The housing market, especially in Florida and ESPECIALLY in south florida is a giant bubble right now.
This has happened before. The early 2000’s saw a similar bubble that finally popped ~2008. In the early 2000’s I saw a ton of people ditching their careers to get their Real Estate license. Didnt pan out well for them and its not gonna pan out for this guy.
This bubble is a bit different in that its not so much fueled by mortgage backed securities and pushes to get people on variable rate mortgages to they can be pumped and dumped into credit default swaps. This one is much more, at least in florida, tied to folks trying to escape regulations and lockdown from COVID up north and coming down to florida where properties are historically cheaper per sq ft and acre and buying up real estate in cash. But still, its going to pop. Many locals cant afford to buy now, or even rent in some cases as many arent even buying a primary residence here just vacation/airbnb homes. But its still a bubble that will see some major regressions. Especially if the urban sprawl problem gets taken head on (which I dont see happening anytime soon givent he current political climate).
Also flipping houses often covers up major issues with “lipstick”, eventually i think this will make them less desirable to buyers, because if they see a house only owned for 6mo-2 years it may indicate some VERY janky bones were ignored to stick granite and hardwood in etc.
Prior to 2008, it was RARE to make any money on a house owned under less than 5 years. If you broke even you were REALLY lucky.
Its a terrible article and a terrible hottake. If hes 31 now, he was likely 16 when the first bubble popped. This is a sign of youthful ignorance imho.