This Old House Flip: Flipper scratching head in Scripps Ranch

Sunday, October 22, 2006

Flipper scratching head in Scripps Ranch

3 comments:

Anonymous said...: Hey Bob, now that we all know what's comming (thanks to guys like you) What do we do? How do we profit? How do we take advantage of it? As for me, I've moved money in my 457b from stock funds to cash equivilants (not all but slowly selling off $10,000 at a time on this presumably sucker's rally--looking to be about half cash with all new money going into cash until the recession is in full swing) Also stocking up on cash outside retirement so I have some money to play with (since my house is going down with the others) but it's slow going, even at $1000 a month, its gonna take a few years to get to a decent down payment on a house at the bottom (say a million dollar home that goes to 1/2 million is still gonna take $100,000 down if lending standards get to normal) That's 8 years of saving!!!! Just proves how out of wack this market is. Tricky loans are here to stay no matter how low we go. (which are a great tool in a low and rising market, wish I bought with a tricky loan in 95 and stepped up to a bigger house when it was smart to get into whatever you could. Any thoughts.; 3:39 PM
Bob Flippa said...: I am not an expert by any means however, it would benefit you to to been as liquid as possible. Many 401Ks allow participants to borrow against their savings, that would be another possibliity if your cash straped.

As for me I am not out to make money when home prices correct themselves, I just want to pay between $1500-$1750 a month on my mortgage so my family and I can enjoy our lives without being bound to a ridiculous mortgage payment that eats up 80% of our monthly income.; 3:52 PM
bubble_watcher said...: Actually, I think that this flipper is probably scratching somewhere else in the 'nether regions'..

:); 7:45 AM

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