Wall Street Can’t Get Enough Fixer-Upper Houses
High-interest loans to house flippers are a hot commodity on Wall Street, but inventory is scarce
Wall Street has made a mountain of money available to house flippers, and selling move-in-ready rehabs has rarely been easier. The challenge is finding beat-up and out-of-date properties that can be renovated and resold for a profit.
“Investors like me, we’re like ants on a sugar hill all fighting for the same projects,” said Ed Stock, who started fixing and flipping houses on New York’s Long Island after the 2008 mortgage meltdown. “It’s the greatest time to be in this market; it’s just hard to find the inventory.”
Rest here…
Flipping houses is a great way to launder the corrupted chain of title on a property. Following 13 million foreclosures, the bulk of which were not initiated by anyone in a legal chain of title, the investment banks turned right around and began lending money to house flippers , who then did all the remodeling, and the investment banks made even more money off the backs of people who they defrauded when they issued their non-mortgage backed securities. So instead of paying for their criminal activities, they had other people pay for them. Pretty shrewd, those bankers-