Flipper Gone Wild in Tierrasanta
10545 VIACHA WAY, TIERRASANTA, CA
This flipper purchased this 3 br, 3ba, 2400 sq ft home on a 7200 sq ft lot for $745,000 in May 2004. In which he seriously over-paid. He listed his home for sale in April 2006 for $999,000.
I am not the smartest person in the world but this home is nothing special, honestly it's pretty average, yet somehow within 24 months of purchasing this home this flipper believes its worth over $250K more than he paid for it.
OK.......Lets do the calculation $250k/(365x2 days)=$342/day.
Are you with me here folks because this is an amazing stat. This flipper believes you should give him $342 a day for cooking, sleeping, dumping, and showering in his home for 2 years. How stupid is that?
Well my friends that says it all......Who ever buys the p.o.s. from this flipper is unoffically the dumbest person alive.
4 comments:
Hey Bob, I couldn't find an email link for you, so I figured I'd leave a comment and hope you see it.
I just wanted to let you know that your sites current template doesn't work in Mozilla Firefox. I know we're only about 15% of the Internet viewers out there, but it should be an easy fix.
Let's go ahead and look at the cost-of-carry for this poor dumb SOB:
Assuming zero down (1 to 2%) ARM 2/1 adjusting now:
The monthly payments are currently $4700 per month or higher.
Property tax due is also around $9000 per year ($750 per month).
Maintenance/Insurance at $300 per month, but undoubtedly it is much higher than this.
This means that the burn rate is around $5750 per month or $69000 per year.
I vote to let 'em burn..
Using your method, I made $100/day on my first home, traded up and lived free for a decade, made $250/day for several years, traded down and may now finally cash out.
Clarification: The reason the owner thinks it's worth that much is because that's what a realtor told him it was worth because the realtor has a pet appraiser who will appraise it at any value the realtor wants.
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