As crazy as this may have sounded when millions of people were buying his rap albums, Vanilla Ice appeared on CNBC’s “Street Signs” today to discuss the return of house flipping to the Florida real estate market.
While Vanilla Ice, who also goes by his given name of Rob Van Winkle, said he invests in all kinds of real estate, its his Palm Beach mansion projects that make it on his TV show “The Vanilla Ice Project” on the DIY Network.
Van Winkle characterized the area’s real estate market as “better than ever,” although he acknowledged that to take advantage of the distressed market, a buyer needs to have the cash and the knowledge of how to find deals in an era where banks are too understaffed to be responsive to short sales.
“The short sales, the foreclosures are great, but the tax auctions are even better,” he said. “If nobody’s bidding against you and it’s an absolute auction you can steal these properties for pennies on the dollar.”
He said the key to his success is his knoweldge of the market. Though it might be tempting to buy the larger houses on larger properties, he stays away from those. “If you do the statistics people are moving out of those areas,” he said. “People want to be closer to the infrastructure of not justs schools but airports restaurants shopping malls and they don’t want to commute anymore.”