MSNBC interviewed Vanilla Ice on flipping houses. If you haven't checked out his reality show The Vanilla Ice Project you can watch it it on the DIY network.
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MSNBC: We heard yesterday that flipping homes is making a comeback in Georgia. But guess what? It’s also hot in parts of Florida where the reality show The Vanilla Ice Project takes place. That’s right. You heard him.The musician, he is now very successfully buying, fixing up and selling homes and he has a hit T.V. show as well Rob Van Winkle joining us live from Las Vegas. You made a lot of money, right, early in your career? You had a lot of big hits in the beginning. You were rolling in it. Is this more profitable than music?
Vanilla Ice: You know what? They’re both pretty good to be honest with you. The great thing is I found another passion that does make money. But I enjoy myself as well. I’ve been doing real estate now for 15 years and it’s evolved. And the good thing is that most people want to hear, is it back? Is it great today? I think it’s better than ever. I think the most important thing is that yesterday’s history,tomorrow’s a mystery. Take it day-by-day and know your markets. It’s very important.
MSNBC: Why do you say better than ever? For someone who has the cash to pick up stressed assets, foreclosed homes, that kind of thing?
Vanilla Ice: Absolutely. Listen, it’s evolved. It’s not what it used to be. That is correct. The short sales, foreclosures are great but tax auctions are even better. I bought the season three house on a tax auction. If no one’s bidding against you,you can steal the homes for pennies on the dollar. The important thing is to know your location. Same as the stock market. It’s more important than ever today.
A lot of these homes people see them everywhere California to New York to Miami and in between, they’re sitting three or four or five years just rotting. People don’t understand why they don’t want to sell them. Well, the short sales and foreclosures, you go to call these banks, they’re understaffed, nobody returns your calls. They’re not that easy to get.
MSNBC: What you’re saying is, Rob, you got to work like a dog to get this stuff done because you’re dealing with all the red tape and bureaucracy. I’ve seen some of your homes. You had a glass elevator in one. These are big homes with all kinds of wallpaper and luxury stuff you’re doing. What’s the average cost of a home you’re selling after you get done with it?
Vanilla Ice: Well, I mean, I’m in the millions. I’m doing the mansions now, but, you know, I didn’t start there. I worked my way up. I also do commercial real estate and smaller things like condos and everything. But, you know, they’re not on T.V. But, you know, diversify. That’s the whole thing and, you know, for T.V., the mansions look better. But in Palm Beach, that is what the area is, right?
There’s a lot of money in Palm Beach and I know my market there. I don’t drift away too much from that area because I know it very well. And I think that’s very important. You know, there are homes that are sitting back further from the infrastructure that might be on a bigger piece of property and they look very appetizing, but if you do the statistics, people are moving out of those areas.
So you might want to stay away from those, you know. People want to be closer to the infrastructure of not just schools but airports,restaurants, shopping malls. and they don’t want to commute anymore. And, you know, with gas prices where they are –right. It makes them want to go there even more.
MSNBC: You sound like a savvy guy. Which brings me to my next question. You’ve mentioned locations many times during this interview. It’s not always location, location, location. Which place looks most attractive to you right now? Which market?
Vanilla Ice: Like I said, I like Palm Beach. Florida is hot. A lot of the areas that got hit hard during the housing downturn are some of the first areas to come back out of it because they were desirable then and they’re desirable now. They just got hit with a bomb there for a minute and they’re still desirable. People like the homes with a lot of feng shui. Outside is very important. I put a tiki hut outside to represent we’re in Florida. It’s very important.
MSNBC: I know you make your homes smart as well. State-of-the-art technology. Ice, Rob, Vanilla, whatever we like to call you, thank you for joining us.