The Basics Of Website Flipping For Profit
Savvy business people used to make a fortune buying and selling stocks, then buying and selling real estate (“flipping”)… Now website flipping of virtual real estate is quickly becoming one of the new things that will make many smart people very wealthy. Here’s an overview of website flipping and [...]
Many people are interested in making money on the real estate market, which can bring them a lot of profit. If you are a beginner in real estate, the first thing you should do is making a plan.Read More... [Source: Real-Estate Articles from EzineArticles.com - Posted by FreeAutoBlogger]
If there’s such a thing as real estate flipping, a new term, site flipping has been coined to describe the buy and sell business of websites.
As an enlightened wealth institute student, I’ve bought and sold ‘brick and mortar real estate’ and have recently gotten into ‘virtual real estate’…if you want to make $100 per day [...]
In the following press release Christopher J. Christie, U.S. Attorney for the District of New Jersey announced that three members of a mortgage fraud and property-flipping scheme involving more than $4 million worth of investment properties primarily in Essex and Passaic Counties were arrested today on a federal Indictment that was unsealed following the early morning arrests, .The Indictment alle
***Frank Shamrock Told EliteXC Officials That He Would Take the Kimbo Fight(Video)***Ultimate MMA videos for your viewing pleasure. Also news and comments from the world of mma.
For days I’ve been seeing search entries like “Sony Reader rumors” without having any idea what my blog viewers were looking for. But today, ask and you shall receive!
Sony releases its brand new Sony Reader to begin shipping in November. It still doesn’t have wireless but it does have a touch screen that let’s [...]
Nothing says “thanks for sharing this special day with us” like a just married bride flipping off her wedding guest. Thanks for coming and buying us a gift, now f*ck off.
Picture Source: Haha Stop
a
Blushing Bride Flipping The Bird
If you liked this post feel free to share it. Much appreciated. :-)
With “house flipping mania” sweeping the nation, everybody desires to get in on the game & make some wealth. The unfortunate truth of market, however; is the straightforward fact that the nation’s markets are cooling off & a real “buyer’s marketplace” is emerging. This is true for lots of areas across the nation but there [...]
Records from the Ohio Supreme Court (2008-396) show that on September 25, 2008 attorney Donald M. Powers Jr. was disbarred for his participation in a criminal real estate
“flipping” scheme (click here for the information about the case) in which a title company that he partly owned
defrauded various financial institutions, resulting in losses of
approximately $3.5 million. Powers’ law licens
Please click on the link to read article. I know this is an inconvience but it really does help me keep this site online. Thank you for your underatanding.
I require someone with experience building Flash websites, and willing to work with a "Page Flip" control to build a dynamic catalog site. You will have a suitable portfolio of Flash website... (Budget: $250-750, Jobs: Flash, Graphic Design, PHP, Website Design)
To those of you considering a "Flipping" career: Rich Schiffer wrote this very comprehensive overview of setting up a house flipping business. Combine this with reading "The Millionaire Real Estate Investor" and "Flip" and you have all the knowledge you need to start building a business plan for such a business. Happy reading!Via Rich Schiffer, REALTOR, e-PRO:Like so many ot
I’m back and ready to rock! I made a conscious effort to take this weekend to relax and unwind with Veronica, and we did just that. Friday night we went with some friends to see a Bedouin Soundclash show, Saturday we spent the entire day in bed watching television, and Sunday we went out for [...]
Hey guys.
I don’t have too much to say right now except that I’m exhausted, and would have preferred to do a video post but I can’t find the SD card for my digi cam - dammit Veronica! Anyways, I have successfully flipped my niche blog and it is now live and active on the Sitepoint [...]
The pepper top heavy? I have knocked over the glass! Before the pepper was absorbed in the spagetti sauce, I painted him quickly because the sparkling in the shadow and the reflexes on the chromium came nice together.Was de peper te zwaar? Nee, ik tikte het glas om! Voordat de peper in de spagetti saus ging moest ik hem snel even schilderen omdat het licht en de reflex in het chroom op dat moment
I was pleased to be asked to write a guest post about 9th grade college preparation for CollegeFinder.GlobalScholar.com/blog. Here’s the beginning of that post: To many parents and teens the idea of considering – during the summer before 9th grade – where the student may apply to college in 12th grade seems way over the top. Why put on the pressure so early? Ironically, applying to
Today’s post is about domain flipping and domain parking business. For many days I have just been blogging about entrecard, dofollow, templates, etc. So today I thought of writing on something different. Domain flipping is all about buying new domains for as low as $6 from domain companies and then selling them for hundreds or [...]
San Diego Real Estate Blog
Just a short time ago there were many people flipping properties here in San Diego. The television show Flipping Out had an episode where Jeff Lewis took a loss on one of his homes he was flipping. The point of that story, to me, was that he wished he would have [...]
Domain Flipping is one of the most profitable businesses on the internet, what is Domain Flipping? It's where you buy a Domain Name, then sell it for a Profit!
Just saw that PowerPoker.com was recently sold for a whopping $160,000!
But How much does a Domain Name Cost? Well not much in fact, you can get them around the $8 mark for a .com, I would highly suggest using either GoDaddy.com or
I don’t know what I’m going to do without my weekly dose of Flipping Out. Luckily, with the Flipping Out Reunion Special airing tonight at 9PM on Bravo, I have one more week before I need to worry about the lack of Jeff Lewis in my life.
How hilarious was Jeff last week when he was [...]
Since moving to Southern California, my fashion game has suffered severely. There's just no use in dressing up to get out on the court, if you will, when the uniform across the board here is as simple as it gets.Shorts and tank top, or dress, with flip-flops is de rigeur. Any more than that and the locals look at you funny. And, I'm not much of a shorts girl, so if you took a look into my closet r
My younger daughter showed me a brief segment of episode “Tapped Out” of season 2 of Bravo TV’s series FLIPPING OUT (www.bravotv.com). She wanted me to hear Jeff Lewis – the “obsessive-compulsive house flipper” in LA whom the show follows – talk about his new assistant Chris. Chris is changing careers and hopes to become a project manager under Jeff. And you know that I often
2 E Longden Ave.
Arcadia, CA 91006
Price: $799,000 ($519/sf)
Beds: 3
Baths: 2
Sq. Ft.: 1,539
Lot Size: 8,370 Sq. Ft.
During a normal housing market, rundown properties could be bought for cheap and flipped for a premium after proper rennovations. When we’re in a frenzy bubble era, “flipping” usually meant buying a home and putting it back in the market [...]
The obvious benefit and sought after benefit of flipping real estate is the profit. This is one incredibly tangible benefit, particularly when the profits are large and quick to come your way. Of course there are risks. Most ventures that offer high profit also come with a high degree of risk. Money, however, is not [...]
Answer: They both are! It depends on many things:
Your specific real estate investment strategy.
Your current real estate market.
Your desire to be involved actively in the real estate investment and to what degree.
Your real estate and business partnerships.
And many, many more factors!
We work with real estate investors of all sorts. Each has his/her own goals and strategies in the real e
Heidi Montag takes a brake we need some new staged bikini poser!An actually, this poser is an old one... The 44 year-old Marla is best (and only) known for her marriage with Donald Trump.But, no matter how fake these photos are, you gotta admit she's looking hot for that age!
I've had my cloak drycleaned, I've centered my chakras, darn it I've even rinsed my mooncup! I'm off to Stonehenge to reconnect with the earth and meet some real wierdoes, wish me luck blogosphere, I'm going to bloody need it!
Season 2 of Bravo’s hit series “Flipping Out” returned last night with everyone’s favorite obsessive-compulsive house-flipper, Jeff Lewis. He’s a character for sure, but you’ve got to respect his abilities!
As some of you know, I’ve been flipping houses (foreclosures, estate sales, short sales, etc) for the last 2-3 years. The real estate market [...]
You guys! How the hell have I not commented on the return of Flipping Out tonight?!
It’s almost wrong just how excited I am about it. How I’ve missed crazy Jeff Lewis and his idiosyncratic ways!
I know almost nothing about this new season. Only what I’ve gleaned from the promos I’ve seen during Work Out and [...]
Posted from: Real Estate Investing Tips
FHA Suspends Flipping Rule? Not So Fast, Sparky…
Did you hear about the new FHA waiver suspending the 90-day no-flip rule?
I first caught wind of it Friday through a forum post, then again on Cory’s blog and on CNN.
The CNN article says…
“The Bush administration is temporarily suspending a 5-year-old rule intended [...]
When it comes to loans, there's hardly any problem more difficult to handle than bad credit. The implication of bad credit is that your personal credit history is decisive in availing a personal loan. Bad credit defines you as a high-risk borrower and as likely to default in loan repayment. This may seem unfair, but bad credit Personal Loans can bail you out of this situation.Why Bad Credit Person
What a crazy thought!How could anyone think of flipping in this horrible real estate market?Well, in the past few weeks, two investors I work with have asked me to be on the lookout for possible houses to flip in the coming months. They are noticing something that I am noticing: There are some super-cheap houses being dumped on the market by lenders in neighborhoods where prices will never fall th
FHA Has Waived Flipping Rules! In an attempt to help lenders speed the process of getting real estate-owned properties off their books, the Federal Housing Administration will temporarily lift a 90-day waiting period for property resales financed by FHA-guaranteed loans....
Two weeks ago I purchased an item listed on Craigslist that I was pretty sure I wouldn’t use. I was sure that I could resell the item for about 3-4x the purchase price. I wasn’t looking for a flip opportunity; I just happened across it. There it was: a great deal. It was so great, in fact, I didn’t haggle with the seller. I [...]
Today I present to you a product of one of our supporters, the Flipping Book. This Flash component is a great choice for publishing online documentation, and enables an interactive and fun experience for the user. After test it I can say you that the major point of this cool Flash [...]
Did that Walk for Life on Sunday with Don, Helene, Emma, Oli D and the family (incidentally, it’s not too late to sponsor me, please). Quite a leisurely jaunt around toon. Came across this dude at the Southbank practising his parkour moves. Cool as you like.
I can also do things like that, only much much [...]
Now the NBA is supposedly going to fine "floppers" next year. You know, the people who when an opposing player runs into them go flying like they have been hit in a Jackie Chan movie. Great, so who is going to determine what is a flop and what isn't. Just what is needed, another judgment call. Now the NBA is going to attempt to apply the laws of physics to determine whether a flop was a flop.Flopp
The designer behind this endearing gadget must live in Los Angeles, because every single commuter in this fair city has suffered that moment when you need to express yourself to that bastard driver that just cut you off. The Drivemocion, features 5 different emotions each with a 5 phase animation to candidly express your feelings. [...]
Okay, you know the drill: purchase a house below the current market rate, make some repairs and improvements to it, and then turn around and sell [flip] the house to generate big profits.While the concept of flipping houses is nice, the reality is that so much more is involved in flipping real estate. Without the proper knowledge on how the process works, you could end up being saddled with a hous
Yesterday I received an email from a college student just finishing his freshman year at Dartmouth. I hadn’t heard from Alex Martinian in two years, since the spring of 2006 when he was a high school junior and I met with him in preparation for his applying to college in the fall. The email was so thrilling to me that I asked Alex’s permission to use it for my blog. He graciously s
“While his friends scramble for jobs flipping burgers or bagging groceries this summer …” These opening words of the May 16th Wall Street Journal article “My Virtual Summer Job” by Alexandra Alter caught my attention even though, at 8 a.m. this morning at the car wash and with no decaf coffee (I don’t drink caffeinated), in hand I was barely awake.The article goes on to describe how t
This lovely painting is by Pierre Auguste Renoir and is called “Near the Lake.” It was done in 1879/80 and is from the Art Institute of Chicago.
It’s a rather gloomy Tuesday, with the sun long gone it seems. It did peek out a bit earlier this morning, but that it appears is all we are likely [...]
House Flipping - Getting Started With ReferralsBy Todd A Smith
It seems that you everywhere you turn these days, there is so much hype and buzz about flipping houses. You can’t even flip through your TV channels without encountering a show telling you to “Flip This House”, or “Flip That House”.
To someone who is just [...]
The wholesale business has a great deal of profit potential. Provided that you buy wholesale products that people want, and you make sure to buy them at the right price, you can make plenty of money.Image Credit:Monika-RudzinskiThanks to the Internet you can easily view the wholesale products of thousands of wholesale sellers. You can quickly compare prices, brands, and product selection. Even better, you can ask your customers what products they are interested in, and then only buy those products that they want. Once you find the wholesale products that you decide to sell, you need to know how to sell them.Sell Them on E-AuctionSell on eBay. There are millions of shoppers on eBay looking for an alternative to the high prices they are used to. These eBay shoppers want the convenience of bu
I’m always shocked when I clean our bathrooms thoroughly (not often enough, but that’s another story) and see the mung that lives in the bottom of the toothbrush holders. That’s some serious grossness. With everything I do to keep my family safe from harm, I’m letting them put that crap near their mouths?
I’m [...]
Joseph is up in his room right now throwing a yelling, crying, kicking temper tantrum because Elle looked at once of his books. He's yelling things like "This proves it! I knew they never loved me!" and "Why did I even make her a mother's day present?!?" He came by the nickname Drama Joe honestly.To remind myself that he's not always a whirling dervish of emotion and angst I'll tell you a cute little story. Today when Joseph came out of school to be picked up I could see he was clutching something tightly in his hands. When he got to the car I opened up the door for him and he handed me what he had been holding: a little plastic container with 4 tiny plants growing in it. "Mommy!" he said breathlessly "I planted these at school! Now we can save money on groceries because I'm growing my own
Joseph is up in his room right now throwing a yelling, crying, kicking temper tantrum because Elle looked at once of his books. He's yelling things like "This proves it! I knew they never loved me!" and "Why did I even make her a mother's day present?!?" He came by the nickname Drama Joe honestly.To remind myself that he's not always a whirling dervish of emotion and angst I'll tell you a cute lit
House flipping has officially gone out of style. It is no longer the subject of cocktail party discussions and the dreams of underpaid desk jockeys. Many investors are stuck with pre-sale properties and remodels they purchased at the height of the market which they can no longer sell for what they owe. Some are trying to avoid foreclosure through short sales. Others have added significant overhead to their personal expenses to carry properties indefinitely.Are there lessons to be learned from the real estate downturn and house flipping? Absolutely. Even before the bull market in real estate there were fundamentals that made house flipping risky. Here are five reasons why house flipping shouldn’t make a mainstream comeback anytime soon:1) Transaction costsWhen homes are bought and sold, t
I don’t know about you but I’m tired of bashing Twitter every time they experience a problem with performance. I’m just as guilty as the next guy when it comes to bad-mouthing Twitter whenever they have a glitch. I vow right here and now to never complain about them again. Why the change of attitude [...]
For the fortune realtors, investing in real estate for flipping the property can be a cake walk. An Expertise flipper knows how to invest in the property. The investment is based on the current market value of the property. The property is bought at a very low price than the market value due to some [...]
SELLER: Ricky MartinLOCATION: Ocean Boulevard, Golden Beach, FLPRICE: $22,500,000SIZE: 9,882 square feet, 5 bedrooms, 7 bathroomsDESCRIPTION: 2 Story Mediterranean estate in one of Florida's most exclusive private oceanfront communities, 24 hour security patrol in community and beach!!! Making it a desirable location for celebrities and int'l homeowners. Your own private 108 FT beach modern comfort throughout. New gourmet kitchen with morning room, Top of the line finishes. Formal dining plus open living area. Master suite with his and her bath, walk-in closets, terrace and stunning open views.YOUR MAMAS NOTES: Hot-cha-cha singer Ricky Martin has really been on a real estate roll the last couple of years. In the Spring of 2006 Mister Hard and Smooth Body unloaded a fully renovated 9,202 sq
There is one kind of web property flipping type that people hardly talk about on the Net.
I call the one who do it a flipper-developer - simple, he/she buy an ailing, undervalued, potential websites, ‘renovate’ them, and sell them on a higher price tag. Just like the ol’ real estate guy that buy ugly [...]
You Never Use Your Own Money To Purchase The Mobile Homes. Deposite The Buyers Cashiers Check Into Your Account. Then 24 Hours Later Fedex Your Cashiers Check To The Bank To Purchase The Home. The Specialized Report Explains The Details. (brilliant.
No Experience, No Problem!
Don’t worry if you have no construction or maintenance background, you can still buy and sell houses without having to do any major repairs yourself which allows you to make good money quickly in the real estate market. No experience, no problem.
To understand what risks an investor takes, let me first explain [...]
To all my investor friends: This is an interesting loan program that I came across this morning. Call me for more information. Here are the basics:PROGRAM HIGHLIGHTSGUARANTEE: Personal guarantee required; close in name of business entity.QUICK FUNDING: Once a borrower has been approved, funding of individual transactions is typically in two weeks. No borrower re-qualification is required for subsequent transactions.PROPERTY TYPE: Residential 1 - 4 Family, non-owner occupied . Small apartment and condo conversions on a case-by-case basis.LIEN POSITION: First mortgage only.RENOVATION FUNDS: 100% of renovation funds are typically advanced in 1 to 4 draws. Once inspector certifies work is done, funds are wired within 24 hours directly to the investor's account. No p
If you want one of the best ways to get your web presence, I highly recommend Squidoo, is FREE and you can ad powerful marketing tools such as YouTube, audio, RSS feeds, opt-in forms and so many more great tools for niche marketing. You can set up your own lenses Bum Marketing mini-sites in 5 [...]
Tab Effect is a Mozilla Firefox add-on, which adds a 3D cube rotation effect when you flip or change the Tabs. This extension uses DirectX 8 to create the 3D Cube rotation effect while switching the tabs. This add-on is good to impress your friends. But Not that much important for a geek as it slows down your browsing speed. I used it for a while and got bored then removed it. Download Tab Effect Related: OpenDownload: Run Downloads in Firefox Instead of Saving Them Now use Google Earth to Browse Latest News Geographically The Redesigned Mozilla Add-ons website is now Live! Voyage - Get an experience of 3D RSS Reader online IE7 Pro - Add Firefox features to Internet Explorer
I was recently asked by a family member if the House
Flipping Real Estate TV shows are what it’s like in Real
Life Real Estate.
My answer is that Real Estate TV shows are as real to Real
Estate as Soap Opera relationships are as real to
marriages. So, while there are certainly some truths to
things that you see, you [...]
I have always tried to follow the example set by my parents in taking responsibility for my actions. This is something that most successful people do as a matter of fact. In 2001, John G. Miller published a book called, “QBQ! The Question Behind the Question,” in which he talks about personal responsibility in work [...]
14 Mar 2008 - Dear loyal subjects, The Prince will be on vacation for the next 9 days in Puerto Vallarta, Mexico. The Prince will be occasionally checking his blackberry. A few posts have been loaded for delayed posting so still stay tuned this week. -The Prince
Know Thy Flippers Have you listened to the discussions of professional scuba divers? They talk a lot about fins and propulsion. If you are wondering what it is all about, this piece will help you decode some of the scuba jargon your friends are spewing out like jets of steam. Most likely, you have heard about the scuba flippers, straps, and designs, which are their favorite conversation pieces. The scuba flippers of your childhood has mutated into a more sophisticated device. Continuous research has contributed to the newer, better scuba flippers your friends are raving about. However, they will have comparisons – these reflect their different needs and diving styles. Different Strokes for Different Fins There are two variants of the scuba flippers. The full foot fins which you use with
When it comes to real estate investing, many people are making money right now by flipping properties. Sure, today's market is not the greatest at this point in time, but despite of home prices that are falling and the housing boom that is now over in some areas, this is a prime time for flipping properties. Of course if you plan on getting involved in flipping properties there are many things that you are going to have to take into consideration. While it may sound quite simple, there is quite a bit to learn if you are going to try to be successful at flipping properties, so the following are several tips that will help you with flipping properties in today's market.
This appears to be degenerate perturbation theory.There are two benzene states |a> and |b> with the same unperturbed energyE_0. There is a small perturbation V that connects the states, with A=. Thus, "the easier the flipping back and forth between thetwo states, the higher the coefficient A".This gives a 2X2 matrix |E_0 A | | A E_0|.The perturbed energies are obtained by diagnolizing this matrix,resulting in energies E_1=E_0+A and E_2=E_0-A.Thus, "the higher the coefficient A, the higher the energy separationbetween the two states."
I attended the Real Estate Investors Association of Washington (REIAWA) monthly meeting tonight. The subject was an update about the flipping law 1843. Robert Penfield, or Kelly Penfield PLLC, is licensed in Washington and Oregon. He has expertise in Real Estate litigation, entity formation, and foreclosure litagation.
Robert indicated that this law change has given quite a bit more power to the Director of Labor and Industries. The Director nows has subpeona power (to review business records to determine intent and details of the deals done) and can request search warrants.
Robert, Shirley and Fox Henderson, and Sue Schindler (all representing REIAWA) attended a meeting with Pete Schmidt and Sally Elliot (from Dept of Labor and Industries) to discuss this law change. Pete Schmidt is the Chief of Contactor Compliance. I did not catch Sally’s title. Sue had compiled a list of 100’s of questions which they left with L&I for answers. Pete and Sally indicate
I attended the Real Estate Investors Association of Washington (REIAWA) monthly meeting tonight. The subject was an update about the flipping law 1843. Robert Penfield, or Kelly Penfield PLLC, is licensed in Washington and Oregon. He has expertise in Real Estate litigation, entity formation, and foreclosure litagation.
Robert indicated that this law change has given quite [...]
By: Forest Schellenberg Flipping property is rising in popularity as a form of real estate investing. The truth of the matter is that this is one of the more entertaining methods for many investors that are simply 'itching' to get their hands a little dirty. The sweat equity involved in these transactions, while attractive, can also be daunting when skills are inadequate and out and out dangerous in some situations. If you are one of the many around the world who consider the appeal of flipping property with huge dollar signs in your eyes, you should take care to avoid the following things in order to minimize your risks while maximizing your potential for success.1) Do not fail to have a qualified inspection of the property before any money changes hands. If you do not have any idea of the types of work that needs to be done then you cannot possibly make an educated estimate of the costs involved in rehabbing the property. 2) Do not underestimate the budget for repairs on the flip.
By: Forest Schellenberg Television programming and infomercials of all styles will have you believe that flipping houses is a fun and fascinating way to turn a serious profit in real estate. It is just that, though it is also so much more. There is a lot of money that can be made by flipping houses (buying homes in various states of neglect or disrepair, making the repairs, and then selling for a sizeable profit) by the right professionals. However, there is a massive amount of work that is actually involved in the process of making that money.The sheer volume of work, the time consumption, the sleepless nights and days, and the sometimes disgusting chores that must be done in order to get a run down property in sellable conditions is often glossed over on these television shows for various reasons-most of all the reason that the average Joe sitting at home wants to believe that he too can do this kind of work for quick profits and these images are not conducive to that illusion. In ot
Robert Penfield (of Kelley Penfield PLLC) will be speaking at the Real Estate Investors Association monthly meeting on November 12 at the Hyatt in downtown Bellevue. The meeting starts at 6 pm and you can register here
From REIA’s website description of the event:
The November REIA Monthly Meeting will focus on changes to Washington State’s Contractor law under SHB 1843 for investors purchasing flips and holds, and serving as lenders, through their entities and through Self Directed IRAs. This REIA Monthly Meeting follows REIA’s meeting with the Department of Labor and Industries, attended by Bob Penfield for REIA, Sue Schindler, REIA’s Legislative Liasion and REIA Founders Fox and Shirley Henderson, and offers direct opinions from L & I that relates to our Members and Guests.
Robert Penfield (of Kelley Penfield PLLC) will be speaking at the Real Estate Investors Association monthly meeting on November 12 at the Hyatt in downtown Bellevue. The meeting starts at 6 pm and you can register here
From REIA’s website description of the event:
The November REIA Monthly Meeting will focus on changes to Washington State’s Contractor law [...]
Despite the changing real estate market here in Portland, fixers remain very attractive to people interested in flipping homes.Maybe it’s all of the home remodeling shows or the belief there’s a quick buck to be made. Regardless, the business of flipping homes doesn’t appear to be slowing down especially in the inner city.But did you know that you need to have your contractor's license to legally flip a home in Oregon?"Oregon law requires anyone who works for compensation in any construction activity involving improvements to real property to be licensed with the Oregon Construction Contractors Board (CCB). This includes roofing, siding, painting, carpentry, concrete, on-site appliance repair, heating and air conditioning, home inspections, tree service, plumbing, electrical, floor covering, manufactured dwelling installations, land development and most other construction and repair services.”A CCB license is also required for: those who purchase homes with the intent to fix
By: Deon Melchior How to make a house flipping experience a good experience? Let’s imagine a situation and see what the risks are.Flipping a house does not sound like too hard work. At least, this is how it looks on TV. Let’s say that a man, inspired by the television shows, decides to launch himself into a similar business. He is certain that a lot of money is to be made from this. Such television shows that can inspire people in flipping a house include a show named Property Ladder where they present first time home flippers. The show host, Kirsten Kemp, helps the inexperienced flipper to fix up an old house and sell it for a nice profit.For the man that watched this show many times, a conclusion is very clear: people that are doing that are not exactly rocket engineers, so he thinks about doing the same thing. First, he should put down a 10% payment on a home that needs repairs and start immediately.But the man we are talking about first thinks a little about making a list of th
I attended the Real Estate Investors Association of Washington meeting on Monday night. This meeting was about Landlord / Tenant law presented by Verna Cameron of L/T Services. The first meeting was, however, dedicated to a discussion about the SR 1843 revision to the contractor law.
There were several people who were asked to talk a bit about the law and its effects:
Dean Dretske (Me) - I related a story I heard from another realtor (’Steve’) in my office. Steve was talking with a client (who I will call ‘Bob’ for clarity) about a property that Bob was interested in buying. Steve thought that Bob might be thinking about flipping / leasing the property and asked Bob it he was aware of the SR 1843 changes in the law. Bob said that he was very aware because he had been recently visited by a representative from the Department of Labor and Industries - L&I is responsible for enforcing the contractor laws. This representative visited a worksite of Bo
In the following press release Illinois Governor Rod R. Blagojevich announced that officials from the Illinois Department of Financial and Professional Regulation (IDFPR) have shut down a suburban real estate fraud ring. One Renaissance Place in Palatine was the target of a real estate ‘flipping’ scheme involving 13 units in high-rise building. Of the units under investigation, nine are currently in foreclosure. One individual, Radostina Todorova, acting as real estate broker and engaged at times in loan originator practices, was at the center of the scheme. The case has been referred by IDFPR to federal authorities. Much like the flipping scheme uncovered by the State last May, the units in question were bought and sold multiple times, often at highly inflated prices. The average 2-bedroom unit in the complex sells for about $250,000. The suspect units sold by Todorova averaged $350,000. Additionally, the new owners never moved into some of the units, no assessments we
When beginning to invest in residential property, a big question that will have to be addressed is “Should you let it or fix it up and sell it?” There are advantages and disadvantages associated with each choice. While the best answer depends on many different factors, in many cases there is a long-term advantage to letting the property versus flipping it for a profit.
Owning rental property can generate a good level of income if the property is located in the right area. If the property is in a transitional area, one where individuals tend to move within about five years, then a rental property at the right price is a great commodity. In these cases, the investor will have no trouble finding a renter who will be interested in the property.
Letting the property can result in a greater profit for the investor over time because the investor is obtaining money from the property each month for a number of years instead of one lump sum payment. The money can quickly add up and t
I attended the Real Estate Association of Puget Sound’s monthly meeting last night. The meeting featured a panel of attorneys who answered questions from the audience. There were a variety of questions that got answered - unfortunately, a lot of the issues around SR 1843 (the redefinition of ‘contractor’ that severely limits flipping) remained unclear (see below).
The attorneys who donated their time were:
Jeff Wells - Bankruptcy
Randy Redford - Evictions and landlord defender
Rick Gregorek- asset protection and host of KVI radio show on legal issues
Chris Benis - legal counsel for Rental Housing Authority
Steve Anderson - real estate attorney and long time member of REAPS
Each of the attorneys started by talking about an issue of which they thought we should be informed.
Jeff Wells talked about using bankruptcy in a strategic way and as a solution for the ‘bump in the night’. He gave the example of a mortgage with a balloon payment that comes due
R. Alexander Acosta, United States Attorney for the Southern District of Florida announced that a joint federal-state investigation, spearheaded by the Internal Revenue Service and the Broward County Sheriff’s Office, culminated in a 70-count indictment, unsealed today, charging 15 defendants in a wide-ranging mortgage fraud scheme. This scheme yielded 12 fraudulent loans, totaling approximately $8,300,000. According to the Indictment, defendants Henry Quintero-Lopez and Lazaro Villalba orchestrated a scheme through which they located properties for sale in the Southwest Ranches area of Broward county. Quintero-Lopez and Villalba would offer the owners full asking price for the properties, and then inflate the contract purchase price submitted to the lender to allow their companies, New World International and D& H Investments of South Florida, to receive as a “fee” moneys in excess of the true purchase price. To execute their scheme, Quintero-Lopez and Villalba
This may seem extreme, but the legislature in Washington may have passed just such a law! The Department of Labor and Industries proposed some changes to the section of law that defines ‘contractors’ - this is RCW 18.27.010. The changed legislation is described as 1843-S.SL.
I heard about this issue at the Flipping seminar that I attended on Thursday (see notes on that seminar). A lawyer was brought in to discuss the law and the implications of the changes. He pointed out that the text is very vague on several issues that will make it much harder for property owners (not to mention investors) to stay legal. One example of this is Section 1, which defines ‘contractor’ and is modified in several ways - including the following:
“Contractor” also includes any person, firm, corporation, or other entity covered by this subsection, whether or not registered as required under this chapter or who are otherwise required to be registered or lic
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Iftikhar Ahmad, 36, Stockton, California, and Manpreet Singh, 24, formerly of Stockton, California, now residing in Sacramento, were indicted by a federal grand jury on multiple counts of mail fraud in connection with a mortgage fraud scheme involving the flipping of multiple properties in the Stockton area. Ahmad was also charged with multiple counts of money laundering. Both defendants were previously arrested on a criminal complaint filed in connection with this investigation on …Read More...
In the following press release from Columbus, OH it was announced that a federal grand jury here has returned a 68-count indictment charging nine people with conspiracy, tax evasion, wire fraud, bank fraud and money laundering for their roles in a mortgage fraud scheme that involved more than 500 pieces of property and more than $25 million in mortgage loans in the central Ohio area between 2003 and 2006. Gregory G. Lockhart, United States Attorney for the Southern District of Ohio, Jose A. Gonzalez, Special Agent in Charge, Internal Revenue Service Criminal Investigation, and J. Mark Batts, Acting Special Agent in Charge, Federal Bureau of Investigation, announced the indictment returned late yesterday. The indictment alleges that the defendants conspired to exaggerate the value of real estate properties in and around Columbus, Ohio, both to lending institutions and to prospective purchasers. The prospective buyers had been recruited largely because of their relative ignorance re
Tonight looks like one of the most interesting episodes of Flipping Out yet–Jeff’s dad, called a con man by his own son, comes to town. I have to say, I like the Bravo reality shows (at least, the non-contested-based ones) that actually get into the nitty-gritty issues. Do you remember that Work Out episode where Jackie and her mother confronted one another about the lesbian issue?
Anyway, here’s a preview clip from tonight’s epi, as they celebrate Chris’ birthday. Don’t forget to tune in and watch what happens!!
