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Old 07-25-2013, 06:30 AM
 
641 posts, read 1,020,776 times
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Florida has 6/15 cities on this list, it appears another bubble is imminent.

15 Cities Where House Flippers Are Making Tons of Money - Yahoo! Finance
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Old 07-25-2013, 09:29 AM
 
Location: New England
3,848 posts, read 7,963,110 times
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Quote:
Originally Posted by Red3311 View Post
Florida has 6/15 cities on this list, it appears another bubble is imminent.

15 Cities Where House Flippers Are Making Tons of Money - Yahoo! Finance
Without even reading that I know SWFL will be on there. Good luck to any first time home buyers or middle class families looking for a home. They're gone and prices are up. And if they're low u have no shot at them. They'll take it out from under you cash in had before the listing ink dries on paper.
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Old 07-25-2013, 09:40 AM
 
Location: sittin happy in the sun :-)
3,645 posts, read 7,150,786 times
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the Tribune used to run articles like this that bordered on criminally negligent

they would post "nasty flipper buys for $50k, evil flipper sells for $100k, rich flipper makes $50k profit "
taking no account of closing costs, remodelling , old HOA fees, utility liens etc etc

it was plain shoddy journalism. yes there is a profit to be made but consider that the investor has to lay out a lot of money at risk before seeing a profit

oh and now you have the banks getting in on the act by doing a quick cosmetic tidy up and selling at list price...AND if you dare flip within 90 days they ask you to show you aren't making more than 20% profit ON THE ORIGINAL PURCHASE PRICE.................. do we get to tell them how much profit they can or cant make ??
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Old 07-25-2013, 10:05 AM
 
Location: St. Pete, FL
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wow, Daytona Beach is ranked #1!
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Old 07-25-2013, 10:37 AM
 
641 posts, read 1,020,776 times
Reputation: 990
Quote:
Originally Posted by Sweetbottoms View Post
Without even reading that I know SWFL will be on there. Good luck to any first time home buyers or middle class families looking for a home. They're gone and prices are up. And if they're low u have no shot at them. They'll take it out from under you cash in had before the listing ink dries on paper.

arent there certain homes, (some FHA rules) that says investors cannot buy for first 30 days so the "little guy" gets a crack at em?
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Old 07-25-2013, 10:49 AM
 
Location: Terra
2,826 posts, read 3,991,787 times
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Quote:
Originally Posted by Red3311 View Post
arent there certain homes, (some FHA rules) that says investors cannot buy for first 30 days so the "little guy" gets a crack at em?
I think those are only for homes that are government owned due to a defaulted government loan.

I'm kinda mad because I was in the market as a first time home buyer with 800+ credit and now there's another mini bubble.

My favorite is when investors want to put on a fresh coat of paint and flip it for another $30K. LOL!
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Old 07-25-2013, 11:21 AM
 
641 posts, read 1,020,776 times
Reputation: 990
Quote:
Originally Posted by jsun556 View Post
I think those are only for homes that are government owned due to a defaulted government loan.

I'm kinda mad because I was in the market as a first time home buyer with 800+ credit and now there's another mini bubble.

My favorite is when investors want to put on a fresh coat of paint and flip it for another $30K. LOL!
agree, and yet again they target Florida for these flips to rip off people trying to move to the state from up North. This will only end badly
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