Steve Dannenmann: House flipper

[Dan Druff]

So I was reading a post on my Facebook news feed by Eric Froelich, who was lamenting a big PCA pot he lost all in with AK vs AK.

The following conversation then took place:

Steven Dannenmann
I think you are ready to get a real job....seriously, its fun to go to work everyday...lol
4 hours ago · Like · 1

Steven Dannenmann
let me coach you to a different career kid!....pay me a $100k and you will be making over a million by the 3rd year...no luck involved...
4 hours ago · Like · 5

David Williams
Steve, doing what? I'm interested
3 hours ago via mobile · Like · 4

Todd Witteles
Steve if you are sure he will be making a million by the 3rd year, why not just coach him in exchange for 10% of his income in year 3?
45 minutes ago via mobile · Like

Steven Dannenmann
cant do that...most people aren't coachable...they try to invent the wheel again, or don't listen or just lazy....up front money baby....I do a smaller coaching session for $25k....
40 minutes ago · Like

Steven Dannenmann
David Williams....flipping homes, been doing it for the last 5 years-part-time....flipped over 65 homes in the last 5 years...fun, exciting, and of course profitable....no luck involved and doing in one of the worst markets we've had since the 1970's....lot of opportunity in vegas coming up in the next few years...why? because of demographics...check out Harry Dent's books...amazing guy...baby boomer generation means they will be selling there big homes to buy smaller homes and vacation homes....where?...warm weather states...vegas, Arizona, florida, texas....lots of opportunities in those states....I buy and sell no more than 15 minutes from my home in Severn, MD....I hate to drive...and like to keep it fun...so much more fun than poker
35 minutes ago · Like

Steven Dannenmann
imagine this for a moment...what would it be like if every time you bought into a poker tournament you knew you were going to make final table money?....how much fun would that be?...well, every time I buy a house I am going to the final table...I may make 5th or 3rd, 2nd sometimes and occasionally 1st place money....now that my friend is exciting....no luck involved in that, no bad beats, no guess work....
32 minutes ago · Like

Eric Froehlich
how would someone have time to coach someone or find it worthwhile for 25k when making final table money repeatedly?
30 minutes ago · Like

Todd Witteles
Steve Dannenmann picking up where Tom Vu left off.
13 minutes ago via mobile · Like

Todd Witteles
In all seriousness, much like Steve needed luck to get where he did in the WSOP, so did he with the home flipping strategy. Vegas home prices went up a lot during the past 2 years, but a downturn has already begun. So anyone trying to flip now in Vegas... well, good luck to you.




And yes, David Williams is "that" David Williams.

[The_Standard]

That's funny. David Williams can't be broke.....can he?

[Dan Druff]

BTW to show how full of shit Dannenmann is, he talks about this year being "the worst market since the 1970s".

First off, that's not true. This was somewhat of a recovery year for housing. The terrible year was 2008 for everyone, and then the following two years were also pretty bad in most markets. Then it was flat in most areas, and the last two years have seen an uptick.

But let's put that aside. What's this nonsense about "the 1970s", as if there was a housing crash then?

The 1970s were the start of a housing BOOM that saw no downturns until the early 1990s. There was a small decrease in the early 1990s, which lasted through the middle of the decade, and then housing prices took off big time until the huge crash of 2008.

Here is the graph:



You will see from that graph that real estate was generally not the greatest investment during the first half of the centrury (it was mostly flat), but it really took off in the late 1960s, and aside from that 5-year period from around 1991-1996, housing appreciated big time for the next 40 years.

That's actually some of what led to the crash of 2008. Everyone assumed that real estate was always a safe buy (and in fact a guaranteed great investment), since it had basically been exactly that since the late 1960s. This is part of the reason why banks were making such flimsy loans (the other being that they were being pressured to by lawmakers to make loans available to poor applicants.) The banks felt that, even if the buyer defaults, they will still be left with a house that has appreciated, so it was a freeroll for them. Except it wasn't. Oops.

Anyway, bottom line is that Dannenmann must be making most of his money selling these "house flipping coaching" sessions, rather than making a million a year flipping himself. The fact that he claims he's buying houses in Vegas from Maryland without even leaving his home leads me to believe he is part of some idiotic house-flipping investment co-op, or something similar.

[simpdog]

PFA blowing up spots.

Are you FB friends with all of the above names?

[Dan Druff]

PFA blowing up spots.

Are you FB friends with all of the above names?

No, only Froehlich.

I wouldn't have posted this if it made Froehlich look bad, but I didn't feel it was anything embarrassing/private.

[sonatine]

Did Steve Dannenmann kill multiple prostitutes or just the one?

[snake_in_the_ass]

Steve mentioned Harry Dent.....Harry Dent said DOW 36000 at the 1999 top and DOW 3000 at the 2009 low.

[4Dragons]

Did Steve Dannenmann kill multiple prostitutes or just the one?

wow, i still had it.

[ThreeBet]

[Pooh]

Druff,

You're the same guy that poo-pooood Bitcoin at $2 per. You're an eternal pessimist. He's actually right about flipping houses. There is huge money to be made if done in one of the depressed markets. I'm in Florida and I have customers who are flipping houses and making bank doing it. It's far from risk free though.

There still are deals out there but they are more difficult to find. My guy is making about 30k per house and I can give addresses to prove it.

[Brittney Griner's Clit]

Druff,

You're the same guy that poo-pooood Bitcoin at $2 per. You're an eternal pessimist. He's actually right about flipping houses. There is huge money to be made if done in one of the depressed markets. I'm in Florida and I have customers who are flipping houses and making bank doing it. It's far from risk free though.

There still are deals out there but they are more difficult to find. My guy is making about 30k per house and I can give addresses to prove it.

Weird that your customers talk so much. I usually shut the fuck up while I take head.

[Brittney Griner's Clit]

I got plus dix from Zap. Probably just reached the peak of my forum existence.

[nunbeater]

Ha ha, my buddy was playing some tourney somewhere and Steve Dannenman was there. They were bullshitting and Steve was drunk so my buddy was like hey how you doing today? Dannenman was like Shitty man, just got busted by some n-word.

[TheXFactor]

Maybe he could teach Phil Ivey and Jennifer Harman about buying real estate.

Phil Ivey bought a luxury condo in Las Vegas for $3.8 million.
He sold it a few months ago for $3.3 million, for a loss of $500,000.

Jennifer Harman bought a house in Vegas in summerlin near the red rock country club
for $2.4 million in 2006.

She rented it out to Daniel Negreanu for a few years.
Jennifer sold it last summer for less than a million dollars, total loss over $1.4 million.

Do you mean that Steve Dannenmann figured out how to buy low and sell high?

No Way!!!

[bottomset_69]

This is from his CPA website where he has a lot of authentic pictures helping clients with their taxes, saving them money and shit.

You may have seen me on ESPN back in 2005 when I was the runner-up in the World Series of Poker. Obviously as a CPA, I am very good with numbers which lends itself well to playing poker and calculating odds. One of my hobbies is poker. My other hobby is flipping houses. Over the past few years, I have flipped over 70 houses. If you are interested in learning about poker click below to view videos, pictures, and more. Also, you can click on the link for my Jack Pot Radio Show Facebook page which is a radio show I co-host all about casino gaming. You can see how both of my hobbies tie into being a CPA as both require very good skill at numbers. I look forward to talking with you soon!

[anonamoose]

Druff,

You're the same guy that poo-pooood Bitcoin at $2 per. You're an eternal pessimist. He's actually right about flipping houses. There is huge money to be made if done in one of the depressed markets. I'm in Florida and I have customers who are flipping houses and making bank doing it. It's far from risk free though.

There still are deals out there but they are more difficult to find. My guy is making about 30k per house and I can give addresses to prove it.

Yeah that's totally FT money

[anonamoose]

Did Hockey Guy forget how to read or something?

[Hockey Guy]

Did Hockey Guy forget how to read or something?

Maybe. I thought you were being sarcastic & insinuating 30-50K isn't FT money when it is in fact for many tournaments these guys play including the one Druff cashed in. Obviously not for the ME & some of the bigger WSOP/WPT/EPT events with huge buy-ins but for a lot of the smaller prelim events on the circuit or their home casino they most certainly are.

[Dan Druff]

Druff,

You're the same guy that poo-pooood Bitcoin at $2 per. You're an eternal pessimist. He's actually right about flipping houses. There is huge money to be made if done in one of the depressed markets. I'm in Florida and I have customers who are flipping houses and making bank doing it. It's far from risk free though.

There still are deals out there but they are more difficult to find. My guy is making about 30k per house and I can give addresses to prove it.

You won't find anyone -- even the biggest bitcoin proponents -- who felt that it would ever see anything like $900 per coin back when it was $5-$20. This took everyone by surprise.

House flipping was very profitable when the market was consistently rising. I even considered doing it myself in past years, as far back as 1998, but every time I seriously considered doing it, I was afraid we were at the top and the crash was just around the corner. The rise was just so fast, I kept saying, "This has to end soon", and it just kept going and going for about 12 years. Finally in 2008 it all fell apart amazingly quickly.

Now we are in a weird spot, with some markets rebounding but nobody knowing if yet another crash/correction is coming soon, even if on a smaller scale. As I said, Vegas home prices have already retreated from their peak recently, though still way up from 2010.

If you can find an amazing value (usually from a clueless/desperate seller, or a house in poor cosmetic condition), you can still make reliable money flipping, but it's a lot harder than it used to be.

Incidentally, when I saw the market starting to rise in 2011 in California, I was strongly considering buying a house which would have appreciated about $250,000 by today. Obviously I regret not doing it. Today is a different story, though, as I don't see the rise as likely as I did in 2011.

[Pooh]

Druff,

You're the same guy that poo-pooood Bitcoin at $2 per. You're an eternal pessimist. He's actually right about flipping houses. There is huge money to be made if done in one of the depressed markets. I'm in Florida and I have customers who are flipping houses and making bank doing it. It's far from risk free though.

There still are deals out there but they are more difficult to find. My guy is making about 30k per house and I can give addresses to prove it.

You won't find anyone -- even the biggest bitcoin proponents -- who felt that it would ever see anything like $900 per coin back when it was $5-$20. This took everyone by surprise.

House flipping was very profitable when the market was consistently rising. I even considered doing it myself in past years, as far back as 1998, but every time I seriously considered doing it, I was afraid we were at the top and the crash was just around the corner. The rise was just so fast, I kept saying, "This has to end soon", and it just kept going and going for about 12 years. Finally in 2008 it all fell apart amazingly quickly.

Now we are in a weird spot, with some markets rebounding but nobody knowing if yet another crash/correction is coming soon, even if on a smaller scale. As I said, Vegas home prices have already retreated from their peak recently, though still way up from 2010.

If you can find an amazing value (usually from a clueless/desperate seller, or a house in poor cosmetic condition), you can still make reliable money flipping, but it's a lot harder than it used to be.

Incidentally, when I saw the market starting to rise in 2011 in California, I was strongly considering buying a house which would have appreciated about $250,000 by today. Obviously I regret not doing it. Today is a different story, though, as I don't see the rise as likely as I did in 2011.

Don't take this the wrong way because I like you but this seems to be the story of your life when it comes to investment type things. Honest question, how many houses have you owned in your life? You're almost 42 and I'm guessing zero. Am I close? The market is still going up by the way. No market will go up in a straight line whether its stocks or real estate. It goes up, then down a little, then up further and so on.