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51709711 No.51709711 [Reply] [Original]

I keep coming across lots of sellers underwater by six figures, mainly flippers who bought at the height and re-listed after a week or two, but sometimes months later after sinking tens of thousands into renovations.

picrel looks like they gave up at the beginning of the month, and I guess are gonna be forced to live in it?

>> No.51709761

>>51709711
I guess it’s because every asset is getting JUSTed.

For example, my stock portfolio is down 40%, while my house is only down 15%

>> No.51709779

>>51709761
keep coping
houses are going -50% minimum
thats what higher interest rates do

>> No.51709799

>>51709761
My stocks are only down 15%, but only because I refused to invest in any FAANG companies. Most of mine Ive broken even on, the only big losers are my Intel, and the couple morgan stanley etfs that I only bought as a hedge against my belief to let a real broker invest my money

>> No.51709811

Housing is 100% powered by cucks

Just think about it. People will pay any price to make their wives stop bitching. The wife needs the nice house to make her friends jelly. Imagine taking part in this matriarchal insanity

>> No.51709812

>people were thinking they can renovate a house for 50K and then resell it 100K more after 2 months and yet everyone was saying it was not a bubble

wew

>> No.51709823

>>51709811
my wife doesn't have a word to say about where we live, you are the cuck

>> No.51709835
File: 410 KB, 931x614, firesale.png [View same] [iqdb] [saucenao] [google]
51709835

>>51709711
I had been watching this literal dumpster fire of a house (there is total fire damage).
I even searched through public records and found that a "WE PAY CASH 4UR HOME LLC" had bought it in April for $435, looks like those sleaze bags lost $50k

>> No.51709853
File: 58 KB, 690x350, l-interet-de-partir-en-croisiere-pour-les-seniors.jpg [View same] [iqdb] [saucenao] [google]
51709853

>>51709835
>not a bubble

>> No.51709855

>>51709812

You still can lol the house is cheaper and the sale price is cheaper but margins on renovations aren’t affected much. Just see how much a local painter costs, and a tile guy etc. The price of that labor is still going up with inflation and shit.

>> No.51709874

>>51709855
>what are taxes

the guy who bought OP's house is 100/150/200K underwater

not even counting the interest rates

>> No.51709886
File: 1.00 MB, 891x1078, delusion.png [View same] [iqdb] [saucenao] [google]
51709886

>>51709711
this was a weird one, they listed a month ago for $2.5 million, and then last week were like j/k and dropped it by $1 mill

>> No.51709914

i bought the top. if i sold right now i would lose $200k of my own money and barely be able to pay off the mortgage. but with my luck the fed would start QE again a week after i sold and i would be priced out again. my worst fear is losing my job and having to sell at a loss and be stuck with hundreds of thousands in debt and nothing to show for it

>> No.51709919

>>51709886
they tried to catch a sucker

>> No.51709932

>>51709919
like him >>51709914

>> No.51709978

Imagine actually thinking these prices were sustainable when wages were not keeping up. In some of these areas people are/were spending a average of half there income to afforded housing. Dose anyone have any idea what that dose to a local economy when people have such little disposable income leftover?

>> No.51709996

>>51709874
Retarded fag lmao

>> No.51709995
File: 855 KB, 887x790, please_buy.png [View same] [iqdb] [saucenao] [google]
51709995

>>51709812
there are so many of them just like it. This one is pending, and I really hope the buyers bail (Ive seen a lot of "pendings" fail lately).
They probably sunk 50k into and then tried flipping it for $200k profit a month later.

>> No.51710014

>>51709711
Isn’t this shit just like nfts? The whole zillow thing made people think the prices of homes were higher because people were just listing higher. No one was really buying some of those shitboxes for the prices they were running at right?

It’s the whole fomo demoralization shit that was going on with nfts as well. No one was really buying nfts for 100ks but they were being listed and people were laughing at biz for “missing out” while if you really noticed what was going on in both markets, no one was buying at those ranges. It was artificial as hell

>> No.51710029

>>51709914
as long as you plan to live in the house, a drop in value isnt that big of a deal.

We arent here to make fun or hoomers so much, more to laugh at the fucking flipper leaches who tried fleecing regular home buyers

>> No.51710039
File: 434 KB, 2223x1035, 1664488809016241.jpg [View same] [iqdb] [saucenao] [google]
51710039

>>51709711
The 1m pod while homeless people shit on your front porch

>> No.51710049

>>51709711
Of all the people getting JUSTED right now house flippers particularly deserve it.

>> No.51710050
File: 3.24 MB, 3840x2160, 1641236646817.jpg [View same] [iqdb] [saucenao] [google]
51710050

>>51709995
still way overpriced
look at this fucking "house"
even balkan niggers don't live in this shit

>> No.51710063

>>51710029
>>51710039
>>51710050
>>51710049
Someone reply and tell me I’m wrong
>>51710014

>> No.51710065

>>51710029

Flipper fag reporting in. Sold a house two weeks ago. Interest rates went up like 2% while it was under contract. Got all my cash out ready to buy cheapies in a month or two and continue dunking on hard working families that think a tile backsplash is worth an addition 15 thousand dollars.

>> No.51710084

Flippers are cordially invited to lick my ballsack.

>> No.51710101
File: 398 KB, 2219x1047, 1664488513475101.jpg [View same] [iqdb] [saucenao] [google]
51710101

>>51710014
Retards are definitely buying these shitboxes
Picrel is a converted barn on someone's back property and i wont stop laughing at it

>> No.51710109

>>51710063
you are just coping stupid top buyer
you were the last sucker

>> No.51710120
File: 675 KB, 882x770, unnecessary_risk.png [View same] [iqdb] [saucenao] [google]
51710120

>>51709711
this one is also weird, the flipper re-listed a month later with only $10k of profit (minus what they paid for paint and 5% in realtor fees).

I guess they really got caught as the bubble was bursting and realized they needed to re-list and sell as fast as possible just so they could maybe break even

>> No.51710126

>>51710109
retards are definitely still buying but it's definitely also almost over

>> No.51710150

Is it worth it to just become a realtor yourself? Those fuckers get 4-5 and it dors not seem like skilled labor%. It takes time to get through material but it is significantly higher per hour than my job. I figure even paying an attorney to help complete a contract will still be more cost effective

>> No.51710171

>>51710014
>>51710063
yep, its all the same grift, whip up a frenzy of demand and pretend like supply is limited, and get the retards to waste their $ on whever current year product is

>> No.51710176

>>51710150

I would like to know this as well. In the past I read you have to “work” under a broker. Are there brokers that are cool with signing off on anybody for like a hundred bucks or is this going to be some big headache?

>> No.51710184

>>51710029
A lot of people will lose their jobs in the upcoming recession and many of those people will end up being foreclosed on. Being stuck with a $300k loan and no house is not fun. A surprising amount of people take their job security for granted

>> No.51710212

>>51710150
It's worth it before and during bubbles. Definitely not worth it in times like this or the next 3-4 years

>> No.51710215

>>51710014
People were buying them, but you're right about FOMO, it was infecting absolutely everything for the past 2 years. People collectively lost their minds and now some sanity is going to return to some asset classes and wipe out the people who went crazy.

>> No.51710220

>>51710120
these houses are fucking ugly
what the fuck happened to the US
i grew up watching malcolm, simpsons, 7th heaven, mom i missed the flight and imagined mutts had nice houses but wtf are this shit
even bongs have nicer houses on average

>> No.51710231

>>51710171
There are still retards coming into my local Denver coffee shop talking about "passive income" and "buy now or be priced out forever". Local buyers looking for a house are not in the game right now. I think the worst is yet to come in a lot of places.

>> No.51710251

>>51710150
if you are good at it, its worth it. You have to be attractive and likeable, while at the same time being needy and just tolerable annoying. You have to constantly pester your clients with "hey i got a new house to show you" and "maybe consider other options with this totally unrelated property".

My gave my cell # to here realtor friend, cause I mentioned to her that I was looking at undeveloped land. She started emailing me every day and calling me, and leaving voicemails every few days. One day her husband (he owned the realty) called me on my cell at like 5am after she gave him my #, I was like so out of it, i was like "the fuck you calling me at 5am just to talk about preferences?!!"

>> No.51710298

>implying i havent taken the nomad pill just like the ancient mongolians

housing is for wage cuck tax paying farmers and i dont pay any attention to this at all. the time for raiding will come soon enough

>> No.51710341

>>51710220
Basically every home on television is $1m+, even for middle-class families. I'm pretty sure South Pasadena is used by Hollywood for a ton of these and those homes are $2m+.

>> No.51710389
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51710389

>>51710220
there are lots of nice houses, both old world craftsman style as well as industrial futuristic. I am just showing the over priced shit boxes.

btw, the malcom, simpsons, etc houses were all mcmansions


speaking of ugly, look at this $2.5 mill monstrocity, its like the designer was both color blind and autistic

>> No.51710391

>>51710251
my best friend was a realtor
he became religious after that
he told me this job is for soulless people
he confessed me selling a house to a young family in an area where there is prostitution at night and he was making sure the visit were always before 6pm

>> No.51710408

>>51710389
i like this house actually
but you need to have a lot of friends or a big family to live in
i would stay in the same two rooms if i was living in such a house

2M doesnt seem so high if you compare with american salaries

>> No.51710459 [DELETED] 
File: 1.28 MB, 1236x866, you_need_to_just_chill.png [View same] [iqdb] [saucenao] [google]
51710459

I might have to search public records to see who these flipper baggies are, they are sooo desperate to sell, drop it by $50k every week

They are only three weeks away from being underwater (not including "upgrades" and closing costs)

>> No.51710474
File: 1.23 MB, 1233x835, derp.png [View same] [iqdb] [saucenao] [google]
51710474

I might have to search public records to see who these flipper baggies are, they are sooo desperate to sell, drop it by $50k every week

They are only three weeks away from being underwater (not including "upgrades" and closing costs)

*clipped off the sale price

>> No.51710482

Hey there fellow San Dieganon

>> No.51710571

>>51710474
sad, why they don't have fences around their garden?

why all the interiors look the same?

they even hire the same photographers i guess

it's soulless

>> No.51710598

>>51710474
Why does every “modern” style flip have to be such a bleak spattering or beige and gray hard materials with stark white prison led lighting? Does anyone care about being cozy?
Home interiors look like fast food restaurants now. Kek

>> No.51710635

>>51710598
look at the chairs and the sofas
they look so uncomfortable
this is what i noticed in most airbnbs too
everything is so uncomfortable

>> No.51710656
File: 172 KB, 919x737, socal.jpg [View same] [iqdb] [saucenao] [google]
51710656

>>51710482
why hello friend

>> No.51710672

>>51709855
Ah yes now that volume has gone to absolutely zero, you should do it

>> No.51710849
File: 2.22 MB, 1280x720, 1658255401167749.webm [View same] [iqdb] [saucenao] [google]
51710849

>>51709711
what location is that? florida is about to get JUSTed really bad

>> No.51710859

>>51710220
every home you see on TV shows is multi million dollar mansions that the average american could never afford
most of us already live in ze pod

>> No.51710871

things are getting pretty dire here in the central rockies

>> No.51710881
File: 1.34 MB, 3077x1810, vacantlandinvesting.jpg [View same] [iqdb] [saucenao] [google]
51710881

>>51710871
woops forgot picrel.

>> No.51710898

>>51710881
That shit should be worth like 10k an acre

>> No.51710908

>>51710598
It's called like New American Conremporary or something like that. It's very unappealing to me but looks expensive and clean and new to people.

>> No.51710940

>>51710898
with its size and zoning you could only ever put one house on it so its coming back to fair value quickly

here's a house example nearby. house prices tripled in 5 years in this area so we have much further to go

>> No.51710954
File: 936 KB, 3070x1797, listedtoolate.jpg [View same] [iqdb] [saucenao] [google]
51710954

>>51710940
picrel

>> No.51710957

>>51710408
>2M doesnt seem so high if you compare with american salaries
average american salary is like 75k so wtf are u talking about

>> No.51710968

>>51710881
WHAT THE FUCK KINDA GRASS IS THAT NIGGA LMAOOOOOOOOOOOOOOOOOOOO

>> No.51710974

>>51710881
>$1.175 million for 40 acres of wind swept high desert with no services for miles
L M A O
M
A
O
Shit like this went for $35k 12 years ago.

>> No.51711018

>>51710881
oh pretty, but yeah what this >>51710898 guy said. Imagine loosing over half a million on a failed real estate speculation, JUST

>> No.51711044

>>51710968
Looks like sage grass clipped down by cattle

>> No.51711066

>>51710408
>>51710957
the entire world is bombarded with "AMERICAN PAY IS HUNDREDS OF THOUSANDS OF DOLLARS AND EVERYONE OWNS TWO OR MORE HOMES" in order to trick the entire third world into immigrating here and having to work for peanuts, all so the 0.1% rich get richer

>> No.51711093

>>51711066
>all so the 0.1% rich get richer

Not really, rich fags don’t want them here either. It’s so that the Jews can exact revenge for the holocaust by breeding whites out of existence.

>> No.51711095

>>51710954
>>51710940
>>51710898
>>51710881

So for reference I'm from Colorado and that's located at the foot of the highest peak in the state. It's at close to 10,000 feet in elevation and is at or very close to "timberline" meaning the elevation where the climate is too extreme for trees to grow. The climate is extreme and you can only access it for only part of the year unless you have a snowmobile. The towns of leadville and buena vista are far away and the only industry in those places are seasonal tourism and supermax prisons. Calling it economically depressed is an understatement.

There would be massive costs to be able to access and maintain this property year round and the real price should be a fraction of what they are listing. Oh, and did I mention all the forest service and public land regulations :)

>> No.51711106
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51711106

Been watching this one for a while that is close to me. Flippers didn't want to fix the sagging roof but wanted a 400% profit. Now they can't give it away unless they keep dropping the price kek.

>> No.51711149

>>51710957
>I'm only making 5,000 usd per month

you guys realize how entitled you are?

i work in a call center and i make 1250 euros per month

an iphone is not 5 times more expensive in the us

a car is not 5 times more expensive in the us

>> No.51711150

>>51711106
10/10 would shoot up heroin and pass out in the kitchen nook, or cook up meth; which ever comes first

>> No.51711299

>>51711106

That’s because europoors have an open mind toward socialism. Americans historically have not, but don’t we will be poor like you until our Chinese overlords liberate us

>> No.51711496
File: 1.53 MB, 2495x1438, 53B6597D-1103-4768-BDBB-F72F5481D38A.jpg [View same] [iqdb] [saucenao] [google]
51711496

I love watching these people be caught holding the bag.

>> No.51711544
File: 2.24 MB, 1559x1432, Andrei Jikh rental property.png [View same] [iqdb] [saucenao] [google]
51711544

>>51709711
hoomz only go up

>> No.51711698

based thread make it more often

>> No.51711719

>>51709811
there's something to this,

>> No.51711743
File: 65 KB, 1419x1235, 1649281572426.jpg [View same] [iqdb] [saucenao] [google]
51711743

>>51711496
>honey, it has been 3 weeks and we haven't had any bids. let's drop the price by $1000
>honey, it has been another 2 weeks and we still haven't had any bids. let's drop the price by another $1000

>> No.51711795

>>51711743
>just 2 more weeks honey

>> No.51711838

>>51709761
>my stock portfolio is down 40%
What the hell did you invest in, Netflix?

>> No.51711854

>>51709711
i found a small house i can afford im going to look at it this weekend please pray for me bros

>> No.51711872

>>51710184
>A surprising amount of people take their job security for granted
I've always felt like it is the opposite for many people, I stopped trying so hard at work when I got my second job.

>> No.51711902

>>51711854
This is possibly the most idiotic time to buy. At least people who bought late last year and early this year had a modicum of hope that the system would recover. Now we know that pain is coming. Bagholders are trapped and people with cash can afford to be patient

>> No.51711912
File: 112 KB, 1280x720, dave ramsy show.jpg [View same] [iqdb] [saucenao] [google]
51711912

>>51710184
>>51711872
i always found this weird. The amount of people who are not forced into credit card debt and paycheck to paycheck life, yet choose to do it just to live beyond their means.

>> No.51711957

>>51709799
INTC raped me too anon. We are gonna make it.

>> No.51711959

>>51711902
its just a small 1br cottage in a rural area near where i grew up for under 165k so the bags aren't very heavy, something i can actually afford

>> No.51711997

>>51711854
i would have waited for foreclosures to start rolling in and then gone to the auctions to pick one up on a major discount. thats what i did in 2010. $180k for a house valued at $490k in 2007

>> No.51712049

>>51711957
INTC at least has some long term potential
Lots that were $30k around the new plant in ohio are now going for $1m+

>> No.51712107

>>51711544
do people even rent houses for 7k a month? seems absolutely retarded

>> No.51712114

Based San Diego anon. Love from Placer County.

>> No.51712166

>>51712107
some of these tech retards make close to 15k a month and they get paid monthly so they just drop off the 7k like its nothing, they are like hurr durr 7k wow i be living large like a real millionaire woaHHhhH the PENTHOUSE bros!

>> No.51712218

>>51711544
>>51712107
heres another house about the same size, not as nice, but sam size renting for $2,600
https://www.zillow.com/homedetails/10670-Salmon-Leap-St-Las-Vegas-NV-89183/121082919_zpid/


and then heres another one that is much bigger compared tot he 7k one. And its nicer for $4,395
https://www.zillow.com/homedetails/2745-Tarbert-St-Henderson-NV-89044/72232003_zpid/

>> No.51712361

>>51711095
you don't know shit about Leadville. Lived there for years, and it was easily accessible year round with 4 wheel drive vehicle, unless there was a huge snow storm(still accessible). There are also no supermax prisons near Leadville. You are thinking of ADX Florence.
As for things to do, that area has some of the best backcountry skiing in the world. It was a really beautiful place to live. Miss those days. Has since been turned into every other mountain town in CO. As in, it's not cheap to live there anymore.

>> No.51712459

>>51711544
>7k rent
jesus not even new york fags would take that wtf

>> No.51712506

>>51712459
somebody offered to buy it from him as soon as his bought it. They offered much more and he was nah im gonna rent it out and get rich. Now he's dropped the price 10 times and still cant find a sucker to rent it. lmao

also he lost all his crypto cus he held it on Voyager. lmao

>> No.51712587

>>51712114
Sup, placer anon, greetings from the bottom of the hill. Sacramento here.

>> No.51712957

>>51709919
Based, flipping houses like it's EtherDelta

>> No.51712962
File: 922 KB, 660x1510, MIMHouse2.jpg [View same] [iqdb] [saucenao] [google]
51712962

>>51710389
>the malcom
It was a white flight bungalow/rancher, anon. Also they ruined it.

>> No.51713035

>>51711496
>>51711743
lej this is exactly like nft baggies incrementally lowering the asking price on their illiquid jpeg by .00001 eth each time hoping to catch a bid

actually one of the most satisfying thing about immersing myself in nfts for the last year is being able to appreciate just how similar the housing market is to them in really every respect.

>> No.51713164
File: 1.90 MB, 750x1334, C3016014-32E1-4A71-B499-BD089E0EDCB7.png [View same] [iqdb] [saucenao] [google]
51713164

>>51709835
What an over priced piece of shit, in a shitty location.

>> No.51713172

>>51709779
>houses are going -50% minimum
no

>> No.51713221

>>51710065
Based. What part of the country are you in?

>> No.51713240

>>51710101
Long Beach has seen huge growth in the last 20 years. Used to be a shit hole and now many parts have moved upscale.

>> No.51713271

>>51713240
Sure, but is it converted barn on the back half of someone else's property for $1m level upscale?
Dunno about that one

>> No.51713346

>>51710881
But why was it immediate listed for a loss? They didn’t even try to make a profit. I don’t get it.

>> No.51713468
File: 7 KB, 202x249, think_about_it_rationally.jpg [View same] [iqdb] [saucenao] [google]
51713468

>>51709811

>> No.51713516

>>51712962
Pretty sure they just got tired of having people come by to take pictures of it. Hard to blame them.

>> No.51713531

>>51710656
im sure youre aware but those shirts are a big indicator of someone not from california. also if they say "cali"
captcha:j0ystd

>> No.51713574

Reminder that home prices are going back to late 2019/early 2020 levels. This will take a couple of years as in all earlier housing corrections. It is way too early to buy.

>> No.51713608

>>51712361

Read my post again you stoner retard. There's access issues to the land pictured not the towns 40 miles away.

>> No.51713638
File: 922 KB, 1536x2048, B8238B4C-2720-4CE6-8EDD-7B7435EDAF73.png [View same] [iqdb] [saucenao] [google]
51713638

>>51713164
wew, the interior looks like the set of Saw

>> No.51713654

>>51713574

Situational to the area but i agree that overall the pullback in prices is likely to continue for several years and it's still too early for the flippers and hoomers to start capitulating.

>> No.51713665
File: 1.23 MB, 1536x2048, 4D8A2A9B-F57C-47DD-837D-2B4BAF855A75.png [View same] [iqdb] [saucenao] [google]
51713665

>>51713164
>>51713638
>but honey, I hear exposed beams are the trendiest thing since granite countertops, they’ll make the neighbors jealous

>> No.51713734
File: 69 KB, 750x1000, peps.jpg [View same] [iqdb] [saucenao] [google]
51713734

>the rona shutdowns and the 2022 housing bubble are the last gasp of the boomers fucking everyone over before they start dying en masse

It's good to finally be rid of their greed and stupidity.

>> No.51713973

>>51713654
Reduced home prices will show up in the rental market first as owners reluctant to sell will try to rent their properties for cash

>> No.51714439

>>51712587
how much do you pay a year for flood insurance fellow Sac County bro? i live a little bit further up the hill, so no flood risk.

also how do you keep the mobs of homeless from camping outside your front door?

i like Sac though, it cozy. bought in 2020 and i'm keeping it long term. 2.675% interest booyeah

>> No.51716418

>>51710672
Unironically you can make a killing by renovating and reselling shitshacks right now. The other anon is right about labor costs re: inflation. A smart person would be looking to undercut tradie wagies who build homes or do contract labor and flip 1000sqft shitboxes to people desperate for housing. You buy for $100K, Reno with $10K of material, flip for $200K by telling potential buyers that you're one of the only businesses in the country selling quality housing under $500K right now.

>> No.51716590

>>51710881
>>51713346
Is it possible this was subdivided? That's a common thing I see in Canada, 100+acres sold for a $1mil, then subdivided into 10 plots and re-listed for $500k each.

The numbers often look fucked on sales histories here as a result.

>> No.51716952

>>51711149
Shit I wish I made 5k a month I bring in barely over half that. Maybe you should get a real job anon utilities is the way to go you'd lose your country before you lose your job.

>> No.51717036
File: 1000 KB, 1080x2400, Screenshot_20220930-064001_Brave.jpg [View same] [iqdb] [saucenao] [google]
51717036

>>51711496
Ah a fellow tennessee chad this one always cracks me up built 1844 come with a 500sqft shot box apartment just in the backyard.

>> No.51717049
File: 1.34 MB, 1080x2400, Screenshot_20220930-064027_Brave.jpg [View same] [iqdb] [saucenao] [google]
51717049

>>51717036

>> No.51717066 [DELETED] 

>>51711997
Are you able to do this with a mortgage or are auctions all cash?

>> No.51717331

no demand. The reason boomers need 3 years average to sell their shacks and the market is already struggling getting loans to the man at 5%