That’s an interesting article, Morgan. One of the things I have been thinking about is how the expectations of the younger folks were raised by advertising and general financial “advice” from the media and our culture in general.
Imagine how many college grads buy houses in excess of what they need, simply because everyone else is buying the same type of house and because they think it’s what you should do.
Lots of younger kids have ZERO understanding of money, so they run up credit cards and get themselves in a bind.
Shows like “Flip That House” and such make everyone think they can hit the jackpot.
It’s just a shame more Americans don’t understand money. I didn’t myself until I was almost past the point of no return. Lots of Americans need to get themselves educated.
Yes ma’am, one more indictment of our education system.
Maybe our schools should teach about money instead of the millions they spend to teach us "diversity".
I worked for a lawyer whose sole job was flipping houses.
He also purchased tax liens against properties where property taxes weren't paid. Intriguing business I must say.
This was back in 95 or so and in Baltimore, at the time, Flipping houses was considered a shameful activity.
Then we had the infamous UG....you know the guy who buys UGLY houses ostensibly to fix up and resell?
Next we have the TV show "Flip That House" and like my life, I was a day late and a dollar short when flipping houses became de rigeur.
I could write a book on flipping houses as my job was to handle all the money for this sort of thing.
My father made a small fortune flipping houses. Although it wasn't called that in his era. He was a carpenter and he'd buy a house, fix it up, then sell it for a great profit. We actually lived in those houses however as they were remodeled. Sometimes we didn't even have indoor bathrooms, hand to God. My entire childhood was spent building house for my father, then moving, building again. When he died he left all his money to his son by his second marriage, leaving us little slave kids out of his will. Just a bitch, forgive me.
The house I lived in before Delaware he bought for $5,000. I bought it from him for $107,000 and we sold it five years ago for $220,000.
There's money to be made in flipping houses and it's not illegal. But you can believe that this notion was sold to ghetto residents looking for a rainbow without qualification one to achieve a decent result.