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Started By
Message
re: This lovely place in Sulphur is coming up for Sheriff sale soon for $6200
Posted on 6/7/23 at 9:51 am to 777Tiger
Posted on 6/7/23 at 9:51 am to 777Tiger
quote:
this is a good example for how to make money flipping real estate,
Everyone think's it's easy because they watch reality TV
Funny story, I was flipping a house back in 2005 when the first flip this house show with Richard Davis in South Carolina started. Before that, only a few people would be at Sheriff's sales. After that show a ton of idiots that had no idea what they were doing would show up and push prices to retail.
The house next to the one I was flipping went to auction so I went to go bid on it too. One guy showed up and not only overpaid for the house but thought he had time to get a mortgage on the house. It is cash at the act of sale and he didn't have the cash. The next week the house goes back to auction with a starting bid of zero and went for less than what he paid but still more than it should have gone for. He was liable for the difference between his legally binding bid and the new bid price. The dude lost money without ever flipping a house.
6
Posted on 6/7/23 at 9:53 am to stout
quote:
Everyone think's it's easy because they watch reality TV
Funny story, I was flipping a house back in 2005 when the first flip this house show with Richard Davis in South Carolina started. Before that, only a few people would be at Sheriff's sales. After that show a ton of idiots that had no idea what they were doing would show up and push prices to retail.
Yeah I had to close out the window b/c I saw some I was like "oh that would be easy money" and then I had to pull back and remind myself that there are people who actually know this market and what is/isn't a good deal and I'm clueless.
Posted on 6/7/23 at 9:55 am to stout
So how did you learn it?
Posted on 6/7/23 at 9:56 am to stout
quote:
The dude lost money without ever flipping a house.
Posted on 6/7/23 at 9:59 am to stout
quote:
The dude lost money without ever flipping a house.
yep, when there's a reality show about it you know you're late to the party, I did my first one while I was at LSU in the 70s
Posted on 6/7/23 at 10:10 am to stout
quote:
push prices to retail.
Just went to a restaurant equipment auction and saw that left and right. The freezer I wanted went for $200 below retail. Throw on the 10% buyer's premium and he was over that. He could have had a brand new one with a warranty for what he paid.
Posted on 6/7/23 at 10:47 am to stout
quote:
One guy showed up and not only overpaid for the house but thought he had time to get a mortgage on the house. It is cash at the act of sale and he didn't have the cash.
Did he just zone out immediately following, "Hi folks, how y'all doing...." and miss the legal spiel? That's a frick up that he almost had to try to make.
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