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Thread: Property Ladder - New show on TLC

  1. #241
    Read The Clue Bearcata's Avatar
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    Re: Property Ladder - Million Dollar Buddies - Sept. 29th

    Quote Originally Posted by David Shanahan;2553996;
    Hello All,

    Watch our TV episode of TLC’s Property Ladder - Million Dollar Buddies - on Saturday, Sept. 29th at 8:00 pm.

    I have a website where I documented the entire Flip and the Filming of the episode. If you want to get the inside scoop check it out.

    www (dot) davidshanahan (dot) com

    Feel free to comment or send me an email if you have any questions.

    Thanks,

    David Shanahan
    Wow, thanks David for posting and giving us some info. Do you really think Kirsten is Snarky?? Was she helpful at all or just being the host? Liked your reasons for not doing another reality tv show. I went ahead and put url tags on your website address so it will be easier to link to. David Shanahan
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  2. #242
    Read The Clue Bearcata's Avatar
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    09/01/07 - show comments

    Well, Property Ladder continues to be WHAT NOT TO DO IN A FLIP 101 and Flip That House continues to be WHAT TO DO 101.

    Nathan is a total doofus, how in the world does he manage to survive in business. A 2 wk flip becomes a 16 wk flip and it basically sucks. The finishes are cheap, stuff is not done. A total YUCK!

    Nathan is an idiot.
    Last edited by Bearcata; 09-02-2007 at 12:03 AM.
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  3. #243
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    09/01/07 - Garden Grove Condo - Nathan and Marcus

    Nathan is into Fen Shui, has a lucky number of 2 and 8. He is using his own money on this flip. He is the CEO of Pig Corp and wants to flip 28 houses this yr. He of course will not do any manual labour himself. He wants to outsource it all. There of course is a budget of $12,280 for the flip but not really as it is their first flip and who knows what they really need and how much it will cost. Uh... measure the rooms, go to Home Depot or Lowes and figure out how much new carpet would cost per sq ft, new tile per sq ft, paint depending on room size. Measure the bat vanities, and price out new vanities, mirrors, sinks, faucets, medicine cabinents, shower doors. Go get prices for a new stove, microwave oven, hood, dishwasher and refrigerator. Measure the kitchen cabinents and countertops and see what is available at what cost. Also see what a standard sink and garbage disposal cost. Duh... Add all that up and you get a materials budget. Double it to include labor. Add 10% for whatever little items you have forgotten and than 10% for overages. Voila you have a budget. For someone who is supposed to be doing the research and making phone calls and getting bids all I see Nathan doing is walking the dog and stopping the work.

    All the above tends to put Marcus in a good light, but his blatant disregard for HOA regulations (dumping construction depry into the condo's trash bins) and ignoring HOA letters and disregarding and insulting the neighbours shows off his crudeness as much as Nathan's.

    This is a simple cosmetic flip. Update an outdated condo. Replace the carpet, and tile through out the unit. Scrap off the popcorn ceiling repaint the entire unit. Replace all the electrical outlets with new. Very doable in a 2 week time period if they have the contractors all lined up. Do they? Well, Nathan and Stanford ( a friend ) have no previous construction experience and want to do all the labor themselves with of course Nathan helping. Nathan refuses to do any manual labor. The one day he shows up, he sits on the kitchen counter, reads his feng shei book, eats a sandwich and goes home. Why does it take so long to demo the place. They are still demoing weeks later. Personally I would have kept one bathroom fixed the other and then switched. I mean I would like to have a working bathroom if I am going to be on the premises that long. Day 32 Nathan puts a stop to the work because they can't decide who will make the phone call to call a dumpster company to haul away their trash. Wk 6 Nathan puts a stop to the work cause Marcus and Stanford demo'd the bathroom vanities. Nathan puts his foot down and finally outsources the work. Yeah, get some professionals in there. The painters start to paint the cabinents white but stop as the oils in the wood are seeping through and make the paint job look horrible. Nathan is OK with it even though the painter, Marcus and Stanford all agree it looks horrible. Nathan strikes me as someone who will sell a cheap product at an inflated price yet scream bloody murder for not getting quality for a cheap price. His company name, Pig Corp is displaying all the bad tendencies of its namesake.

    Finally after 16 wks the condo is finished. Well, not really, vanity mirrors are missing from the bathrooms, the finishes are cheap, the kitchen cabinent doors stick and not all close properly. The brand new carpet is stained. Not all the light fixtures are in. The old shower door is still there. No closet doors on closets. Some of the bathroom windows stick and are broken.

    Original stats:
    bought: $313,000
    budget: $12,280
    Timeline: 2 weeks
    Sell for: $400,000
    Potential profit: $68,720

    Comps in area: $375,000

    Final Stats:
    bought: $313,000
    Budget: $25,000 (includes carrying costs)
    Timeline: 16 weeks
    Sell for: $380,280
    Potential Profit: $42,280

    I do think that if Nathan and Marcus came up with a plan and a budget of $20 -$25,000 and used outside labor from the begining they would have finish anywhere from 4 to 8 wks within their budget, had quality craftsmanship and quality finishes, they would have no trouble putting their condo on the market for $380,000 and getting it. Again another example of what not to do from Property Ladder.
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  4. #244
    Read The Clue Bearcata's Avatar
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    09/01/07 - Flip That House - Downey, CA

    Arthur Babigian and entrepeur who lives in a trailer, drives a Ferrari and sings in a band. That explains the long hair. He bought a house in Downey, CA, a suburb of LA.

    Stats: 1,200 sf, 4 bedrooms, 2 baths. Cost: $425,000. Budget: $30,000. Timeline: 4 weeks.

    Arthur has a plan, remove a wall to open up the inside from front to back. The back addition was acting as a bedroom and make it a family room. Refinish the hardwood floors in the living room and bedrooms. Install a dark wood lamininate in the new family room to match. Expand the master bathroom into the master closet and just retile and replace the toilet in the other bathroom. Add a 2 car garage in the back and redo the driveway with a new concrete one. Repaint the house inside and out. The current garage will have a the back wall replaced with a garage door so it will act as a drivethrough to the new 2 car garage.

    The renovation ends up taking up 6 weeks. The new layout is really nice. Once you enter the living room you can see through the kitchen all the way to the fireplace in the new family room. The living room, kitchen, and family room all have recessed lighting. A very nice consistent look that provides a lot of light yet does not block the view with any changeliers or light fixtures. Very sleek and clean. I personally do not like the railing that separates the kitchen from the family room. The color of the railing does match the kitchen cabinents but the style is too round and old fashioned. It would have looked much better with simple straight rails. Much more in keeping with the cleaner sleeker style of the house. I also do not like the almost black stain of the floors, but it is possible that they could not sand out all the stains in the floor and went for a darker stain to hide that. All in all it came across as a very clean and professional job. Nice to see Arthur on site and putting in the toilets. Do what you can yourself and hire professionals to do the rest, after all while they cost money they save you time. The realtor also likes what he sees, but says that the living room needs crown molding. Arthur replies this is Downey not some upper class neigborhood in LA. I agree with Arthur on this one. Do not overbuild. The realtor says the comps in the neigborhood are $625,000 - $630,000, and that he can get Arthur $630,000 for the property unless he wants a really quick sale. If so, the house needs to be priced at around $590,000 - $595,000. Arthur wants a quick sale so set the price at $599,000.

    Final stats:
    Bought: $425,000
    Budget: $60,000
    Timeline: 6 weeks
    Sale Price: $599,000
    Potential Profit: $115,000

    I like Arthur's final comments about the market changing and that there are lot for houses on the market and to sell quickly you have to have a quality product and price it under the other houses in the market to sell it quickly. Too bad some of the people on Property Ladder never watch Flip That House, they might learn something.
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  5. #245
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    Re: Property Ladder - New show on TLC

    I caught only the final 30 minutes of the fen shui episode. But the end always the best part. Glad they didn't sell it. Given the market in SoCal, they will no doubt loose their shirts. If they are lucky they will only loose $12,280.

    I couldn't tell these three guys apart. They needed to wear numbers (1,2&8?).

    The Pigs were right up there with Retardo from Atlanta as the most delusional remodellers in the history of this show.

  6. #246
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    Re: Property Ladder - New show on TLC

    Aww shucks! Missed the show this weekend and forgot to tape it also. Will have to try to catch it when it re-airs.
    "You mustn't be afraid to dream a little bigger, darling"

  7. #247
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    09/08/07 - Crosby, TX - Haunted Neighborhood

    Crosby, TX is just outside of Houston. Kevin & Matt, best friends from 4th grade have a business together. Haverford Developement. They hope to eventually flip full time. They buy a 1950's Tudor style home that has been abandoned for 6 or 7 yrs for $58,000. They bought it the day they saw it with NO HOME INSPECTION, that will of course bite them in the butts. The house has 4 bedrooms and 3.5 baths and is 2,400 sq ft. The neighborhood is rumored to be cursed because it was built on top of an old slave burial ground. They have a budget of $40,000 and plan to finish the house in 4 wks and sell it for $140,000 for a potential profit of $42,000.

    They already are planning to totally redo the concrete driveway. But the first walk through reveals roof leaks and that the entire roof needs to be replaced. Also the attic is infested with wasps. Cracks in the ceiling and an obviously sloping floor reveal foundatoin problems. Now they knew about the foundation but did not budget enough for what needed to be done. The only budgeted $3,000 for the concrete driveway. Its almost twice that. Roof repairs $2,000, not a new roof at $8,000. Fortunately they only pay $4,700 for the roof. Still they would have been able to budget better if they knew what they were dealing with, again a home inspection would have revealed that. Kirsten also recommends they do some research on the haunting and curses rumours.

    Fixing the foundation causes the back patio to detach from the house. Kirsten tells them to fix it when the driveway is done. It rains for 5 days straight and the backyard is flooded. Indicates either poor drainage and poor grading but that is never addressed any further. The fact that they did not do their research properly on how much items would cost bites them as soon they are out of money and have to rely on their credit cards. They do consult a local historian who does settle matters as far as the curse goes. There is a slave burial ground in the neigborhood called the Black Hope Cemetary but their house is not built on it. Also there is no so-called curse so do not worry about it. Also the real estate laws do not state that the boys have to disclose any of that information. They will if asked. They also have problems with one of the neighbors when a crane comes into put the roofing supplies on the roof. She calls the police. However it is not illegal to use a crane. The neighbor's husband then threatens to call his lawyer. Seriously, what for. An abandoned property is being improved and yes the roofing is noisy and so will the drilling of the old driveway and the pouring of the new concrete but that will be 3 days at most. I like how the boys try to save money by buying bargain granite. Unfortunately they did not check into the particulars all the pieces are different. Oh, what a great bargain. Still they manage to finish within 5 wks and over budget by $10,000. When Kirsten comes by to see the final product she does notice that she can tell they boys were giving up on the project because the final finishes and craftsmanship is sloppy and poor and if you can see that in the details.

    Because the timeline was blown by 1 wk and the budget blown by $10,000 they boys decide to price the house higher then they planned. Now there are comps in the area that are that high but there is also new housing for competition.

    Final Stats:
    bought: $58,000
    budget: $50,000
    time: 5 weeks
    price: $152,500

    Realtors price it at: $150,000, $148,000, $140,000. Is there price too high??

    The open house comments that there are problems with a sloppy floor in the upstairs and one of the bathroom cabinents are very low, properly a child bathroom that was not refitted with higher cabinents.

    After 7 days they boys recieve an offer of $149,000. They buyer cancels.

    After 10 wks the boys recieve another offer of $146,000. the buyers financing falls through.

    After 14 wks the boys recieve another offer for $150,500 and this one is good.

    So after all that they get to split a profit of $40,100.
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  8. #248
    Read The Clue Bearcata's Avatar
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    09/08/07 - Costa Mesa, CA - Flip That House

    Julia and Danny are flipping a house in Costa Mesa, CA, which is in Orange County with a population of 113,000. Julia is a 3rd grade teacher and Danny is a real estate consultant and flips houses for a living. Julia has helped before but she is acting as Danny's trainee during this flip. They buy a 1,900 sf home, with 4 bedrooms and 2.5 baths for $635,000. They have a budget of $65,000 and a timeline of 6 wks.

    This was such a smooth operation that I just sat back and watched. I like how they worked together. Danny was on site and organized all the contractors. It was amazing to watch. They replaced all the windows, put in a better carpet and porcelin tiles. Ceramic tiles are very slippery when wet and porcelin are not. I like how they raised the ceiling in the kitchen, opened the one wall. The cabinents and appliances and granite countertops looked great. The taupe walls, carpet, and porcelin tiles with the white trim really played well off each other and the house was move in ready. I like how the paint colors really could match several styles of interior design. They couple also knew not to over improve. In the master suite, they did take out one of the closets and moved the doorway to the master bathroom. The extra space from the closet make the room larger and easier to move around in without changing the placement of the toilet, tub or sink and without costing too much. They also painted the house, added a sprinkler system and redid the landscaping in front and back, and refreshed the back patio.

    Julia and Danny did go over budget and timeline. But they had a beautiful product.

    Final stats:
    bought: $635,000
    budget: $90,000
    timeline: 8 weeks

    Danny thought the sell price would be around $875,000 but the realtor said that she thought the house should be around $900 - $950,000. But they should list it at $899,000.

    sell price: $899,000
    potential
    profit: $174,000
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  9. #249
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    Re: Property Ladder - New show on TLC

    Hi everyone,

    I would just like to know what compensation or pay the Property Ladder reality show pays the flippers. Some of them seem to be in incredibly desperate financial straights and could really use any money the show pays them. And the show should pay them because they are providing millions of people some pretty good entertainment. If the show is paying them, then it should be mentioned and the people should include it in their calculations.

    I think one guy on one show only had $3,000 to spend. How could he have had the guts to do that unless he knew he was getting some more money from Property Ladder.

  10. #250
    Read The Clue Bearcata's Avatar
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    Re: Property Ladder - New show on TLC

    Quote Originally Posted by johnharlin;2571598;
    Hi everyone,

    I would just like to know what compensation or pay the Property Ladder reality show pays the flippers. Some of them seem to be in incredibly desperate financial straights and could really use any money the show pays them. And the show should pay them because they are providing millions of people some pretty good entertainment. If the show is paying them, then it should be mentioned and the people should include it in their calculations.

    I think one guy on one show only had $3,000 to spend. How could he have had the guts to do that unless he knew he was getting some more money from Property Ladder.
    Check out post #241 and this link David Shanahan. The total compensation the flippers get from the show is $1,000 for the flippers and of course their 15 minutes of fame. If there is more than one flipper the $1000 is split among them. Also, $1,500 for one month of staging.
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

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