Friday, August 22, 2008

Kurtis and Cindy Squyres, Fa

House Flippers

7 minute video "Kurtis and Cindy Squyres,, discuss how they make money from buying repo homes and flip them to investors." - Bottom fishing in a crashed Californian housing market.

Posted by mountain goat @ 07:59 PM (873 views)
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2 thoughts on “Kurtis and Cindy Squyres, Fa

  • mountain goat says:

    Sorry link didnt work. More painful way to find it is on Fox Video then look down the list.

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  • Here’s the link (cheesy American advert beforehand):
    Fox Business Video

    It’s slightly amusing. Imagine your standard property-buying show, only instead of highlighting features like stone masonry or double-glazed sash windows, they point out:

    [Man]: “Ok so you’re outside one of the homes, is there any thing special about the outside of this house, does the appearance matter?”
    [Woman]: “Well probably the most special thing about this house is the ‘No Trespassing’ sign in the front window, and where the window once was there’s now a big red ‘Abatement’ sign”.
    [Man]: “California just passed some legislation that they can fine banks a thousand dollars per day if they don’t clean up their act.”
    [Woman]: – “So that makes them more motivated [to sell], and that makes us more likely to get a great deal.”
    [Man]: “Well it’s interesting, there are so many foreclosures, what elements of a foreclosed home just turn your eyeballs into dollar signs?”
    [Woman]: “They’re torn out, they’re dirty, they’re stinky, they need repair. These are homes that regular families cannot buy because the lenders will not make a loan on them. So they’re just waiting for investors like us to scoop ’em up and fix ’em.”

    These bottom-fishers claim to get their money from private equity. In this example, the run-down house cost $180k and they reckon it’s worth $300k when it’s done up. In general they buy only houses that are priced at 65% below market value. Hmmmmm, personally I think they’re getting it all wrong – the market value is whatever the banks are prepared to lend, and clearly they aren’t prepared to lend! Personally I’d say it’s still way too early to go “bottom-fishing” in America.

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