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-- modest gain 14100469.
The Dow is up 47 points early this Friday morning.
Please do not be fooled by the housing recovery that's what our next guest says Scott -- is disarming -- show.
Flipping Vegas who joins us now Scott welcome the -- good to -- -- Thanks for having me right don't they what what is.
You're in the business of flipping houses you Bynum -- you -- on your cell Omaha and York telling -- view it is.
This is not the time to believe in a vigorous housing recovery make you case.
Well first I wanna say that I do believe there's no better time probably in history to buy real estate than right now because -- at the bottom but I've got -- call BS on Washington.
Puffing their chests out high five in each other.
Using this big fancy word recovery.
With skewed real estate numbers in in my but you judge recovery.
By unemployment numbers in last time I checked the nation was about seven point 7% in Nevada Riley of its nine point 7%.
Lot of people hurting out there still and I don't think we're recovered.
Well okay what about the housing recovery when the -- about housing recovery -- mean a -- of what I think is 10% in.
Existing home prices or 11% over the past yeah.
You don't think that's for real is not gonna go -- Well.
-- -- and I'm boots on the ground I'm in the trenches everyday and and what I see.
Is for example in a state like Nevada we have foreclosure laws and so on like a B 284 the robo signing laws and.
In other laws that skew these numbers for example in Las Vegas right now we only have 3300.
In one single family homes.
What the numbers are showing is an 18%.
Increase over last year in appreciation.
But what's really happening is a simple lesson of supply and demand because laws are restricting -- -- of foreclosures coming onto our market.
We haven't investors coming from all over the place and we have multiple offers an in bidding wars on property so we have.
All this property still lingering -- in Nevada for example that I mean three out of four properties in Nevada.
Are are upside down stale but they're just not releasing -- -- the limited inventory that is released.
Turns into a multiple bidding war and the price sells for more but it those are those aren't accurate numbers for appreciation.
That's very interesting scoffs -- now you only do business in Vegas and Nevada -- -- your activity is concentrated.
Let me ask you this obvious question you're in the business of flipping.
I take it that is not a particularly good time to be flipping I -- can you say that.
-- you know I actually working in multiple markets but sound.
Vegas that -- that there's always a deal and it in for example I I actually have.
A live event business where I I.
Teach thousands of students a month and how to compete with the investors and other people coming into laughter.
Areas where there's a lot of competition.
But but now you -- its biggest is definitely.
It's slowed down for flipping -- one of my favorite strategies right now is buying and holding.
Okay yeah I agree with obvious I for a long Tom on this program that if you're a youngster.
You just starting out you've got the down payment you got a job you've got decent credit.
By a single family home and away you go that's my position Scott I'm sorry I'm out of time but come on back and join -- -- because you've got interesting information we appreciate it thank you Scott.
-- I let it thanks.
-- you go to --
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