Lays off nearly 1000 whiz kids. Joins Zillow in exiting the business model. The FTC has opened in vestigations on another home flipper, OPENDOOR.
Mortgage lender Loan Depot lays off another 1000 in their lates round of layoffs. They went IPO last year and their CEO bought the most expensive estate ever sold in Orange County.
Freedom Mortgage has another round of layoffs announced, thousands affected.
I was part of a company in 2010 that was flipping 600 to 800 homes per month. I understand flipping very well. Its a complicated business when you try to do it on a large scale. very easy to lose money. These Ibuyers are responsible for the run up in home prices. They are losing their shirts and still have a ton of inventory. Redfin is losing 30 mill a month. Thats $1 mill every fucking day. ooofff. Refin stock is at $3.32 p/s, just last year it was at $95 p/s. Be careful with your money guys.
Its time to make some money and pick up properties on the cheap. Well, Almost time.
The Boss said it best,
The highway's jammed with broken heroes
On a last chance power drive
Everybody's out on the run tonight
But there's no place left to hide
We're gonna get to that place
Where we really wanna go and we'll walk in the sun
But 'til then, tramps like us
Baby, we were born to run