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Thread: Property Ladder - New show on TLC

  1. #271
    addicted MamaC's Avatar
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    Re: Property Ladder - New show on TLC

    That's is something I have always wondered about when the people are listing how much the renovations cost and what their projected profit will be.

    On many shows, they say they will spend say $50,000 on new kitchens, baths, flooring, landscape, etc., etc. Does that include labor or is it just for the supplies? I don't htink I have ever heard anyone say that they spent $50,000 on supplies plus $30,000 for labor.

    On update shows, they do mention how much the house ended up selling for and then subtract closing costs, taxes, additional mortgage payments until the house sold, etc., and what the end profit turned out to be.

    Re: the Las Vegas house episode last night. I thought that was probably the most expensive renovation that I have seen in a while, if ever. The two guys seemed to spare no expense on their supplies....everything seemed top of the line.

    I was also wondering if the granite tiles on the floor would be slippery or would they be similar to other tiles (i.e. travertine) that we have seen on floors in other baths and kitchens.

  2. #272
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    Re: Property Ladder - New show on TLC

    David of the Atlanta Georgia Tripod group replied to comments on his blog stating that they are in the process of refinancing and going the rental route until the market shifts.

  3. #273
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    Re: Property Ladder - New show on TLC

    Durham California is nowhere NEAR Los Angeles. It's near Chico in the northern part of the state. Wade looks really familiar? My question is where in the Bay Area he and his wife are from?

  4. #274
    Read The Clue Bearcata's Avatar
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    Re: Property Ladder - New show on TLC

    Quote Originally Posted by MamaC;2603080;
    That's is something I have always wondered about when the people are listing how much the renovations cost and what their projected profit will be.

    On many shows, they say they will spend say $50,000 on new kitchens, baths, flooring, landscape, etc., etc. Does that include labor or is it just for the supplies? I don't htink I have ever heard anyone say that they spent $50,000 on supplies plus $30,000 for labor.

    On update shows, they do mention how much the house ended up selling for and then subtract closing costs, taxes, additional mortgage payments until the house sold, etc., and what the end profit turned out to be.

    Re: the Las Vegas house episode last night. I thought that was probably the most expensive renovation that I have seen in a while, if ever. The two guys seemed to spare no expense on their supplies....everything seemed top of the line.

    I was also wondering if the granite tiles on the floor would be slippery or would they be similar to other tiles (i.e. travertine) that we have seen on floors in other baths and kitchens.
    I have hear various things about how slippery tile floors can be. But in the case on granite have not a clue.
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  5. #275
    Read The Clue Bearcata's Avatar
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    10/13/07 - Show Comments - Lara the Hairdresser from Houston

    Nice to know that you can buy a house for cheap, in this case $70,000. IN this case she really needed to look at it and offer only $45,000. If Lara had had really in depth home inspection and had uncovered the termite, rat and roach problem she could have demanded that price and got it. The girl is way too trusting and the realtor who convinced her to buy this is a major thief. But on the other hand it is her investment and her money and she should have seen it before she bought it. I am amazed her own contractor, Lara herself or her friends never saw the termite damage the one guy pointed out inside the window sill it was way huge. I must admit it is nice that Lara, could attempt a project this size at her age (29). But she was way over her head. What I do not understand is that even after 2 weeks there was practically nothing done on the house. I do get the impression she was trying to do everything on the cheap/most inexpensive way but she was loosing way too much time. I am glad she listen to Kirsten about the master bedroom closet doors. It was painful to watch all the mistakes she made. She knew nothing about the building schedule and what needed to be done when and the cost of things, especially when the bathrooms and kitchen had to be gutted. I am thinking $20,000 alone for all that.

    Anyway, Lara is a hairdresser who wants to flip a house to get $20,000 or $30,000 to helf herself and her family. She buys a house sight unseen on the recommendation of her realtor for $70,000. It is a 4 bedroom, 2.5 bath located in Houston. She has a budget of $10,000 of her own savings and a timeline of 6 weeks. She wants to put on the market for $120,000, which is what the comps are in the area for a potential profit of $40,000.

    While I liked that her family helped demo the house and clean up the mess left behind, they also damagd the brick wall when they tore down the old patio cover to the tune of $400-$800. Because Lara is not on site daily no decisions can be made and she does not return her contractors calls even tho' he calls her 20 to 30 times a day. After 2 weeks no work has been done on the house. There does turn out to be huge termite infestation, rats living in the insulation and roach problem. Lara did have the house inspected but all that was missed. While her contractor is able to find subcontrators on the cheap for painting, carpeting, and tiling, it is slow. The house needs to be sprayed for infestation. The fence needs to be replaced. All together, she ends up spending $38,000. The bathrooms look great, the kitchen is wonderful and is the new fence and backyard. The thing is people do notice that she kept the old drain pan in the master bathroom shower stall and that the drain is all rusty. When the house is renovated the crappy stuff really sticks out. That type of thing also implies that the renovator did alot of things on the sly and cheap and that they may be a lot of problems that will need to be fixed and people will run from this house. Lara is over her timeline, 12 weeks instead of 6. She also prices her house at $130,000, which is $10,000 over the comps in the area. Three local realtors price her house at $121,500, $120,000 and $115,000. If she wants to move her house she needed to price it at $119,900. If she had stuck with the original selling price of $120,000 and could get it quickly she would be able to pay off her bills and have $12,000 left but that would probably be reduced by paying off the realtor and other carrying costs.

    I think the best project for a first time flip is a paint and spruce type of project that you can get in and out quickly and make some profit but do it more for the experience and if things go wrong not lose too much money and possibly rent it if need be.

    The closing credits indicate that Lara has still not been able to sell the house.
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  6. #276
    Read The Clue Bearcata's Avatar
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    Re: Property Ladder - New show on TLC

    Flip That House - 10/13/07

    Las Vegas.

    If nothing else from this show I know that Nashville, Houston, LA, and Las Vegas are hot markets for flippers.

    Quess what we are back in Vegas. Actually North Las Vegas which is a separate town from regular Las Vegas. Mike Robinson seems to be a veteran flipper. I like his remark that at one point people were moving out of town into the hills and now are moving in closer and that makes flipping in older established areas profitable. Now, personally I don't like older homes and the many problems they have, but the older neighborhoods have much larger yards and that is a big plus. I did like how Mike decided to xerascape or desert scape his front and back lawns. Sounds like water can be very expensive in Vegas. One of the better sceens was the landscaping crew finding a huge nest of Africanized bees in the tree they were cutting down. I backyard looked a good 1/3 of an arce but only a tiny 20 by 20 piece was covered by grass. What was interesting was that the house looked as if a weekend DIYer started and did not finish a lot of projects. There was garage conversion. Think is why convert a garage to an addition room if you are not going to AC it and insulate it especially in a desert environment. There was a bathroom something where the DIYer blasted out part of the wall of the house and never covered it back. There was also some really horrible stucco and a crappy popup of the dining room. I think that is one reason Mike got such a good price on the house because of the all the really bad upgrades an unfinished projects.

    Mike bought the 1300sf, 3 bedroom, 2 bath home for $125,000. Has a budget of $40,000 and a timeline of 6 wks. He is planned to convert the additonal room back to a 1 car garage. Redo the kitchen and bathrooms. Add a fourth bedroom and fix the framing on the dining room and add french doors, and change the landscaping to a water saving desert scape.

    Permits need to be pulled for the new bedroom and are delayed and add 1 week of extra time to the schedule. After the initial demo Mike realizes that the roof is rotted and they need a new plywood deck and tar roof that will run several thousand dollars.

    Overall Mike did an excellent job. the kitchen is remarkable as he added maple cabinents and a dark granite tile. What did surprise me is that he used 1 yr old appliances in the kitchen and even his realtor agreed with that, "it was the way to go" and the house warranty would cover any problems. In fact his realtor seemed much more voracious than Mike as far as using cheaper materials in the remodel. In the new bedroom Mike had put in mirrored glass doors on the closet and the realtor commented that was an unneeded expense. The realtor suggested that the house list for $260,000.

    final stats:
    bought: $125,000
    original budget: $40,000
    final budget: $70,000
    original timeline: 6 weeks
    final timeline: 7 weeks
    asking price: $260,000
    potential profit: $65,000
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  7. #277
    Yoffy lifts a finger... fluff's Avatar
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    Re: 10/13/07 - Show Comments - Lara the Hairdresser from Houston

    I was rooting for Lara.
    I found her very likeable, but she was in so far over her head.

    I've flipped many houses with my husband and Lara's first mistake was in not viewing the property before buying it, she then didn't get a full inspection.
    Even at $70,000 that property was over-priced.
    Her budget of $10,000 was completely unrealistic and I agree Bearcata, new flippers who are going it alone should be looking to get their feet wet with simple paint and spruce up jobs.
    If you have a financial backer and are flipping in a market with greater potential you can afford to be a bit more ambitious with the flip.
    In that market she was never going to make a fortune, even on a house that was in better condition to begin with.

    I felt bad for her even though she is to blame for the situation she's in.
    I think she took some poor advice from the realtor that recommended she buy the house.
    I wouldn't have bought it at all, even at half the price.
    "That's Numberwang!"

  8. #278
    Read The Clue Bearcata's Avatar
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    Re: 10/13/07 - Show Comments - Lara the Hairdresser from Houston

    Quote Originally Posted by fluff;2613222;
    I was rooting for Lara.
    I found her very likeable, but she was in so far over her head.

    I've flipped many houses with my husband and Lara's first mistake was in not viewing the property before buying it, she then didn't get a full inspection.
    Even at $70,000 that property was over-priced.
    Her budget of $10,000 was completely unrealistic and I agree Bearcata, new flippers who are going it alone should be looking to get their feet wet with simple paint and spruce up jobs.
    If you have a financial backer and are flipping in a market with greater potential you can afford to be a bit more ambitious with the flip.
    In that market she was never going to make a fortune, even on a house that was in better condition to begin with.

    I felt bad for her even though she is to blame for the situation she's in.
    I think she took some poor advice from the realtor that recommended she buy the house.
    I wouldn't have bought it at all, even at half the price.
    Oh, this is so totally cool having a person in the know.

    I always wonder why first time flippers try too be too ambitious? Spruce and paint a couple of times helps to test the market and is hopefully not going to bankrupt a person. That and I don't know why people do not check on their investments on a daily basis as it is a large chuck of their own money.
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  9. #279
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    Re: Property Ladder - New show on TLC

    I agree, Bearcata! I get that Lara had to work extra to pay for the flip overages, however, no salon is open 24/7. She could have stopped by on her way to/from work, on Mondays (salons are ALWAYS closed on mondays), and at least returned the contractor's phone calls during a lunch break. I just don't buy her excuse of not having time to be there/return calls.

    I also don't understand her purchasing the house sight unseen. It seems to me that a home priced $50,000 under the comps in the neighborhood would make me want to see what all it needed to rehab. And I definitely would not have paid anywhere near $70,000 for that home. And Lara was very vague about the "inspection" she had done on the home - what inspector doesn't notice the insect/rodent infestation? It seemed pretty obvious just from my television screen - the smell had to have been a tip-off.

    There is the skeptic in me that says Lara did this for the television exposure. She posed for the camera an awful lot, and was never seen without full makeup and hair and her clothes were completely wrong for a construction environment! Just my thought.

  10. #280
    FORT Newbie Naye's Avatar
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    Re: Property Ladder - New show on TLC

    Margarita,
    I agree! I found Lara to be a real airhead. I'm mean she's probably a nice enough person but geeezzzz! I agree she was totally looking for exposure.

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