"Last Friday, she revealed her latest plan. She and her husband were going to "flip" a property to come up with the downpayment for a house. She didn't mention how she was going to come up with the downpayment for the flip."

The RE market has run away so far and so fast that the only way that citizens can conceive of making enough money to jump on board is by jumping on board. Yes, that is circular thinking, but there you have it. It really is the only game in town, isn’t it? -vreaa

This from Peter Pan, via e-mail to VREAA, 18 Apr 2010 3:09 pm -

“An early 30s administrator in our downtown Vancouver office asked us if it was a good idea to buy a house with no money down.  She pulls in 35-40K maximum and her husband is underemployed slinging coffee.  We said “Generally no, because of the risk in involved”. I added that rates were going up and she could be easily left with negative equity.  Last Friday, she revealed her latest plan as she scanned the maps on the MLS website.  She and her husband were going to “flip” a property to come up with the downpayment for a house.  After all, she has a cousin who is a carpenter.  She didn’t mention how she was going to come up with the downpayment for the flip.”