Speechless: The Kardashian’s are now house flippers
“No more neighbors, friends whose past Real Estate experience is renting an apartment or buying a starter house, or stay-at-home moms flipping houses locally; young, flamboyant Realtors on reality, cable TV shows selling multi-million dollar trophy properties to those from abroad with briefcases of cash that until this year bought a lot relative to the ‘weak’ US dollar; 20-something Silicon-kids paying $2,000/sq ft for a house they could buy 20 miles away for $500; large, institutional private equity firms buying 10s of thousands of single-family houses for rental purposes — sight unseens using computer programs — thinking a 3% yield is acceptable long-term and somehow, someday economies of scale will emerge; or individual / “family-style” speculators committing lending fraud at a pace that rivals 2006 chasing their share of the “easy money” in Real Estate, are needed to prove to me that Bubble 2.0 is not just a monster, greater in intensity and energy than Bubble 1.0, but will end the very same way…”
The above is just the opening paragraph for a great post by Mark Hanson…take the time to read the entire (not too long, but extremely important) post here!
If you own a home and are thinking about selling in the near future…you have to read this.
If you are considering getting in on the new ‘HGTV flipping’ craze…you have to read this.
Even if you are a ‘buy and hold’ investor…you have to read this.
Thanks for reading my blog!
Steve Jackson, 561 602 1258
