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Forum » Are house flippers full of chit?
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Thread: Are house flippers full of chit?

post 1663766883 07-02-2022, 02:17 AM
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Are house flippers full of chit?

Do they really think they can profit 10-100k just simply by fixing a few walls and cutting the grass? Lmao.
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post 1663767253 07-02-2022, 02:49 AM
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Rents due bud.
post 1663767273 07-02-2022, 02:50 AM
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It’s clearly a money laundering racket

Think about it

Buy a dump

Pay tradies in cash

BRB capital gain

BRB all that money is rinsed
post 1663768433 07-02-2022, 04:22 AM
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They're bacteria traps
post 1663771683 07-02-2022, 07:25 AM
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Originally Posted By r32gojirra⏩
It’s clearly a money laundering racket

Think about it

Buy a dump

Pay tradies in cash

BRB capital gain

BRB all that money is rinsed
But house is registered? You gotta pay taxes n shiz though.
Originally Posted By wasp9166⏩
They're bacteria traps
I can see how that would be the case. But wouldn't all houses be like that then? Plus bacteria dies out once the house gets aired out?
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post 1663772343 07-02-2022, 07:48 AM
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Are they making net profit of what they claim on TV? No

But you can certainly make a smooth $20k-40k by investing in bathroom/kitchen makeovers(your used focal points)



Flipping property such as a home or car isn't new

The reason prices keep going up is because everyone is selling like a moron
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post 1663772823 07-02-2022, 07:59 AM
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Originally Posted By blissful88⏩
Are they making net profit of what they claim on TV? No

But you can certainly make a smooth $20k-40k by investing in bathroom/kitchen makeovers(your used focal points)



Flipping property such as a home or car isn't new

The reason prices keep going up is because everyone is selling like a moron
I mean, unless you are getting the house for 50k under the market value(which most people arn't), you throw in 10k to fix the bathroom/kitchen, then put it on the market for a year and nobody buys it, taxes will now eat into you profit margins.
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post 1663772843 07-02-2022, 07:59 AM
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Almost all of these flippers do the bare minimum and buyers still eat they chit up and overpay for some basic subway tile, cheap appliances, plain Jane, remodel
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post 1663772973 07-02-2022, 08:01 AM
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Originally Posted By Briisk⏩
Almost all of these flippers do the bare minimum and buyers still eat they chit up and overpay for some basic subway tile, cheap appliances, plain Jane, remodel
Exactly. I rather get a new house. Or if I'm buying used, I better git a good deal.
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post 1663773043 07-02-2022, 08:02 AM
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Originally Posted By r32gojirra⏩
It’s clearly a money laundering racket

Think about it

Buy a dump

Pay tradies in cash

BRB capital gain

BRB all that money is rinsed
If you had 10s of thousands in drug money to rinse, yeah that is a good idea actually
post 1663773153 07-02-2022, 08:05 AM
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Originally Posted By tunafishha⏩
But house is registered?You gotta pay taxes n shiz though.

a) once the money is taxed it’s clean and can be used/invested
b) capital gains are taxed concessionally here. In any case 77% of something is better than 100% of nothing (useless dirty cash)
c) you take dirty money which can’t be used and use it to pay tradies to increase the value of your home. Then sell it for a massive capital gain, and it’s untraceable profit.

Absolute no brainer way to wash large sums of money
post 1663773283 07-02-2022, 08:07 AM
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No capital gains if you don’t sell it. That’s what makes the BRRR so money. Tax free money that is.
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post 1663773293 07-02-2022, 08:08 AM
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Originally Posted By r32gojirra⏩
a) once the money is taxed it’s clean and can be used/invested
b) capital gains are taxed concessionally here. In any case 77% of something is better than 100% of nothing (useless dirty cash)
c) you take dirty money which can’t be used and use it to pay tradies to increase the value of your home. Then sell it for a massive capital gain, and it’s untraceable profit.

Absolute no brainer way to wash large sums of money
I have no clue how any of that works. Lol.
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post 1663773383 07-02-2022, 08:10 AM
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Originally Posted By ~Hades~⏩
No capital gains if you don’t sell it. That’s what makes the BRRR so money. Tax free money that is.
^^^but then you pay income taxes on the rental income
post 1663773433 07-02-2022, 08:12 AM
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Depends on where you live. Granted, the market is in a bubble right now, but we bought our home new in Nov. 2017 for $425K and can easily get $800K for it right now. We've probably spent another $100K in improvements like landscaping, adding a screened enclosure, adding A/C in the garage, spa, etc.
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post 1663773943 07-02-2022, 08:29 AM
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Originally Posted By poundXpound⏩
Depends on where you live. Granted, the market is in a bubble right now, but we bought our home new in Nov. 2017 for $425K and can easily get $800K for it right now. We've probably spent another $100K in improvements like landscaping, adding a screened enclosure, adding A/C in the garage, spa, etc.
I used to think houses increase in value but I don't see that being the case with new apartments being built all the time.
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post 1663775573 07-02-2022, 09:07 AM
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If you have ever tried to work with a contractor you will know that its nothing like they show on tv.

In real life, they never show up. When they do they do a partial job, Then they say a crew will be back on tuesday, that day comes, no one shows, no call, no text, you can leave a voice mail and never get a return call.

Goes on this way until you threaten them, then a week later one guy shows up for an hour , looks around, pokes another hole in the wall and leaves.

Pretty much continues like this until you get sick of it and hire another guy. Turns out its secretly the first guys brother in law so the process starts over again.
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post 1663775923 07-02-2022, 09:17 AM
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Originally Posted By crupiea⏩
If you have ever tried to work with a contractor you will know that its nothing like they show on tv.

In real life, they never show up. When they do they do a partial job, Then they say a crew will be back on tuesday, that day comes, no one shows, no call, no text, you can leave a voice mail and never get a return call.

Goes on this way until you threaten them, then a week later one guy shows up for an hour , looks around, pokes another hole in the wall and leaves.

Pretty much continues like this until you get sick of it and hire another guy. Turns out its secretly the first guys brother in law so the process starts over again.
Construction business is so sleezy and hard to navigate at times. Contractors, owners and architects all play this game. Nobody really knows the cost of anything, the time frame to start and finish, and material/market conditions. Prices fluctuate, workers are in demand, and they’ll go where the price is right. Once the contractor gets the job, and starts some work, he has you by the balls and has all the power
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post 1663776063 07-02-2022, 09:22 AM
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Yes and no. I used to chuckle at those shows, thinking that isn't realistic.

Then some house flippers moved into the neighborhood, fixed up 15 homes in the area, and made big bucks I've been told and read - at least as best as I can tell. If you know what you are doing, can do much of the work your self, then I'm thinking flipping a house for good money is possible.
post 1663778453 07-02-2022, 10:27 AM
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Know a guy that has made good money. First, he has enough cash that he will find homes for sale that are distressed to where they won't sell because you can't get a mortgage on them. Usually something really wrong with them. He has been in construction long time. What he can't do himself, or doesn't have time to do, he knows who to call. He gets the house up to code to where anyone can get a loan on them and they are appealing. It's a full time job for him. Sometimes he makes really good money on them and sometimes he said it's hardly worth it, but because he's been doing this for 15+ years he knows what houses to buy and what not to.
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