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Economics Discuss Flipping homes the Democrat way at the Political Forums; NEW HOUSE FLIPPING: We have all heard of making lemonade outta lemons; but this is the sweetest lemonade I've ever ...

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Old 08-13-2016, 07:44 AM
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Default Flipping homes the Democrat way

NEW HOUSE FLIPPING:



We have all heard of making lemonade outta lemons; but this is the sweetest lemonade I've ever

heard of.



Those Michiganders really know how to work the system. And now Hillary Clinton is promising to get even more help for the residents of Flint MI to help with their water problems.



Is this a great country or what?



YOU SHOULD BE SITTING DOWN WHILE READING THIS:





As a Realtor for the past 28 years I thought I'd seen or heard it all... Until now.





I was showing homes in Pontiac, MI. One afternoon recently and showed up at a home at the 4:00 PM time my appointment was scheduled for.



After I woke up the homeowner, she let us in and then proceeded to tell my buyers and I that she

has already entered into a contract to sell the home on a short-sale.



(A short-sale is a sale where the banks accepts less money than is owed on the home).



After some chit-chat, she proceeded to tell us that she and her sister (who also lived in the area)

were buying each others' homes via the short-sale process. I mentioned to her that I thought

relatives could not be involved in those transactions.



She smiled and said, "We have two different last names so no one knows the difference."



She went on to tell us that each of them owed over 100K on their homes and were in the process of buying each others' homes for about 10-15K cash.



To top it off, they were each receiving $3,000.00 in government provided relocation assistance at

closing.



My buyers and I were amazed that she was outright admitting to fraud and yet, she continued. She

began to tell us that the best part of her scheme was that because they currently were not working

that they (both) are now receiving Section 8 Vouchers.



I said I thought those were for renters and she said "That's the best part; me and my sister are going to be renting each others' homes so we don't even have to move, and Obama is going to give us each $800.00 a month to pay the rent!"



She then picked up a picture she had framed of Obama and did a little happy dance around her

living room and while she kissed the picture she was singing "Thank you Obama....Thank you

Obama."



So here is the bottom line... Both of these scammers got at least $80,000.00 in debt forgiven,

$3,000.00 in cash for relocation (when in fact they did not relocate) and to boot, you and I will now be paying (through our taxes) $1,600.00 in rent for them, each and every month.... Perhaps forever!



Is it any wonder why so many people have decided that all they have to do is VOTE for the Democrats and they will be taken care of for life at the expense of the taxpayers?¬ I would not be at all surprised if they are receiving food stamps and whatever other programs are available for anyone who is willing to lie to get assistance.



These women went from working and paying about $900.00 each in mortgage payments to staying

home and getting paid $800.00 each per month to live in the same home they had been living in and

all they had to do was lie on a few papers.





This craziness has to stop! I'm sure this kind of fraud is going on each and every day all across the

country and no one wants to touch the subject of entitlements because they might OFFEND someone or lose a vote or two.



By the way... She had an almost new SUV in the driveway, three flat screen TV's and a very nice

computer set up in her living room which was furnished entirely with nice leather furniture.



IT'S THE NEW AMERICAN WAY!!! -- "Cold Iron"



P.S. Remember this when you vote in November. Letís put a stop to this cheating !!!!!!


Oh the Democtaric way, cheating. On every level, in every way. Heck if Hillary can cheat why don't we all cheat!!

Regards, Kirk
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Old 08-13-2016, 07:55 AM
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Default Re: Flipping homes the Democrat way

When you post what is obviously a crappy chainmail email it makes you look like crap:

The January 2013 item reproduced above purportedly tells of two women who are supposedly gaming the system by agreeing to buy each other's homes at short sales (in contravention of the rules), then collect a monthly housing assistance stipend for being renters in the homes they formerly owned. The item contains no verifiable details such as names, dates, or addresses (only the mention of a city or state which changes from version to version), but the scenario described would require a number of implausibilities to all be true:
A woman who was engaging in a scheme to defraud multiple lienholders and government programs would openly admit to that scheme and describe it in detail to a stranger.
The buyers and sellers involved in short sales are required to provide full financial disclosures and are subject to asset checks, making it highly unlikely that this cross-buying scheme could work. A lienholder would almost certainly refuse to proceed with a short sale by an owner who had just bought another property, or to agree to a short sale home purchase by a buyer who herself currently had a property in short sale.
The $3,000 in relocation assistance provided to those who short sell their homes under the Home Affordable Foreclosure Alternatives (HAFA) program also requires financial disclosure and is not available to those who have purchased a house within the last 12 months, so neither sister would qualify.
Section 8 assistance offered under the Housing Choice Voucher Program (which provides payment of rental housing assistance to private landlords on behalf of low-income renters) is income- and asset-based. Someone who not only owned her own residential property but was also functioning as a Section 8 landlord could not possibly qualify for Section 8 housing assistance. Moreover, in many areas the waiting list for renters seeking to obtain Section 8 funds is years-long.
Also, little of what is referenced here has any direct connection to President Obama. Although the HAFA program which provides $3,000 in relocation assistance was introduced by the Treasury Department under the Obama administration in 2009, the Mortgage Forgiveness Debt Relief Act (which exempts deficiencies in short sales from being considered taxable income) was passed in 2007 during the administration of George W. Bush, and Section 8 housing assistance was established under the Housing Act of 1937 passed during the administration of Franklin D. Roosevelt.

Short Sale : snopes.com
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Originally Posted by TiredRetired View Post
Damn shame it couldn't have been a father / son event. IMHO.
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Old 08-13-2016, 08:44 AM
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Default Re: Flipping homes the Democrat way

Quote:
Originally Posted by winston53660 View Post
When you post what is obviously a crappy chainmail email it makes you look like crap:

The January 2013 item reproduced above purportedly tells of two women who are supposedly gaming the system by agreeing to buy each other's homes at short sales (in contravention of the rules), then collect a monthly housing assistance stipend for being renters in the homes they formerly owned. The item contains no verifiable details such as names, dates, or addresses (only the mention of a city or state which changes from version to version), but the scenario described would require a number of implausibilities to all be true:
A woman who was engaging in a scheme to defraud multiple lienholders and government programs would openly admit to that scheme and describe it in detail to a stranger.
The buyers and sellers involved in short sales are required to provide full financial disclosures and are subject to asset checks, making it highly unlikely that this cross-buying scheme could work. A lienholder would almost certainly refuse to proceed with a short sale by an owner who had just bought another property, or to agree to a short sale home purchase by a buyer who herself currently had a property in short sale.
The $3,000 in relocation assistance provided to those who short sell their homes under the Home Affordable Foreclosure Alternatives (HAFA) program also requires financial disclosure and is not available to those who have purchased a house within the last 12 months, so neither sister would qualify.
Section 8 assistance offered under the Housing Choice Voucher Program (which provides payment of rental housing assistance to private landlords on behalf of low-income renters) is income- and asset-based. Someone who not only owned her own residential property but was also functioning as a Section 8 landlord could not possibly qualify for Section 8 housing assistance. Moreover, in many areas the waiting list for renters seeking to obtain Section 8 funds is years-long.
Also, little of what is referenced here has any direct connection to President Obama. Although the HAFA program which provides $3,000 in relocation assistance was introduced by the Treasury Department under the Obama administration in 2009, the Mortgage Forgiveness Debt Relief Act (which exempts deficiencies in short sales from being considered taxable income) was passed in 2007 during the administration of George W. Bush, and Section 8 housing assistance was established under the Housing Act of 1937 passed during the administration of Franklin D. Roosevelt.

Short Sale : snopes.com
The fact is that what the email outlines is very doable. Whether or not the two sisters are fact or fiction is not really relevant.

The chain mail also fails to mention that switch renting also allows all maintenance costs to be deductible. That includes painting, appliance repair/replacement, lawn mowing, even utilities if the homes are rented all inclusive. Depreciation is also deductible.

The question is, why don't we all do this?
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Old 08-13-2016, 09:13 AM
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Default Re: Flipping homes the Democrat way

Quote:
Originally Posted by jimbo View Post
The fact is that what the email outlines is very doable.
So is robbing a 7-11, so is embezzlement, so is kidnapping.
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Originally Posted by TiredRetired View Post
Damn shame it couldn't have been a father / son event. IMHO.
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