I love how people try to pitch this and try to get people to over extend. Now they are asking for $415,000 for whatever magic they did in one month. But keep in mind they paid $278,000 just in October. But thanks to a rising market, all past sins were covered up and the recent investor took the place off their hands. What we suspect is that someone HELOC’d their way out of their own home. What we also know is that a loan was issued on this place in 2007. We see a default notice issued in 2014 so I suspect an investor took this off of the hands of a family that over reached here: The listing history shows a sordid track record. Talk about a quick one month turn around. It went back on the market in November for $415,000. This place last sold in October of 2014 for $278,000. Garage conversion without permits with direct access to bathroom in the back.†This standard sale residence features a fireplace, recessed lighting, new central heating and Air Conditioning, separate laundry room, new laminate Hardwood floors, custom self close kitchen cabinets, copper plumbing. €œBeautiful completely remodeled ready to move in home on a cul-de-sac. The bet that some flippers are making is there are plenty of lemmings out there willing to stretch their budgets to purchase this place even though it is clear incomes in this market are not high. Yet apparently, this is a good market to flip in. I’m putting this out there because this is not a high income area by any stretch. 20 percent of the population here lives below the poverty line. According to Census data, the median household income is $44,558.
![house flipper ita house flipper ita](http://1.bp.blogspot.com/-PWeXzz4f7qU/VBnwbyf761I/AAAAAAAAGzE/Xk7mwPMKwEI/s1600/Total%2BWar%2BRome%2BII%2BEmperor%2BEdition%2BPC%2BCover%2BCaratula.jpg)
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So let us look at Inglewood today and a flip that is happening right now.Īccording to the latest IRS tax data, the average adjusted gross income for the 90304 zip code of Inglewood is $26,344. You are either paying rent or buying a place. Most will live out their days eating gruel and looking at their 30-something or 40-something kids counting the days until they kick the bucket and finally can afford a piece of California housing via inheritance. I’m sure you have many Friskies eating boomers living in these old areas saying “you are willing to pay what for this place?!†Some are likely to take the golden ticket. I’ve noticed that flippers have pulled back for the most part but we still have those chasing profits in many areas across the Southland.
![house flipper ita house flipper ita](https://i.ytimg.com/vi/CP47m7iseG0/maxresdefault.jpg)
Given the harder to find deals and the blocks of $700,000 crap shacks in pseudo wealth areas, many would be flippers are inching deeper into the inner city. But California is destined for at least our lifetimes to be a boom and bust state.
![house flipper ita house flipper ita](https://technifiser.com/wp-content/uploads/2020/10/House-Flipper-Screenshot-4.jpg)
It is hard to make a sizable profit when markets are more fluid especially when appreciation rates are tied to more historical standards. Flipping is only lucrative on a large scale when you have a strong uptrend in real estate.
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