Its a wash.

Fortunately, the newbie landlords have been washed out of the market in large numbers and those people that got gimmick loans are rapidly becoming renters again.

There were a lot of California investors in my area during the past few years, but my impression is that they've been mostly washed out of the market at this point.What am I suppost to do?

we washed the floor with concrete cleaner and that was it.

So flipping properties is an easy way to make huge winfall profits with little to know work..... yeah, I love those shows, but they are tv and are edited for entertainment purpouses. they dont always show all the details.... but with those types of flip you are actually doing something, even if just mowing. even with the eBay people who do similar things with stuff they get at estate sales (my mil does this with fabric), they are doing something with it, even if just makeing it look pretier (wash it) and make it avalible to a wider audience.

Wash, rinse, repeat.

So if I owned a place in Vail I'd have to fly up every Saturday morning, wash the linens, clean the place, do any minor maintenance, greet the incoming tenants and fly home that night.

(light switch to bathroom is outside of the bathroom door entry19) new backyard fencing20) clean out storage21) some parts of the roof does not have a gutter... needs additional gutters22) pressure wash roof and patch up in a few areas...a lot of work eh?

At 8.5% I drop my monthly to a $215 mortgage payment but I pick up the $61 a month tax bill and another $40 a month for insurance, so it's a wash as a self-liquidating asset with maybe $100/month positive cash flow.Best case scenario is I get $5K for about 2 hours worth of real work.So-So scenario is that I get $14K in a year after some work screening and placing a solid lease-option tenant/buyer.

:cry: Sad to see the investor's dreams washed down the drain.