Ryan Dezember
speaker
644 appearances
11 recordings
1 series
first heard May 2018
last heard Jun 2024
Ryan Dezember’s voice in public audio — every appearance, attributed to the second.
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Appearances
Yeah, I mean, to a point, though, you know, some of these homes are what they're trying to really key in on and find are the homes that need to be fixed so that somebody will buy them.
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So they're trying to find bargains.
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You know, the grandmother's house with the ugly kitchen, the house that hasn't been renovated in 20 years.
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And they're trying to bring those up to date and sell them to homeowners.
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You know, the huge generation of millennials starting families, the huge number of people whose credit is finally repaired after foreclosure from the financial crisis.
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So they're sort of more, they are betting on home prices rising because they need to sell the house for more than they lent to buy and to fix it up.
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But these days, the focus tends to be more on the fixed part of the fix and flip.
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Yeah.
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I think when flipping really took off a decade or 12 years ago, you had a lot of people that were just speculating on the market rising.
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People would buy a brand new house and all they would do to it is stick another for sale sign in the front yard hoping to get more
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from the rising market.
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And of course, that worked when the market was soaring.
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But when prices stopped rising, you had flippers who, you know, people who had taken on second, third, fourth mortgages to buy these homes, hoping they could flip them, you know, never with any intention of living in them.
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You know, they were overextended.
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They were foreclosed.
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That sort of exacerbated the foreclosure crisis by putting all these other homes into the market.
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Now, these Wall Street firms bought up a lot of them at auction after the fact, turned them into rentals.
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They're still sort of working through the non-performing loans from that era.
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But for the most part, a lot of the industry tends to be looking now for physical deterioration more so than financial distress tied to the properties.
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Yeah, that's what we heard a lot from these buyers because, of course, you look at all the TV shows, HGTV and Chip and Joanne, and they've sort of glamorized the home rehabilitation and the flipping overall.
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