"I am facing foreclosure..."

This "kid" is getting some attention lately, and is a little controversial. His story is here:
http://www.usatoday.com/money/economy/housing/2006-10-22-young-flipper-usat_x.htm



Note in the third paragraph that he does have his own website. On a sympathy scale of one to ten, with ten being having lots of sympathy for him, I rank about a one. But maybe someone in the Sacramento area can help him find a real job.

Maybe he could pick up something at $8 or $9 an hour?

That's the rethug way! :eyes:

RAISE WAGES!!!!! AAAAIIIIIIIIEEEEEEEEEE!!!!!!!!!!!!!

x(

why do i have ZERO sympathy for this idiot? As far as I am concerned he should do time as reparation for his debt - THIS is a case where bankruptcy should NOT be allowed

try keeping your real job instead of this get-rich-quick crap

...high levels so that it becomes impossible for real families to afford to own a home they can, you know, actually live and raise their kids in rather than play these "flip" games.

Don't know if it will be posted, though.

Get-rich-quick, usually young flippers tend to know jack shit about real economics. They have helped to create the artificially inflated home values that led to the current glut of homes on the market. Now everyone is paying the price with crazy property taxes and the inability to sell their home, if need be, without taking a loss.

The real objection I have to house-flippers is how they mess up comparative value for everyone else in the neighborhood.

I live in a $70,000 neighborhood. The crazy neighbor lady from hell (the one who had her lawn man whack up my maple tree--some of you remember her) has done all this shit to her house that will do one of two things:

Thing 1: push everyone else's house into the $100k-plus range, and there's no way any of us can get $100,000 for the homes we have

or

Thing 2: she'll lose her ass on all the renovations, but we won't be able to sell at all unless we're willing to drop $30k making our homes look like hers.

Either way, we're screwed. And this happens all over America with these flippers.

Greed is its' own reward....

And this guy is the reason for that bill!

Only a member of the Bush jackal pack can get away with that kind of gaming. Welcome back to real world.

sold to you by at guy on an infomercial at 3AM.

from his site.


I will not work more than 8 hours a day.

No working on weekends.

I will keep all work in the office. No taking work home

a poster boy for foreclosure cases. Our papers are full of foreclosures on single family homes that are all many young couples have to their name. Many of these young families will technically be homeless when it is all done. The agencies that are trying to help them are so backed up that it takes months to get an appointment and I have no idea if they can be helped.

Predatory lenders are one of the biggest problems and if the above guy is addressing that issue - good. They lend to young couples who are low-income and do not have any other source and they charge at least 18% interest. There is no way the couple can continue to make the payments so they lose everything. There needs to be some laws made to stop this type of lender and Housing Finance Agencies (government) need to address this problem.


Edited: Oh and the economy is rocking - went over 12,000 didn't it?

The poster child for what went wrong in the real estate boom is not the poor investor who now is on the losing side. That's what investing is about...some win, some lose.

The true poster children are exactly as you stated, though not all are young couples. Many are simply new homeowners that didn't have worthy credit or a downpayment until recently. Many were subject to predatory lending, less-than-honest appraisers, etc.

I'm house-hunting now, and I've met a good number of folks that are selling their homes because they "can't afford it" anymore. Many of them are facing foreclosure, which in many cases is a lose-lose situation for both borrower and lender.

not someone who bought real estate for profit. This young man's choices were business decisions and he has to live with that.

I have absolutely no compassion for the little punk.

needs to lay off the late night infomercials. I bet he has a wonderful steak knife collection though.

lose millions but then make millions. You always hear about the "type" but have anyone of us ever honestly met one?

This kid, and he is a kid, is a fool of the highest order.

He's of the type of losing that million first before actually making it.