Um, no darling, what got us into the real estate mess we've been in, is because of the banks who gave credit and mortgages to people who NEVER should have been allowed to buy the kinds of homes they got the lending for. People became way over-extended because they were given credit for home loans at twice what they could really afford, so when the job market crashed, and people began losing their jobs, they could no longer afford their mortgage payments, and the banks foreclosed on their homes. THAT is what led to the real estate market crisis.
And yes, unfortunately, many people are stupid and believe what they see on T.V. (and I have fallen for it as well when I watch shows like House Hunters, and Flip This House, etc., and think that some of this stuff is real), and do think, "Well, if THEY can do this, so can I!" when they have no knowledge or experience in flipping, and think that it is easy and a quick way to make money.
What's often not shown on these flip shows, is that even when the teams do everything right and "by the book," these homes don't always sell fast, and they do often wind up owing money for the property tax at the very least, and that can be very costly depending on the county the house is located in.
Basically, the average Joe Schmoe, should not go into flipping unless he/she is going to be taken under the wing of an experienced flipper, because they need to learn what goes into flipping first, before they try and take the responsibility on for themselves. There is no such thing as easy money. Not even gambling is easy money. There is always going to be a price to pay when one tries to find a "quick fix" to things.
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