Flipping heck: Speculators made $2000 a day

[BlueSky]

If you had known it would be this crazy would you have taken leave from your 9-5 job and done a couple of flips...

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11822796

[Bobsyouruncle]

Clearly a mass shortage of real news. I notice they don't complain about every other industry that makes a profit. Total w*nkery non journalism.

[rose33]

Haha totally could have taken today off! Crazy.

[Keys]

Air NZ over $1 mil profit a day.

[flyernzl]

Of course they simply look at the buy price and the sell price.
What about valuation costs, REA fees, conveyancing costs, interest if held for more than one day, and of course tax at the far end.
So the actual amount 'pocketed' is a lot less less than the margin.

[Aston]

Of course they simply look at the buy price and the sell price.
What about valuation costs, REA fees, conveyancing costs, interest if held for more than one day, and of course tax at the far end.
So the actual amount 'pocketed' is a lot less less than the margin.

Yes good point. I'm starting to feel a bit sorry for the guy that flipped the house in Otahuhu now.

There's no way he made $1m in a day, probably closer to some pathetic sum like about $600k. What a loser.

*Total w*nkery non journalism* Aye Dean.

[richard56]

Hi
I was taught way back in high school that one way satirist write their stories is by swapping things about.

So how about one of our more literate members write an artical for the papers.

You could do it along the lines of "Airplane operators make $18,164 per day at expense of homesick travelers!!!"

That being $663 million pre tax profit divided by 365 days

Richard

[cube]

Or "Speculators pay $666 per day in tax, supporting 22 people on job seekers allowance."

[flyernzl]

You could do it along the lines of "Airplane operators make $18,164 per day at expense of homesick travelers!!!"

That being $663 million pre tax profit divided by 365 days

Richard

Well actually, copying the reporters analysis, the amount that the airline 'pocketed' was way more than that.
As well as the pre-tax they made, you'd need to add back in the costs of advertising, promotion, phone and internet costs, all administration costs, rent, insurance, finance charges and anything to do with overhead.

[Davo36]

Well actually, copying the reporters analysis, the amount that the airline 'pocketed' was way more than that.
As well as the pre-tax they made, you'd need to add back in the costs of advertising, promotion, phone and internet costs, all administration costs, rent, insurance, finance charges and anything to do with overhead.

And the airline operator in NZ is owned by who? Shock, horror, the goverment!!!!

So the headline could be "National Government Increases Taxes by $25,000pa for Every Kiwi Battler!"

[richard56]

Hi
Sorry make that $1,816,438 per day.
Richard