Well I know a local real estate group that is backed by some banks that goes to old neighborhoods, finds houses that are completely trashed and then offer the other maybe 100-200k to just move out and sell the house privately to them. It usually seems like a good deal for these homeowners since they bought at 75-200k sometimes have a mortgage still in the 50k range.
Then this group hires minimum wage workers to come in gut the place, slap on some bulk purchased cheap fixtures, paint, appliances, vinyl siding and flooring.
In the end they’ll turn around and sell it for near double what they purchased. Usually first time home buyers are the only ones that can afford them or someone on a VA loan who has only lived in base housing or apartments. They usually end up getting loans from those same banks above because they will offer discounted adjustable rates that seem too good to be true.
Eventually the shit lipstick starts to wear away and the rotten bones of the structure show… Maybe an appliance breaks around the 1 year mark when a warranty usually ends. Then that new home buyer can’t really afford those fixes because they are earning just enough to barely pay that adjustable rate that somehow skyrocketed and has additional fees tacked on. Shit slowly starts to fall apart more…
I don’t know… Seems like barbarism but I guess people call it capitalism.
@tidderuuf@A_norny_mousse They don’t have to be old neighborhoods. Have a friend who moved out of NYC to Dobbs Ferry. Many items in her townhome came from HomeDepot which shocked the hell out of me (I didn’t tell her). We lived in a small village mixed demographics vs mostly if not all white in DFerry and had the same tiles, lights and other things I noticed we had. She can afford to fix her house and other townhomes that have issues.
Well I know a local real estate group that is backed by some banks that goes to old neighborhoods, finds houses that are completely trashed and then offer the other maybe 100-200k to just move out and sell the house privately to them. It usually seems like a good deal for these homeowners since they bought at 75-200k sometimes have a mortgage still in the 50k range.
Then this group hires minimum wage workers to come in gut the place, slap on some bulk purchased cheap fixtures, paint, appliances, vinyl siding and flooring.
In the end they’ll turn around and sell it for near double what they purchased. Usually first time home buyers are the only ones that can afford them or someone on a VA loan who has only lived in base housing or apartments. They usually end up getting loans from those same banks above because they will offer discounted adjustable rates that seem too good to be true.
Eventually the shit lipstick starts to wear away and the rotten bones of the structure show… Maybe an appliance breaks around the 1 year mark when a warranty usually ends. Then that new home buyer can’t really afford those fixes because they are earning just enough to barely pay that adjustable rate that somehow skyrocketed and has additional fees tacked on. Shit slowly starts to fall apart more…
I don’t know… Seems like barbarism but I guess people call it capitalism.
@tidderuuf @A_norny_mousse They don’t have to be old neighborhoods. Have a friend who moved out of NYC to Dobbs Ferry. Many items in her townhome came from HomeDepot which shocked the hell out of me (I didn’t tell her). We lived in a small village mixed demographics vs mostly if not all white in DFerry and had the same tiles, lights and other things I noticed we had. She can afford to fix her house and other townhomes that have issues.