Tuesday, October 20, 2009
How to make millions in real estate
First you need to start will millions so you can pick up homes at the trustee sale like this guy.
11892 Silverloop in Mira Loma was purchased new in 2004 for $479k. a year and a half later it was sold for $619k. That didn't work out for the buyer for whatever reason and they lost it to the bank. The bank took $270k for it at the trustee sale. I have no idea what the house looked like so it's hard to say what the investor/flipper spent. It says new carpet, paint and appliances. It obviously had a new lawn too. If that's all they did I doubt they have much more than $10k to $15k into the house. Now it's listed for $345k. That's a pretty healthy profit. Even after fees they are looking at a profit of $40k to $50k. Not too shabby for a couple of months.
Does this piss you off? I know Sara doesnt like it judging by her responses in a previous post. But is there anything wrong with it. The current asking price is in line with what the other homes in the tract are listed for. This one is turn key. Had the bank took it back they probably would have listed it for a similar price without fixing it. Sure I would prefer the banks eliminate this extra level of middle men that are making a killing. But that's the system we have. And like with most things those with money are the ones making money. Man it sucks to be po'