Saturday, February 23, 2008
Damn People Flipping Houses.
So I work at Home Depot-I'm in the world of lumber, remodels, kitchen countertops, and whatnot. I love wathing the Home Channels-but tonight I was watching Property Ladder-and there's these three guys who are friends who decided to do a flip together. They are retarded. They bought their "flip" house as a foreclosure home and the previous owner was attempting to flip it as well--so most of the house was actually done and basically ready to go. So they get in and they want to knock down walls and get rid of bathrooms. FIRST RULE IN FLIPPING: NEVER GET RID OF A BATHROOM-THAT ONLY MAKES YOU LOSE MONEY. Then-these dumb bastards want to put an addition on the house-which will be a master suite and master bath. The original timeline was 45 days....like 120 days later they actually finished. Stay to your timelines--You're losing money every time you have to pay the mortgage each month! When they were trying to lay the foundation for the addition they ran into this huge problem with the drainage system--so that was horrible-BUT THEY NEVER SHOULD HAVE PUT THE ADDITION ON. There was no need-the size the house is-it was perfect for the neighborhood--you have to research the local market! So yeah-by the end of the show they went from a possible profit of $84,000 to, at the very most, $34,000 and the house still hadn't sold-and was just sitting on the market. My whole point is: that flip was almost finished when they bought the house for $146000-they ended up putting $95,000 dollars into the house, mostly due to the addition they didn't need, and they could have done touch-ups and finished what the previous flipper couldn't finish--spent less than $15,000 and been done with it. But no, those dumb bastards were trying to get rich quick. Flipping houses-I don't do it--but people don't make millions off of just one house-they do it with many houses over a long period of time. So my whole point is: they were dumb.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment