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Thread: Capitalizing on foreclosures and government-seized properties?

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    Quote Originally Posted by witchcurlgirl View Post
    ^^Yes, I'm quite tired myself of hearing about the 'mortgage crisis' that really was primarily dumb assholes biting off more than they could possibly afford to pay for. It's another example of the modern 'no personal responsibility' disease that is so endemic.
    Absolutely! We're buying up as many of these places as we can, slapping on a new coat of pain and renting them out to the same suckers that now have no place to live.

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    A*O
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    But some people need to be protected from themselves and the banks, mortgage companies and lenders also bear at least some responsibility here. They are giving people huge loans which they have no hope of ever repaying, or even affording the monthly payments in many cases. There have been cases in Oz where lenders are giving people 110% mortgages - the price of the house plus the Stamp Duty, legal fees, taxes, etc. That's fine if the house is going to increase in value but with a falling market these people find themselves in the negative equity trap.
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    Quote Originally Posted by witchcurlgirl View Post
    ^^Yes, I'm quite tired myself of hearing about the 'mortgage crisis' that really was primarily dumb assholes biting off more than they could possibly afford to pay for. It's another example of the modern 'no personal responsibility' disease that is so endemic.
    That and the "instant gratification" disease.

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    And let's not forget "gross sense of entitlement". Living in a 5-bed, 3 car garage with pool McMansion is my RIGHT dammit!
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    Elite Member witchcurlgirl's Avatar
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    here in NY people that earned $65,000 a year before taxes were being given mortgages with $3000 monthly payments....there was no way they could have made those payments and had any cash left over to live on.....

    I know some mortgage brokers are sleazy, but signing up for a mortgage with a payment that leaves you like $300 in cash a month is like sending your bank info to the Nigerian prince that needs your help. You have to look at things, and try to understand what it means.

    Some people may lose their homes due to losing their job....but those aren't the people in this current ' mortgage crisis'.......It was caused by all the mortgages given to people that would have been bad risks 10 years ago......It's all tied into the live on credit philosophy that causes the same idiots to owe thousands and thousands on credit cards, and never pay more than the minimums.......People really need to understand what they can afford, and learn to live more within their means
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    Who cares if it was someone's dream, that dream is over and they're gone.

    They don't live there anymore.

    They don't own it.

    It's a perfectly good house with NO OCCUPANTS.
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    Quote Originally Posted by cheetopia View Post
    slapping on a new coat of pain
    I know it's just a typo, but I LOLed!

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    Quote Originally Posted by Grimmlok View Post
    Who cares if it was someone's dream, that dream is over and they're gone.

    They don't live there anymore.

    They don't own it.

    It's a perfectly good house with NO OCCUPANTS.
    Exactly. What is the alternative? Leaving houses or entire neighbourhoods empty to rot would be bad for everyone, for entire towns. I don't understand why it would be better or more moral for no one to buy them at all? They'd just become a blight on the city in that case.
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    Elite Member sluce's Avatar
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    I invest in these as flips. I burn some white sage to clear the house of the sadness of past residents - LOL.

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    Elite Member ariesallover's Avatar
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    Quote Originally Posted by sluce View Post
    I invest in these as flips. I burn some white sage to clear the house of the sadness of past residents - LOL.
    How long does a flip usually take?
    "I ransacked his drawers when he left me by myself at his place for the first time. That's how we did it in the good old days. Tells me all I need to know about him. He pretends he didn't notice. That's how good relationships start." - Chilly Willy

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    It depends on what needs to be done and if you can get a good reliable crew of tradies and watch them like a hawk to make sure they stay on budget and turn up on schedule. Provided there aren't any delays with materials or unforeseen glitches (and there are always unforeseen glitches) you can do a redecorate and minor remodelling in 2-3 weeks. And then you have to find a buyer of course which is tricky at the moment if you are planning to sell at a profit. On the other hand there are LOTS of people looking for rented property so think about becoming a landlord so you get paid rent and keep the equity. Win Win
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    Elite Member sluce's Avatar
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    Quote Originally Posted by ariesallover View Post
    How long does a flip usually take?
    Most of my flips take 60-120 days. There is a section in my school district that has 80-100 year old twins. They are perfect for entry level buyers to get into the district. A friend and I partner on the projects. The ones we buy need new kitchens, baths, roofs, windows, heat and air. Then we refinish the hardwoods floors. Most have walk up attics. We usually convert them to 2 more bedrooms. That gives them 5 br and 2.5 baths. We get them for 175-200k and sell them 375-400 when completed. We learned early on that you must have a great crew to work with or you are screwed. I am lucky that I work for myself so I have complete flexibility that allows me to act as the general contractor. That saves a lot of money. Aside from making money it feels great when you see one of these old properties restored and housing young families in the community again. The neighbors are pretty happy too.

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    Elite Member ariesallover's Avatar
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    The house flipping stuff is fascinating - thanks AO and sluce.
    "I ransacked his drawers when he left me by myself at his place for the first time. That's how we did it in the good old days. Tells me all I need to know about him. He pretends he didn't notice. That's how good relationships start." - Chilly Willy

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    We hire professionals that used to build these monstrosities before the real estate market tanked, fix them up and then put local school teachers in them. I have a contact at the school board office. They cannot afford to buy here but I make the rent attractive, they have to sign a full year contract and the rent comes automatically out of their checking account on the same day monthly. We also partially furnish the house with the basics, which I do all the interior design of. Everyone's happy with the arrangement, we get good stable renters, they get a nice place at a reasonable price.

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    Quote Originally Posted by ariesallover View Post
    The house flipping stuff is fascinating - thanks AO and sluce.
    It's also terrific fun (well I think so anyway, MrAO would disagree). I'm a natural organiser/bosscat anyway and can multi-task which is essential for project management. Another reason why MrAO is crap at it!! Like sluce and cheeto say, you MUST get a good, reliable crew together and be prepared to nag, cajole, intimidate, flatter, scream, soothe as appropriate. They have very fragile egos that need a lot of massaging - another reason why women project managers rock!
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