Posted on 03/10/2022 6:26:30 AM PST by vespa300
A state law maker from San Diego says short-term investors are contributing to the housing crisis. Now he’s introduced a Bill he says will give average people a chance to own a home again.
Flipping houses is nothing new. You purchase a property, make necessary changes and then sell it for a profit.
(Excerpt) Read more at abc10.com ...
Then who else? I don't think many homeowners buy their homes from foreclosure auctions; they go through brokers and buy move-in ready homes directly from the sellers, unless someone is very, very handy.
If those homes remain unsold because nobody wants to buy a fixer-upper, then they become a blight on the neighborhood as the lawn doesn't get mowed, the landscaping becomes overgrown or dies, the interior becomes dirty from lack of use and care, etc.
There might be a few jewels to be found at auctions, but I think most are either people who defaulted on mortgages and couldn't maintain the house, elderly people who died and probably hadn't updated the home for many years, or people who misused the house and then walked away from it. There might be some nice homes that were quickly sold due to a divorce or a sudden work relocation, but otherwise those homes would stay unsold unless someone was willing to step in and repair the home.
-PJ
I love house flippers. They saved my neighborhood from becoming a street of decaying houses.
“One more step towards the total control of private property by the government”
Been there, done that already. Try not paying your property tax and find out who really owns your property.
You need medical care just a few hours a year-—IF AT ALL.
You live in your house 8760 hours a year.
I spent some time searching for a house in rural N Calif. Looked at 63 properties in one week.
Finally settled on log house on 5 acres-—ALL OVER GROWN & dead/dying trees everywhere.
I bought it—turned out to be a foreclosure-—which I didn’t know when I first looked at it. Only one owner—and couple got divorced over “building their own home”. NOT UNCOMMON.
I spent just short of 3 YEARS with a chain saw cutting down dead/dying/crippled trees & getting “widowmakers” down. Then fenced it into 6 enclosures for horses. Worked every day weather would allow and USED UP 7 chains on my Stihl chain saw.
I had NEVER even used a chain saw before that purchase. I am now on my 13th GALLON of chain oil, also.
I was NOT seeking a foreclosure-—just happened. I owned it over 16 years & ONLY LEFT because LIBERALS were flowing in like a train wreck.
This was rural area-—They wanted sidewalks-—streetlights-—the county to REMOVE all the wildlife—you name it.
I had vastly improved the property. Whatever other factors caused it to be worth more were not due to anything I did above my labor & fencing. I made enough profit to buy MORE acreage and brand new house in N Nevada high desert for cash.
I do NOT consider myself a carpetbagger-—
But Flippers are performing a community service in keeping the values of the neighborhood up.
How about blaming the prior HOMEOWNERS for letting their properties go to HELL?????
You need to re-address your facts & thinking, IMO.
Have YOU ever owned your own house? OR always rented???
I bought my first house in 1958, 2nd one in 1966, third one in 1989 & this one in 2005.
How about blaming the prior HOMEOWNERS for letting their properties go to HELL?????
You need to re-address your facts & thinking, IMO.
Have YOU ever owned your own house? OR always rented???
I bought my first house in 1958, 2nd one in 1966, third one in 1989 & this one in 2005.
FEMALE & SINGLE.
Sacramento never fail to outdo themselves with their stupidity. They won’t be happy until California is a statewide sea of homeless encampments encircling Hollywood.
Where will Christina move to?
Nah, it will just be included in the price like the exorbitant closing costs currently are.
A nice ranch house in Texas (WITH LAND) can be between $150,000 and $200,000.
The same house in California (WITHOUT the land) can easily be $1,000,000.
“I bought my first house in 1958, 2nd one in 1966, third one in 1989 & this one in 2005.”
Sooo, you did not flip any of your homes within 3 years! Sooo, the tax would not apply to you.
Just increase the selling price by 25%.
Can’t do it if the comps in the area are not there!!
Yep. Redo the house, double the rent and sell after 4 years.
How dare you clean up our crappy side of town........Annnnd make money off the suffering of people we ignore...
and don’t overlook this is a tax OVER and ABOVE any other money they make on the gain. See, the government is your partner except in Ca, it is your partner with both of their hands in your pocket.
We did a similar deal when selling my mother-in-law's home in SF in 2017. Agent wanted 6%, we negotiated for 4%, and he countered by saying if it went 20 percent over asking he would get the 6% commission. We listed at $1.2M (matching comps in the area). House sold for $1.5M within a week and he got the full 6%. Both of us happy.
Same house got remodeled again by new owners and went on the market last week for $2M. Home prices in San Francisco are insane.
Any normal, sane person still living in California or attempting to do sane business there ought to be taxed at that rate or higher.
faucetman wrote:
“A nice ranch house in Texas (WITH LAND) can be between $150,000 and $200,000”
What areas have those; any areas not ruined by out-of-state-ers?
(What about those ads for ‘land and a barndominium’?)
So naturally, the bureaucrats and the politicians had to kill it.
Flippers will now create rent-to-buy contracts lasting three years.
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