Open Letter From Shimshon Stock: Flipping Houses
My Dear Friends & Neighbors:
Please hear me out, don’t throw this away – I realize there are many papers arriving at your door daily nevertheless I ask PLEASE HEAR ME OUT?
Several people in this community have caused housing to skyrocket by FLIPPING real estate!! They buy houses from long time residents and flip the homes for astronomical profits. They compete with other members of the schunah for the sole purpose of flipping for a huge profit! Years ago when a friend or neighbor was looking for a house and we knew of one we were thrilled to pass on the information. Today unfortunately there are yungelight canvassing the neighborhood for available homes so they can FLIP for profits ranging from $50,000 to $380,000. Once ‘Mr. Roberts’ becomes aware of the price his new neighbor paid he will seek the same or more.
There is NO excuse for this shameful greed!
This is not like selling a container of milk for a higher price. This cannot be considered “regular business practice”.