Property Ladder - New show on TLC - Page 23

Marlena_M · 08-14-2007, 12:47 PM

Not only was the "toilet in front of the window" a pathetically bad idea, the flipper knew it was a bad idea... and did it anyway!!!!!!!!!!

He flat out stated on camera it would be an ignorant floor plan... but he was cheap after getting the plumber's quote and went ahead and put the toilet in front of the window.

I hate it when flippers make stupid-azz choices, don't follow the advice of professionals and think they know it all. When they do that and the results are disastrous, all I can think is how much they deserved their flip becoming a colossal flop!

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Bearcata · 08-14-2007, 03:20 PM

Reynardo is in IT (computers) in Atlanta, GA he wants to flip houses. Does he have any experience? Well, he watches a lot of tv and reads books about flipping. Well, I too watch alot of the flipping shows but no way, no how does that make me ready to flip a house. So without a business plan or any money saved, without any warning he up and quits his job and comes and tells his wife that he will now flip houses. Why that woman did not hit him in the head with a rolling pin or baseball bat I don't know, because he certainly deserved it. I am all for going for your dreams but do not be stupid about it. Plan for, have the money saved and backup plan B, C and D. Let me just say that it was so obvious that Reynardo had unrealistic goals and he was too blind to see it.

Stats:
1950's house, 4 bedrooms, 1 bath in Decateur, GA
bought: $86,000
Budget: $15,000
sell for: $180,000
profit: $79,000
timeline: 4 weeks

Comparables: In this neigborhood a 2 yr old home with 3 bedrooms, 2.5 baths and a 2 car garage averages $179,000. Just across the street from this house is a 2 yr old home that has been on the market for months. Reynardo feels that his rehab home that has a unfinished basement and no garage will be worth more that the new builds. Rocks in head, rocks in head. This man is delusional. The wiring is probably not up to code and the house probably needs AC and a new furnace. He had budgeted $300 for new kitchen cabinents and $100 for new counters.

Day 1: No one shows up.

This is just the start. Reynardo does not think he should be on site, and just let the contracters do what they need to do. Then why did he quit his job if he was not going to be on site? Then he starts whinning how inconvenient it is to drive down to Decateur everyday to check on the site. Did Reynardo expect flipping would be easy and that he could just quit his job and sit on his butt while other people worked and made money for him. Pipe dreams. As Kirsten says, its your money, your investment, you need to be there to protect it.

There is a sheer disaster with the plumbing, just how many plumbers did Reynardo use? At least 3 or 4. The inspectors closed the site down at least 3 times due to bad plumbing. Reynardo insisted on putting in a 2nd bathroom and this is where all the problems started. That and the design was bad. I don't think many people want a toilet in front of a window and can anyone actually fit into that shower with out hitting your head on the slope.

The 4 wk timeline stretches out to 13 wks. Oh, why paint a brick house if the brick looks good. I would rather have the original brick and not have to worry about the expense of painting the house every few yrs. Thats why they invented siding. No maintenaince.

Finally the house is done. The budget went from $15,000 to $25,000 and Reynardo has the house listed at $182,500. 3 realtors have looked at the property and have priced it at $190,000, $199,000 and $159,900. The house sits on the market for 15 wks with no offers. Reynardo takes it off the market and tries to rent it to recoup his espenses. He is ready to flip again. I see bankruptcy and financial ruin in this families future.

This is a great episode of how not to flip a house, that is what I like about this show they show you how brutal the business can be.

Bearcata · 08-14-2007, 03:43 PM

The housing market seems to be booming in Austin, TX and Stacey and Micheal, are husband and wife, both are real estate agents and both have been professionally rehabbing houses for that last 4 yrs.

The house:
Built: 1973
1960 s f
4 bedrooms
2 baths

price: $95,000
budget: $45,000
timeline: 4 weeks

I loved how this couple had a relationship with a rehab firm that they had used before and that this firm was going to be in charge of the built. They are going to open some walls to make the space flow better. Paint the house, new carpeting and spend the bulk of the budget in the kitchen. They had wanted to redo the master bath as far as opening it up but the budget would not allow it and they were sticking to the budget. I like how the the couple said not to overbuild the house, while granite countertops were all the rage the majority of the houses in the area did not have granite countertops and therefore they used laminate instead. Remember this is a business and not to build to suit your own individual tastes. I also liked how the Stacey empahsized the curb appeal of the home and while the house did have a brick front they did not paint it, just added new plantings.

Now this is how flip should be done. Stacey and Michael made sure that they visited the site daily, but they also had a good crew doing the job. Hey Reynardo maybe you should call these people and ask for advice.

Land Pirate · 08-14-2007, 06:57 PM

Retardo may just be the laziest and most clueless rehabber I have seen on this show. And I saw every episode of sesasons I and II.

This show just kind of shows up when a new season starts. I suppose they advertise it on their own network, but I never watch their network, so I just found out the third season had begun.

OMG, he painted that nice brick, what a boob. I thought the second bath was actually a good idea, but his execution was horrible. The commute was too much trouble? Huh?, isn't this your job now?

As usual for this show, I don't believe the numbers presented. I have researched similar show properties in the past and found huge discrepancies in the public record vs. the claims on the show. He claimed to have paid $86,000, I'm guessing it was more like $110,000.

Marlena_M · 08-14-2007, 07:00 PM

Quote:

Originally Posted by Bearcata

The housing market seems to be booming in Austin, TX and Stacey and Micheal, are husband and wife, both are real estate agents and both have been professionally rehabbing houses for that last 4 yrs.

The house:
Built: 1973
1960 s f
4 bedrooms
2 baths

price: $95,000
budget: $45,000
timeline: 4 weeks

I loved how this couple had a relationship with a rehab firm that they had used before and that this firm was going to be in charge of the built. They are going to open some walls to make the space flow better. Paint the house, new carpeting and spend the bulk of the budget in the kitchen. They had wanted to redo the master bath as far as opening it up but the budget would not allow it and they were sticking to the budget. I like how the the couple said not to overbuild the house, while granite countertops were all the rage the majority of the houses in the area did not have granite countertops and therefore they used laminate instead. Remember this is a business and not to build to suit your own individual tastes. I also liked how the Stacey empahsized the curb appeal of the home and while the house did have a brick front they did not paint it, just added new plantings.

Now this is how flip should be done. Stacey and Michael made sure that they visited the site daily, but they also had a good crew doing the job. Hey Reynardo maybe you should call these people and ask for advice.

Agree - this was a really good episode! I keep telling my hubby about not overbuilding yourself right outta the neighborhood so when that was mentioned by Michael mentioned it I basically gave a "see there" look to hubby

Michael and Stacey seem to be a good team and it really helped that they have a company of pros they use in several of their projects.

Allie · 08-14-2007, 09:15 PM

Quote:

Originally Posted by Marlena_M

Agree - this was a really good episode! I keep telling my hubby about not overbuilding yourself right outta the neighborhood so when that was mentioned by Michael mentioned it I basically gave a "see there" look to hubby

Michael and Stacey seem to be a good team and it really helped that they have a company of pros they use in several of their projects.

Yup. You don't buy the best house in a bad neighborhood. You do the opposite. Over-building will not net you money. The neighborhood is important. Don't build a mini-mansion surrounded by moble homes (nothing wrong with them, I lived in one in my single life) and then expect to get top dollar.

Marlena_M · 08-15-2007, 01:33 PM

Quote:

Originally Posted by Allie

Yup. You don't buy the best house in a bad neighborhood. You do the opposite. Over-building will not net you money. The neighborhood is important. Don't build a mini-mansion surrounded by moble homes (nothing wrong with them, I lived in one in my single life) and then expect to get top dollar.

Absolutely! Buy the worst house in the best neighborhood... still don't overbuild... and you have a better chance at netting a decent profit.

Bearcata · 08-19-2007, 10:02 PM

1st time flipper Johnnie Mac from Texas is here to make his fortune flipping houses with a little budgeting help from his friend, Valerie. BTW he has no construction experience.

Johnnie Mac bought a 1920's bungalow, 3 bedrooms, 1.5 bath in South LA for $350,000. It is the worst house in the neighborhood and he plans to make it the best. Comparables in the area are $550,000 to $570,000. Johnnie Mac plans to list his house for $599,000. He plans to renovate for $60,000 and do it in 8 wks. Ah, the best laid plans of mice and men.

The original owner has the basement and back yard full of his stuff and says he will remove it in 1 wk, ha, ha, ha. 1 wk comes and goes and the previous owner says he needs money to rent a truck and shows up 2 wks later and then bitches that people have moved his stuff and that he can't get it all this time and need to come back later. Johnnie Mac is being way too nice, the electrician and the plumber can't work on the house at all (all new wiring and plumbing) cause of all the junk in the basement. Valerie gets fed up get some friends over and moves all the stuff to a storage unit and sends the bill to the previous owner who I am sure is pissed off about it, but seriously, Johnnie Mac had every right to toss that stuff to the curb at that point. He also has permit problems. The backroom on the house and the addition to the garage are unpermited. JM wanted to list the property as a duplex and will not be able to. He is trying to save the backroom and has brought the ceiling up to code but needs a new foundation. At one point the backroom is falling off the back of the house and they manage to safe it and put in a new foundation and pass inpection. One thing he needed to do is neutralize the cat pee smell with a neutralizer on a daily basis and perphaps bleach the floor but he did not do that and the cat pee stains show and Kirsten recommends a dark stain. He also repaints the house, guts the kitchen and really modernizes it, although Kirsten told him to only update the appliances and countertops as people like the character of the old bungalows. Me I like the updated kitchen. Character is only nice if it doesn't make my life harder.

All in all JM's timeline is doubled to 16 wks, the budget is $67,000 plus carrying costs ends up $79,000. Various realtors have estimated the price point to be $550,000, $575,000 and $545,000. JM insists on listing it at $599,00 even with the cracked driveway. Kirsten advises him to take the first offer and negotiate. Day 5 he gets an offer for $550,000 and still makes a profit of $120,000.

jguitar · 08-19-2007, 10:10 PM

Johnny Mac is not quite the country bumpin the show editors made him out to be.

Quote:

John McCarthy

After injuring his knee and missing an opportunity to try out for the NFL, John (a.k.a. Johnny Mac) decided to move from Sour Lake, Texas to Beverly Hills, California and stake his claim. Within the last 2 years he has done just that and more, and has taken being a Real Estate agent to a whole new level. His charismatic and energetic personality launched his success with RE/MAX Signature Properties to be the 2006 Rookie of the Year. Although John’s main focus has been working with buyers, and building a stream of life long clients, he has recently taken a turn to working with investments as well. With his first personal investment, Johnny Mac shot for the stars and landed his flip property on Network Television. The reality television series “Property Ladder” featured on TLC is filming his 8 week long renovation and will air summer 2007. Johnny Mac plays a key role on TEAM ADVANTAGE at RE/MAX and his confidence and professionalism helps him maintain superior customer service for his clients.

Valerie works with him at the same company and I would think he knows a little bit about permits.

Bearcata · 08-20-2007, 01:17 AM

Quote:

Originally Posted by jguitar

Johnny Mac is not quite the country bumpin the show editors made him out to be.

Valerie works with him at the same company and I would think he knows a little bit about permits.

OK, so he is a realtor with 2 yrs experience and yet he screwed up on the permits???

08-14-2007, 12:47 PM	#221
Marlena_M as always just my opinion Join Date: May 2005 Location: Southern California Posts: 376	Re: Property Ladder - New show on TLC Not only was the "toilet in front of the window" a pathetically bad idea, the flipper knew it was a bad idea... and did it anyway!!!!!!!!!! He flat out stated on camera it would be an ignorant floor plan... but he was cheap after getting the plumber's quote and went ahead and put the toilet in front of the window. I hate it when flippers make stupid-azz choices, don't follow the advice of professionals and think they know it all. When they do that and the results are disastrous, all I can think is how much they deserved their flip becoming a colossal flop! __________________ There's nothing so insignificant that it can't be blown out of proportion

08-14-2007, 03:20 PM	#222
Bearcata what a strong finger Join Date: Apr 2004 Location: the edge of the beltway Posts: 7,995	8/11/07 - Reynardo/Thera - What Not To Do Reynardo is in IT (computers) in Atlanta, GA he wants to flip houses. Does he have any experience? Well, he watches a lot of tv and reads books about flipping. Well, I too watch alot of the flipping shows but no way, no how does that make me ready to flip a house. So without a business plan or any money saved, without any warning he up and quits his job and comes and tells his wife that he will now flip houses. Why that woman did not hit him in the head with a rolling pin or baseball bat I don't know, because he certainly deserved it. I am all for going for your dreams but do not be stupid about it. Plan for, have the money saved and backup plan B, C and D. Let me just say that it was so obvious that Reynardo had unrealistic goals and he was too blind to see it. Stats: 1950's house, 4 bedrooms, 1 bath in Decateur, GA bought: $86,000 Budget: $15,000 sell for: $180,000 profit: $79,000 timeline: 4 weeks Comparables: In this neigborhood a 2 yr old home with 3 bedrooms, 2.5 baths and a 2 car garage averages $179,000. Just across the street from this house is a 2 yr old home that has been on the market for months. Reynardo feels that his rehab home that has a unfinished basement and no garage will be worth more that the new builds. Rocks in head, rocks in head. This man is delusional. The wiring is probably not up to code and the house probably needs AC and a new furnace. He had budgeted $300 for new kitchen cabinents and $100 for new counters. Day 1: No one shows up. This is just the start. Reynardo does not think he should be on site, and just let the contracters do what they need to do. Then why did he quit his job if he was not going to be on site? Then he starts whinning how inconvenient it is to drive down to Decateur everyday to check on the site. Did Reynardo expect flipping would be easy and that he could just quit his job and sit on his butt while other people worked and made money for him. Pipe dreams. As Kirsten says, its your money, your investment, you need to be there to protect it. There is a sheer disaster with the plumbing, just how many plumbers did Reynardo use? At least 3 or 4. The inspectors closed the site down at least 3 times due to bad plumbing. Reynardo insisted on putting in a 2nd bathroom and this is where all the problems started. That and the design was bad. I don't think many people want a toilet in front of a window and can anyone actually fit into that shower with out hitting your head on the slope. The 4 wk timeline stretches out to 13 wks. Oh, why paint a brick house if the brick looks good. I would rather have the original brick and not have to worry about the expense of painting the house every few yrs. Thats why they invented siding. No maintenaince. Finally the house is done. The budget went from $15,000 to $25,000 and Reynardo has the house listed at $182,500. 3 realtors have looked at the property and have priced it at $190,000, $199,000 and $159,900. The house sits on the market for 15 wks with no offers. Reynardo takes it off the market and tries to rent it to recoup his espenses. He is ready to flip again. I see bankruptcy and financial ruin in this families future. This is a great episode of how not to flip a house, that is what I like about this show they show you how brutal the business can be. __________________ "When life gives you lemons, squirt lemon juice in your enemy's eyes." Last edited by Bearcata; 08-14-2007 at 03:32 PM.

08-14-2007, 03:43 PM	#223
Bearcata what a strong finger Join Date: Apr 2004 Location: the edge of the beltway Posts: 7,995	8/11/07 - Flip That House in Austin The housing market seems to be booming in Austin, TX and Stacey and Micheal, are husband and wife, both are real estate agents and both have been professionally rehabbing houses for that last 4 yrs. The house: Built: 1973 1960 s f 4 bedrooms 2 baths price: $95,000 budget: $45,000 timeline: 4 weeks I loved how this couple had a relationship with a rehab firm that they had used before and that this firm was going to be in charge of the built. They are going to open some walls to make the space flow better. Paint the house, new carpeting and spend the bulk of the budget in the kitchen. They had wanted to redo the master bath as far as opening it up but the budget would not allow it and they were sticking to the budget. I like how the the couple said not to overbuild the house, while granite countertops were all the rage the majority of the houses in the area did not have granite countertops and therefore they used laminate instead. Remember this is a business and not to build to suit your own individual tastes. I also liked how the Stacey empahsized the curb appeal of the home and while the house did have a brick front they did not paint it, just added new plantings. Now this is how flip should be done. Stacey and Michael made sure that they visited the site daily, but they also had a good crew doing the job. Hey Reynardo maybe you should call these people and ask for advice. __________________ "When life gives you lemons, squirt lemon juice in your enemy's eyes."

08-14-2007, 06:57 PM	#224
Land Pirate FORT Newbie Join Date: Jun 2007 Posts: 39	Re: Property Ladder - New show on TLC Retardo may just be the laziest and most clueless rehabber I have seen on this show. And I saw every episode of sesasons I and II. This show just kind of shows up when a new season starts. I suppose they advertise it on their own network, but I never watch their network, so I just found out the third season had begun. OMG, he painted that nice brick, what a boob. I thought the second bath was actually a good idea, but his execution was horrible. The commute was too much trouble? Huh?, isn't this your job now? As usual for this show, I don't believe the numbers presented. I have researched similar show properties in the past and found huge discrepancies in the public record vs. the claims on the show. He claimed to have paid $86,000, I'm guessing it was more like $110,000.

08-19-2007, 10:02 PM	#228
Bearcata what a strong finger Join Date: Apr 2004 Location: the edge of the beltway Posts: 7,995	8/18/07 South Los Angeles 1st time flipper Johnnie Mac from Texas is here to make his fortune flipping houses with a little budgeting help from his friend, Valerie. BTW he has no construction experience. Johnnie Mac bought a 1920's bungalow, 3 bedrooms, 1.5 bath in South LA for $350,000. It is the worst house in the neighborhood and he plans to make it the best. Comparables in the area are $550,000 to $570,000. Johnnie Mac plans to list his house for $599,000. He plans to renovate for $60,000 and do it in 8 wks. Ah, the best laid plans of mice and men. The original owner has the basement and back yard full of his stuff and says he will remove it in 1 wk, ha, ha, ha. 1 wk comes and goes and the previous owner says he needs money to rent a truck and shows up 2 wks later and then bitches that people have moved his stuff and that he can't get it all this time and need to come back later. Johnnie Mac is being way too nice, the electrician and the plumber can't work on the house at all (all new wiring and plumbing) cause of all the junk in the basement. Valerie gets fed up get some friends over and moves all the stuff to a storage unit and sends the bill to the previous owner who I am sure is pissed off about it, but seriously, Johnnie Mac had every right to toss that stuff to the curb at that point. He also has permit problems. The backroom on the house and the addition to the garage are unpermited. JM wanted to list the property as a duplex and will not be able to. He is trying to save the backroom and has brought the ceiling up to code but needs a new foundation. At one point the backroom is falling off the back of the house and they manage to safe it and put in a new foundation and pass inpection. One thing he needed to do is neutralize the cat pee smell with a neutralizer on a daily basis and perphaps bleach the floor but he did not do that and the cat pee stains show and Kirsten recommends a dark stain. He also repaints the house, guts the kitchen and really modernizes it, although Kirsten told him to only update the appliances and countertops as people like the character of the old bungalows. Me I like the updated kitchen. Character is only nice if it doesn't make my life harder. All in all JM's timeline is doubled to 16 wks, the budget is $67,000 plus carrying costs ends up $79,000. Various realtors have estimated the price point to be $550,000, $575,000 and $545,000. JM insists on listing it at $599,00 even with the cracked driveway. Kirsten advises him to take the first offer and negotiate. Day 5 he gets an offer for $550,000 and still makes a profit of $120,000. __________________ "When life gives you lemons, squirt lemon juice in your enemy's eyes."