One reason why New York Realty is so expensive. (Speculator: for sale, real estate market)
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I follow real estate as a hobby among many others to fill the ample time of retirement.
A sudden surge of homes littering my email box to find many of the same realtors offering
the homes over and over and over again. This is one really crude style of flipping.
The one that buys, lets sit and then sells. I documented the average of homes $200,000
per year from the original purchase price. Give or take depending on the property. I enter
these homes the previous year when being sold and reenter once more when being sold
again the following year. Nothing done. No make over..squat. As much as I despise what flipping
has come to in today's world, this is the lowest of lows. It's one thing to buy a refurbished
home on a flip ....money at times well spent........it's another thing to buy a flip in which
the only expense was a cheap paint brush and a can of paint. The realty profession continues
to sink lower and lower to the bottom of barrel as an exercise in daily work to now do nothing!
Borrow ,invest and flipping homes as your own personal bank. I feel its my obligation to bring
this to light to the unknowing and first time home buyer. It is your money that is being stolen.
Take care of it. When purchasing a home use a realtor app that allows you to see the history of
a home. If you see a home that was recently purchased and quickly being sold that is a red flag.
I will not look at homes that have been owned less than 10 to 20 years. Something to think about.
Some realtors go as far as removing the sale history of the home. Those are bigger red flags.
All home histories can be researched. It is public domain. If a realtor hides such things
what else is he likely to hide from you the prospectus buyer? The best you can do to counter
punch this uncontrolled capitalist thievery is to not buy any homes that pop up red flags.
It is to your advantage to buy a home that needs TLC and slowly make improvements on your
own time . You will save hundreds of thousands. I did just that many years ago. When I ever
decide to sell my home potential buyers will know a detailed history of maintenance and upkeep.
No different than doing your home work when buying a car. You deserve the same. Not purchasing
these overpriced and unmaintained homes hopefully lands the knockout blow that these licensed
thieves deserve.
What is your opinion?
Curious minds would like to know.
Flippers around my family's area (not that there is really much left to flip as it wouldn't be very profitable for the most part . . . 10 years or more ago, yes, but not today) at least put some work into the houses, but this doesn't seem to be the case everywhere per your post, OP.
As for keeping a detailed list of expenses/upgrades, I'd only do that for expensive items as it would go into pricing/comps. Regarding flipping generally, if realtors are able to buy a house for undervalue and turn it around and flip it for a profit (where the flipped price is a fair market rate), then I have no problem.
the biggest being new york city and the boroughs are desirable . new york city and the surrounding areas have many high paying jobs ..
supply of nice homes are lacking too . there are lots of buyers but it does not matter how many are for sale . if your wife likes only one of them the other 1000 don't count .
so it is not a situation like stocks where every seller has a buyer and the only question is the price.
you can have far more sellers than buyers but those homes that have "wife factor " are going to sell for big dollars and the others will sit until they are wife approved , if ever .
Last edited by mathjak107; 02-23-2020 at 06:49 AM..
I follow real estate as a hobby among many others to fill the ample time of retirement.
A sudden surge of homes littering my email box to find many of the same realtors offering
the homes over and over and over again. This is one really crude style of flipping.
The one that buys, lets sit and then sells. I documented the average of homes $200,000
per year from the original purchase price. Give or take depending on the property. I enter
these homes the previous year when being sold and reenter once more when being sold
again the following year. Nothing done. No make over..squat. As much as I despise what flipping
has come to in today's world, this is the lowest of lows. It's one thing to buy a refurbished
home on a flip ....money at times well spent........it's another thing to buy a flip in which
the only expense was a cheap paint brush and a can of paint. The realty profession continues
to sink lower and lower to the bottom of barrel as an exercise in daily work to now do nothing!
Borrow ,invest and flipping homes as your own personal bank. I feel its my obligation to bring
this to light to the unknowing and first time home buyer. It is your money that is being stolen.
Take care of it. When purchasing a home use a realtor app that allows you to see the history of
a home. If you see a home that was recently purchased and quickly being sold that is a red flag.
I will not look at homes that have been owned less than 10 to 20 years. Something to think about.
Some realtors go as far as removing the sale history of the home. Those are bigger red flags.
All home histories can be researched. It is public domain. If a realtor hides such things
what else is he likely to hide from you the prospectus buyer? The best you can do to counter
punch this uncontrolled capitalist thievery is to not buy any homes that pop up red flags.
It is to your advantage to buy a home that needs TLC and slowly make improvements on your
own time . You will save hundreds of thousands. I did just that many years ago. When I ever
decide to sell my home potential buyers will know a detailed history of maintenance and upkeep.
No different than doing your home work when buying a car. You deserve the same. Not purchasing
these overpriced and unmaintained homes hopefully lands the knockout blow that these licensed
thieves deserve.
What is your opinion?
Curious minds would like to know.
line spacing is extremely important in forum postings ... our eyes get fatigued easily or our brains just don't want to read long endless run on collections of words with no break.
double spacing the lines can get your post read by more people.
Yeah, I didn’t bother reading the whole thing but just skimmed over it and kinda got the gist. The usual shortsighted complaints about flippers and investors with the lack of understanding of the overall system.
New York real estate is expensive, and I’ve been saying this for so long now, is that the city puts a restriction on the supply through tight zoning.
All the rest that the average person (like the OP) sees as being the cause are just symptoms or more appropriately the reactions to the cause.
I follow real estate as a hobby among many others to fill the ample time of retirement.
A sudden surge of homes littering my email box to find many of the same realtors offering
the homes over and over and over again. This is one really crude style of flipping.
The one that buys, lets sit and then sells. I documented the average of homes $200,000
per year from the original purchase price. Give or take depending on the property. I enter
these homes the previous year when being sold and reenter once more when being sold
again the following year. Nothing done. No make over..squat. As much as I despise what flipping
has come to in today's world, this is the lowest of lows. It's one thing to buy a refurbished
home on a flip ....money at times well spent........it's another thing to buy a flip in which
the only expense was a cheap paint brush and a can of paint. The realty profession continues
to sink lower and lower to the bottom of barrel as an exercise in daily work to now do nothing!
Borrow ,invest and flipping homes as your own personal bank. I feel its my obligation to bring
this to light to the unknowing and first time home buyer. It is your money that is being stolen.
Take care of it. When purchasing a home use a realtor app that allows you to see the history of
a home. If you see a home that was recently purchased and quickly being sold that is a red flag.
I will not look at homes that have been owned less than 10 to 20 years. Something to think about.
Some realtors go as far as removing the sale history of the home. Those are bigger red flags.
All home histories can be researched. It is public domain. If a realtor hides such things
what else is he likely to hide from you the prospectus buyer? The best you can do to counter
punch this uncontrolled capitalist thievery is to not buy any homes that pop up red flags.
It is to your advantage to buy a home that needs TLC and slowly make improvements on your
own time . You will save hundreds of thousands. I did just that many years ago. When I ever
decide to sell my home potential buyers will know a detailed history of maintenance and upkeep.
No different than doing your home work when buying a car. You deserve the same. Not purchasing
these overpriced and unmaintained homes hopefully lands the knockout blow that these licensed
thieves deserve.
What is your opinion?
Curious minds would like to know.
Is very simple. The speculators speculating as to what the demand is. Its like fishing. Manhattan is enticing bait, fish bites, and keeps getting reeled.
Speculators speculate people want to come to NYC more and more. They keep jacking up rent, seeing who bites it.
There have been times these past few years, my company has actually dropped price or not raise it.
There are two schools of thought ...flippers and speculators are only the middlemen and the prices are going to go up to where very they end up with them or without them ...
It is like insider trading ...I can have the best inside information so I buy a stock at 10 and sell at 30 ...the stock goes to 50 ..that stock was going to 50 without me profiting regardless if I bought first or not
You bought at the right time. The right time (for the average joe) was decades ago.
Why would anybody bother fixing anything when you can just sit on it for a year or two, profit 15% and 1031 it? You're preaching to the choir when it comes to your advice of not buying anything. There's international money waiting around the corner. NYC real estate is probably the best investment in the world. It beats our own market and it annihilates every other competing stock market, real estate market, currency market, (insert whatever you please) market.
you can have far more sellers than buyers but those homes that have "wife factor " are going to sell for big dollars and the others will sit until they are wife approved , if ever .
FYI - "Wife factor" doesn't really exist anymore... At least for someone age 40 or under.
Millennials break up over housing choices long before marriage is even remotely in the purview....
I'd be more inclined to say "BFF/Crew/Squad factor" in that the home purchase will be heavily guided based on accessibility to friends and if they can see themselves watching Netflix and smoking a blunt there or not.
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