My brother used to do this work after being laid off from the airlines. He always took a dump and made it a really nice place to live. I’ve done it with apartment buildings, buying places filled with drugs and prostitution, cleaning them out, fixing them up and renting them to nice people. It was really hard, disgusting work. The money made in resale was only fair for the work I did.
I’m tired of hearing about investors and flippers and the implication they are bad guys because they make some money when the task is done.
I agree with you there!
My dad used to remodel (now it’s called flipping, I guess) 1 house per year.
He paid himself for the year’s work (along with any subs) from the loan he took to buy the house.
Then, he would have enough left from the sale of the remodel to put a down payment on the next house.
1 house per year.
(or 9 months)
After he was unable to sell his last remodel (from summer, 2007), his main house was foreclosed on (about 1 month ago).
This is not some kind of shark.
He’s just a small builder trying to make a modest living.
He’s not looking for a bailout, but, is very frustrated with the idea that others will be bailed out when they weren’t (again, he’s not saying he should have been).
It’s just a sad thing.
He’s just a guy who went to work for himself...no security there I guess!
:-)
We’ll see what happens to him and my step mother.
But, you’re right.
He is not some kind of societal leech.