I feel compelled to point that out.
Oh, and have a good day.
I don't get it. If someone is trying to make a quick buck, why does it bother you?? Really.....should these people be embarrassed and ashamed or should the greedy lenders be (0 down on 500K houses?).....or the ones that allowed either to do what they are doing?? I don't see an issue with what he is trying to do and post an honest question. Is this the same as dealers buying cars in auctions (even out of state) and "flipping" them? This is just in a bigger magnitude.
Why would he ask about long-term investing if he is interested in flipping? Imagine the "huge" amount of risk he is taking by what he wants to do. So I do not see a problem if he gains out of it.
hahaha..."trying to extract a quick payday from a city to which you contribute nothing"....really?? When has it become a norm to contribute first and then expect something? If I were to buy a coke stock, should I first contribute by drinking coke for, say an year and then buy stock? Please....
I do not know the individual nor do I have a vested interest in it, but please do not beat him down for asking a question.
I blame HGTV for my renters painting wild colors without my permission. Yikes, if you knew how many gallons of KILZ I have bought.
I wouldn't go for flipping, but there's nothing wrong with finding a bargain which needs cleaning and painting and selling it for a reasonable profit - if you can get it. I would never go in for the major renovations.
If you know what you are doing and it's the right neighborhood, you stand a pretty good chance.
I blame HGTV for my renters painting wild colors without my permission. Yikes, if you knew how many gallons of KILZ I have bought.
I wouldn't go for flipping, but there's nothing wrong with finding a bargain which needs cleaning and painting and selling it for a reasonable profit - if you can get it. I would never go in for the major renovations.
If you know what you are doing and it's the right neighborhood, you stand a pretty good chance.
^^Key words in bold^^
That is why I'd discourage the OP from investing in ANY area to do flips. They don't seem to know what they are doing and not familiar with the areas at all.
"And I'd like to sell fast if it makes sense"; "Yes, I am thinking of flipping"
He asked for advice, and he's getting it.
dvlpr: "If you had asked about investing long-term in Texas real estate, you would have received a helpful and friendly response."
tycobb2522: He asked for advice, and he's getting it
Does it look like he asked for long-term investing? He asked for short term investing but calling someone "embarrassed and ashamed" I thought was more of a shot at the individual than advise. All other posts have Advise on them except this one.
Well, not to speak for dvlpr, but I think the whole point is that irresponsible and wreckless investing is the root of many of our problems right now; and lots of people resent that.
Asking about investment advice on a chat board like this, with a post that says you have no idea what you're doing, and a profile that backs it up can probably be considered less than sound. Therefore, I maintain my assertion: he asked for advice and he's getting it.
I don't get it. If someone is trying to make a quick buck, why does it bother you?? Really.....should these people be embarrassed and ashamed or should the greedy lenders be (0 down on 500K houses?).....or the ones that allowed either to do what they are doing?? I don't see an issue with what he is trying to do and post an honest question. Is this the same as dealers buying cars in auctions (even out of state) and "flipping" them? This is just in a bigger magnitude.
Why would he ask about long-term investing if he is interested in flipping? Imagine the "huge" amount of risk he is taking by what he wants to do. So I do not see a problem if he gains out of it.
hahaha..."trying to extract a quick payday from a city to which you contribute nothing"....really?? When has it become a norm to contribute first and then expect something? If I were to buy a coke stock, should I first contribute by drinking coke for, say an year and then buy stock? Please....
I do not know the individual nor do I have a vested interest in it, but please do not beat him down for asking a question.
To respond:
"If someone is trying to make a quick buck, why does it bother you??" It bothers me because it perverts legitimate real estate values, and the entire real estate market suffers when that happens. And when the real estate market suffers, real people suffer.
"Really.....should these people be embarrassed and ashamed or should the greedy lenders be (0 down on 500K houses?).....or the ones that allowed either to do what they are doing??" Yes - the greedy lenders should also be ashamed. Doesn't mean flippers shouldn't be ashamed, as well.
"Is this the same as dealers buying cars in auctions (even out of state) and "flipping" them? This is just in a bigger magnitude." The magnitude is precisely the point. Because homes are quite expensive, debt is almost always used by flippers. So when the flippers "miss" on a house, they either sell the house at a loss or default on their debt (creating a foreclosure that is sold at a loss). Both outcomes negatively impact surrounding values, and, as a result, real people.
And with regards to your car dealer comparison, flippers are not an ongoing business operation that creates valuable goods or services or serves a role of hedging/reducing risk in a production/supply chain (producer-> wholesaler-> distributor-> retailer). Flippers simply try and exploit a temporary inbalance in values. This inbalance, by the way, is usually corrected quickly.
"Why would he ask about long-term investing if he is interested in flipping?" The OP originally stated he interested in "foreclosure investing", and I wanted to point out that what he wanted to do is not "investing", and is damaging to the overall real estate market.
"Imagine the "huge" amount of risk he is taking by what he wants to do. So I do not see a problem if he gains out of it." You really must not be paying attention to what's happening to the economy. He's taking a huge risk (although many flippers didn't because of exotic financing options). And he gains if he's right, but we all suffer if he's wrong. There's a big difference between providing goods and/or services that are valuable to other people, and those who seek to exploit and take advantage of temporary value inbalances.
"If I were to buy a coke stock, should I first contribute by drinking coke for, say an year and then buy stock? Please...." What a silly comparison. If you buy stock in a company (Coca-Cola, in this case), you're purchasing equity in a company that creates and produces things of value (and will continue to for a long time). See the difference?
I didn't "beat down" anyone. But I believe that any other person who engages in business practices that are damaging to the community should be exposed as greedy, selfish, and harmful to the rest of us.
If he wanted to actually "invest" in Dallas real estate (and, just to help you understand, that means acquiring, improving, maintaining, operating, leasing/renting and ultimately selling), I believe that would be a good thing for the community.
But that's not what he wants to do. He wants a quick profit; said differently, to "get something for nothing". Have I helped you to understand the difference between the two?
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According to the listing it was an OWNER/AGENT!
. Then slap on some fresh paint, stick a for sale sign in the front yard for 3x what they paid for it and some sucker will come by w/ in the first week and offer them 25% MORE than the listed price. If it was THAT easy we would all be doing it.
