A former San Luis Obispo real estate broker pleaded guilty today to orchestrating a property “flipping” scheme in which he purchased houses in short sales at artificially low prices and immediately resold the properties at their true market values.Timothy William Barnes, 37, who now resides in San Francisco, pleaded guilty to one count of bank fraud, a federal offense that carries a statutory maximum penalty of 30 years in federal prison.
The internet is full of “puzzle pieces” about flipping houses.
- Hard Money
These are all pieces to the house flipping puzzle – and very important pieces at that. However, if you are new to house flipping, these little nuggets of information can look just like those 1000 little puzzle pieces on the table. It can be overwhelming.
via Bigger Pockets
A fantastic article that anyone concerned abot real estate and the housing markets should read. - Tim Ballering
From 2009-2012, the top 1% of Americans captured 95% of income gains. Now, as the housing market rebounds, billions of dollars in recovered housing wealth are flowing straight to Wall Street instead of to families and communities. Since spring 2012, just at the time when Blackstone began buying foreclosed homes in bulk, an estimated $88 billion of housing wealth accumulation has gone straight to banks or institutional investors as a result of their residential property holdings, according to an analysis by Tom Dispatch. And it’s a number that’s likely to just keep growing.
via naked capitalism.
Those who buy and sell for a profit on a consistent basis will definitely improve their lifestyle. They’ll drive better cars, send their kids to better schools, live in better homes, and enjoy superior vacations. This is a good thing. We all like the finer things in life.
Could real estate investors be going through an image change? Once seen as speculators who drove up housing prices during the boom, theyre now seen as key to turning the bust around.The bargain prices of foreclosures make them a business opportunity for the brave willing to buy, rehab and sell or rent out the improved properties.
And like many investors he knows the simple wholesale/rehab formula which is to buy a house at 65% of the after repair value and then subtract the repairs, etc.
However, if that’s where you stop, you’re in big trouble and you might not stay in this business very long.
via Bigger Pockets
After three years as a full time real estate wholesaler, I’ve pretty much made every mistake in the book, and have learned some valuable lessons in the process. Following are five wholesaling tips that I’ve picked up while out in the trenches:
via Bigger Pockets.
In a post-recession America rife with foreclosures and upside-down mortgages left over from the housing crisis, many cities and towns are stuck with houses so run-down they’re almost uninhabitable. In some neighborhoods, they blight entire blocks. Some cities have begun to bulldoze them, but here’s another option: