New Flip - Page 3

flip_it_fast · #21 02-23-2011, 12:12 AM

It sounds like you are making quick progress. You will have it up to par and on the market in no time at all.

As to an earlier post that you made....

Quote:

I'm going to do as many as I can before the president gets his new bills passed, because I think he is going to put me out of business.

What do you mean? I must not have heard about whatever it is he is trying to make law having to do with the housing market.

realestatehound · #22 02-23-2011, 03:38 AM

He is trying to do away with fannie mae and freddie mac, they are involved with about 90% of the home loans made. He wants to make them private, he also wants to triple closing cost, raise the down payment required and interest rates. Right now I would say that average closing cost run about $3,200 for an average sale, triple that and you are at around $9,600, right now the banks want 20% down, on a $100,000 purchase that is $20,000 if just raises it 10% you would have to have $30,000 then add your closing cost and you are at $40,000. How many first time home buyers do you know that have $40,000, for that matter how people have $40,000 laying around. If he get his way China, Japan and other foriegn countries will own this country and everyone will be renting from them. If the gas prices go to $5.00 a gallon and he changes the real estate market the way he wants, I'll be filing bankruptcy myself.

badmomma · #23 02-25-2011, 12:12 AM

We are looking at a president who is designing things to fit the upper class. No one that I know can afford the down payments or closing costs that you are speaking of.

I also know that my bank only has 2 types of mortgage loans that they are using right now and one happens to be fannie. We are looking at the total failure of the american economy if the government decides to run things this way.

Privatization isn't always a bad thing but I will be watching to see who's buying up these companies. You can bet your ass it will be the men on capital hill who have their hands in those pots.

realestatehound · #24 02-26-2011, 05:40 AM

Everything that the president has done since he has been in office is to help the rich get richer. He will if he gets this passed cause this country to have another depression. But that is his goal. Did you know that he and his wife have traveled to more country's in just the time he has been in office than the past 3 Presidents all combined. Not long ago he wanted to borrow more money from China and then he wanted to give Africa 5.4 Billion dollars. All they have to do to get our country straightened out is to stop giveing billions of dollars to all the other countries of the world. They could lower our tax's and pay the country out of debt in short order. He is so worried about sending money to africa and other countries that he has forgot about the honest hardworking Americans. If he does get these bills passed this country is domed. We will be owned by foriegn countries and the rich american and the poor people will get much poorer. No one will be able to buy or sell real estate period. The only one who can buy is the rich and then you will see the rent skyrocket and you won't even be able to rent.

homealone · #25 02-26-2011, 03:08 PM

Obama has practically destroyed this country. People losing their homes, their jobs all because of him and what he has done.

I hope that who ever is next in office will straighten things up and actually help this country rather than try to give it away to other countries.

realestatehound · #26 03-07-2011, 01:25 AM

Well I almosthave the upstairs finished and ready for floor coverings. Monday I will finish it in about 2 hours and then I'm off to the basement to build a closet and put in a tub and shower unit and then paint and I will be ready for the floor coverings. I have been making good progress and hope to be done in a couple more weeks.

flippinout · #27 03-07-2011, 10:42 AM

Well it certainly sounds like you have it back on the right track and that you have been working very hard to get it all finished.

If you do finish up in the next couple of weeks, will this be on the schedule you had initially planned for this flip?

Do you have help, or are you doing this yourself?

Lady Flipper · #28 03-07-2011, 11:33 AM

Quote:

Originally Posted by realestatehound

Well I almosthave the upstairs finished and ready for floor coverings. Monday I will finish it in about 2 hours and then I'm off to the basement to build a closet and put in a tub and shower unit and then paint and I will be ready for the floor coverings. I have been making good progress and hope to be done in a couple more weeks.

Do you have pictures?

realestatehound · #29 03-13-2011, 03:30 AM

I think I have a buyer for the house and they are ging to finish it. I will still have to finish the closet I have started in the basement and put the floor coverings in and finish the trim. I'm only going to make between $23,000 to $25,000 on it, but I have always believed a bird in the hand is better than 2 in the bush. If I had finished it I would have made around $35,000 on it, but this ain't a bad month or so's work.

flippinout · #30 03-15-2011, 03:16 PM

You may not make on it what you want, but it will free you up to start another flip that may be even more lucrative for you than this one.

Do you have another flip started yet or one that you are looking at to keep you in the loop? Or will you take a little time off between flips?