Foreclosure Flipper

Scouring the internet for interesting, amuzing, or helpful articles about real estate flipping is, more often than not, a rather futile effort.  The majority of foreclosure articles simply state and re-state boring real estate market statistics.  I can only read so many times that California tops the nation in foreclosed homes, foreclosures are at an all time high…yadda, yadda, yadda.  Rarely do articles have much substance, and often it is clear that they are the lame efforts of real estate websites to build link popularity in order to promote their websites….Well guess what!  I found a tid bit of celebrity real estate gossip that breaks through all that monotonous clutter. 

 After 17 seasons of dominating the hardwood floors playing professional basketball for the Houston Rockets, ”Hakeem the Dream” Olajuwon is now making a name for himself as a real estate flipper.  While I myself am a self-proclaimed Foreclosure Flipper, I still like to pay attention to the big guns in the real estate market who could more accurately be reffered to as Mansion Flippers.  And that is exactly what Olajuwon is.  “He buys high and sells higher,” according to David L. Cook, executive vice president with the commercial real estate firm Cushman & Wakfield, who has represented the all-star on several occasions.  According to the Chicago Tribune he has been able to make as much money in real estate in the past 10 years as he did playing in the NBA for 17 years.  Olajuwons real estate flipping mostly takes place in and around Houston, TX.  From is 25 total transactions it is estimated that his profits exceed $100 million.  When asked why does not invest his money in the stock market he replied, “I like real estate because I know its real.”  Olajuwon is also fortunate enough to only use cash in his transactions.  It is against Islamic law to use any form of credit or pay interest, so in this case his risk is greatly minimized….Olympic Gold Medal winner, NBA leader in blocked shots, leads real estate market in cash-only transactions… If only we could all be so lucky.

“The Dreeeeaaaaaaammm Fliiippper,…I believe that you can get me through the niiiiiite.”

A friendly reader has recently given me a fantastic tip on a potential real estate investment in Philadelphia.  I would be all over this one if I wasn’t currently working on several other projects.  So in an attempt to begin a quasi-House Flipping social network I am putting this one up for grabs.  I hope all fellow home flippers interested feel moved to post any comments and initiate a dialogue between real estate investors that could be helpful to many.  The following is what the Foreclosure Flipper reader said about the property:

“This woman is in and out of foreclosure (ck. the civil dockets) and has been trying to sell since May.  They are the loudest, most annoying people on the street and everyone would love the opportunity to buy them out, but no one can afford to.  Check it out. Gut it, flip and sell it to a yuppie for 3x the price. It’s the nicest street in the area, and full of fabulous people save for this house of rednecks.” 

Here are the property’s stats:

List Price: $185,900  Heating:Gas List Date: 11/25/2006 Exterior: Stucco Bedrooms: 3 Electric: 100 – 150 Amps Baths: 1.5 Year Built: Approx. 1950 Square Ft: 1009  Stories: 2 Lot Size: .03 Acres Type: Row home Annual Taxes: $1,394 Parking: Street Status:Active Location: 458 Ripka St. Philadelphia, PA 19128

Map: http://maps.yahoo.com/py/maps.py?BFCat=&Pyt=Tmap&newFL=Use+Address+Below&addr=458+Ripka+Street&csz=Philadelphia,+PA&country=&Get%A0Map=Get+Map  Living: 14 x 14
Kitchen: 10 x 9
Dining: 14 x 14
Master Bed: 14 x 13
2nd Bed: 10.5 x 9
3RD Bed 12 x 9.5 

So, if you can stomach doing business with a few loud mouth Rednecks, then I hope you will take advantage of this tip and let us all know how it goes. Happy Flipping! J

Contact Info: Scott Harrity
                       Assist 2 Sell Realty Sellers ‘N Buyers
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                      EMAIL: scott@gr8savings.com