In article 2xvRh.897$Cl.384@trndny08, Edwin Pawlowski says...


"Goedjn" wrote in message


Those programs are designed to help people buy homes,
not to help people get rich in real estate.

Not every flip makes someone rich, but it comes down to value and what you
can/will pay. Besides, if the person did not do the repairs for a flip,
could the buyer afford to do it?

If YES, he should have done it himself and saved a lot of money.

If NO, he should thank the other person for making a nice house available to
him.

Don't you just love capitalism when it works?



But is capitalism all about using government subsidized loans? Good on folks
for enterprise, but should they get to snatch up subsidies too? So much for
being risk-taking enterprisers.... :-/

And I don't know if it works that way - either a house that can be move-in
livable fixser that a bootstrapping low income person should want, vs. a flip,
so a buyer should be happy to have it all done.

First off, a flip has a lot of stuff that is a matter of what moves in a market,
not what an individual lower income buyer may care about. Maybe that bathroom
really needed to be fixed (but the perfectly functional harvest gold fixtures
could have stayed), but does the linoleum kitchen floor really have to go - it's
functional.

Secondly, I doubt that flippers only take the lost causes (really bad fixers) -
naw, they pick up the easy fixers and turn them around. Just what a low-income
buyer, who needs to work on a house while living in it, would want instead.

Flippers get to live somewhere else while they work, they get benefit of a lot
of experience and connections, and they make the houses into something over the
heads of a lot of folks who otherwise could buy the house. I mean, good on them
for their enterprise and their work, they do have good benefits to neighborhoods
as well. But that's not what the FHA loans are for.

Banty (tired of capitalists who are capitalists until they discover they don't
qualify for some gub'ment bennie then it's waaah waaah waaah...)