Vanilla Ice Is Killing The Real Estate Game?

 |  September 17, 2010

I never thought I would do a post on Vanilla Ice, but I guess dude is killing it flipping real estate.  I guess he is dropping a show called The Vanilla Ice Project, in which it shows his process for flipping houses.  Scope an excerpt of his interview with The NY Times and the trailer for the show below.

  • Are people surprised by your new career?It’s funny, because it’s not a new career direction. I’ve been doing this for over 13 years.

    I was building homes in Florida, from $300,000 to $1.5 million. The bottom dropped out of the real estate market, but I learned how to go to these seminars and read these books – Robert Shemin is one of my favorite authors. He’s a guy that I learned a lot from, by reading his books, about how to adjust to the market as it evolves. One of the adjustments was, O.K., now you can buy a foreclosed, or tax-lien or short-sale home for a lot less than you can build a home.

    Did you start building and renovating homes because you were interested in design?

    Not at all. Basically, when I had a lot of money when I was younger, I said – like most rock stars who are young and dumb – let me go buy a bunch of houses. So I bought houses in L.A., in Laurel Canyon right next door to Michael J. Fox; on Star Island, next door to Don Johnson and Melanie Griffith; in Utah; and on Bleecker Street in New York City.

    Three years went by. I never used any of them, and I thought it was the worst investment of my life. So I said, “Let’s sell everything, and I’ll have one primary house here in Miami.”

    When I sold them, I made, on each one of them, $300,000 to $400,000. I stopped in my tracks and said, “It can’t be that easy.” But it was.