Gross or net? 1972 dollars or 2021 dollars?
I’m not arguing that running a business to flip a house, which is what you did can’t be profitable. What I’m arguing is that *most* 20- to 30-somethings don’t have the time, interest, or skills to do that today. They may have one or two, but not all three.
2006 dollars.
At the time, young couples in Bend OR working online would buy a property with an ARM loan or worse one of those smorgasbord type loans, I forget what they are called, that allow different payment options EACH MONTH (World Loan strikes a bell), and bounce out to another home after two years. I forget why it was 2yrs (uhmmmm, capital gains exemption IIRC) but it was def before the rate adjustment came due.
They weren't "flipping", they were taking their equity after 2yrs of appreciation and moving up, buying more expensive/bigger houses each time, which rise in value faster. It's called "leveraging" and most young people understood the principle very well.
Are you saying that is beyond the capability, understanding, and interest of most young people today??? Wow, kids have lost the desire to make money. No wonder they want Socialism.
ETA: this is only in a hot RE market. I would agree that many kids are not good at "penciling things out". But in a hot market it really doesn't matter.
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