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Thursday, June 13, 2013

Real Estate Flipping Workshop = Bad Idea

I just heard a radio ad advertising for a real estate flipping workshop - which was promising to teach amateurs how to flip real estate using other people's money.

That sounds like a horribly risky idea.

A bit like investing in high risk mortgages using other people's money...

And the workshop is proposing taking amateurs and teaching them how to do this - is a bit like taking people off the street and teaching them how to invest in subprime mortgages.

Great idea (sarcasm).

Amazingly breathtaking idea (more sarcasm).

I can't believe they are doing it (dripping with sarcasm).

It is bad enough that Toronto's real estate market is so "bubbly" that investors are now pulling out of Toronto because it is considered to be too risky, but now companies (which I am guessing are seeking to unload their bad investments on to unwitting fools who will be gambling with other people's money) are seeking to deliberately muck around with Toronto's already over-invested real estate market.

Its like having a giant cream filled balloon that is already close to bursting and selling it to a bunch of baby porcupines and then running away before the porcupines can pop the balloon.

Which means that the suckers who invest in real estate now - while the big real estate investment firms skedaddle out of here - will be the ones left holding the bag when the bubble does burst.

The mere fact that the big real estate firms are now ditching Toronto - while the getting is good - means they are now wary and skittish about the future of Toronto's overblown market.

When the Toronto real estate bubble does burst I am going to be saying "I told you so" again and again.

I am still predicting the bubble to burst sometime in 2015 or 2016.

Although now that some investment companies are looking to dump their properties it makes me wonder if it might happen sooner than I expect.

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