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Thread: Property Ladder - New show on TLC

  1. #281
    Where I is, you 'ain't! bee stung lips's Avatar
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    Re: Property Ladder - New show on TLC

    Quote Originally Posted by Naye;2622439;
    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.

    I'd have to agree. She seemed like a sweet person, but one couldn't help noticing the incessant flirtatious glances she kept giving to the camera.
    "You mustn't be afraid to dream a little bigger, darling"

  2. #282
    Read The Clue Bearcata's Avatar
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    Re: Property Ladder - New show on TLC

    Quote Originally Posted by bee stung lips;2622769;
    I'd have to agree. She seemed like a sweet person, but one couldn't help noticing the incessant flirtatious glances she kept giving to the camera.
    Maybe she is looking for a sugar daddy??
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  3. #283
    FORT Fogey Margaritaville's Avatar
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    Re: Property Ladder - New show on TLC

    Quote Originally Posted by Bearcata;2622842;
    Maybe she is looking for a sugar daddy??
    Sugar daddy or a "career" in Hollywood -

  4. #284
    Read The Clue Bearcata's Avatar
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    Re: Property Ladder - New show on TLC

    10/20/07

    Culver City, CA

    Rachel and Dan, married just 6 days and starting a flip. Two weeks after the flip they are going on a 2 week honeymoon in Italy. OOOOOOOOKay. This is interesting as all Dan does is say how organized Rachel is and how proud he is of her. Ummm....if she is so organized why in the world did she schedule a honeymoon in the middle of a flip?? This makes absolutely no sense.

    Anyway they have a 1950's 2 bedroom, 2 bath house they hope to flip in 8 wks (with them gone week 3 and 4 on a honeymoon). They bought the home for $640,000, have a budget of $60,000 and hope to sell at $799,000 for a potential profit of $99,000. Now the ave comps in the area are going for $825,000. They plan to underprice their home and hope to get multiple offers.

    Now the master suite is huge and Kirsten suggests converting the room into 2 bedrooms so they house will not have 3 bedrooms. 3 bedroom and 2 bath homes are very sellable and in demand. Dan and Rachel do discuss this with their contractor but every layout they tried made for an awkward layout and they figured potential buyers would pick up on the awkward layout. They do plan to enlarge the master bath.

    Now the house needs a new roof and Rachel has the permits but has not pulled any permits for the interior work hoping she can get away with no permits because they cost money and take time.

    Rachel manages to spend $55,000 of the $60,000 budget in 1 week. Atta girl can she shop or what!

    Unfortunately her roofer got a permit for the wrong city and they have to stop work until they have the inspector check the plywood base and get a new permit. They get a new roof permit but the inspector was according to Rachel "nosey" and noticed there was work being done on the inside and found out there were no permits for the inside work and everything had to stop. Rachel and her contractor draw up some plans and submit them and she hopes they get back to work because she is leaving for her honeymoon. The permits get rejected and they have to resubmit them again. Oh, Dan has no clue what is going on. After the honeymoon, Rachel finally tells Dan they are $22,000 over budget and due to permit problems they need to extend their timeline out to 12 weeks. The mortgage payments are $3,500. They also wanted to open up the kitchen to the dining and living area and unfortunately that was a load bearing wall and taking the framing down meant that new footings had to be installed and a reinforced overhead beam. Ah.... that's another hit on the budget. At one point Dan has to sell some stocks so they can have money to put in the budget. At the end of construction the budget grew from $60,000 to $97,500. The actual budget was $87,000 and the additional carrying costs were $10,500. They are still doing to put the house on the market for $799,000 because they are not going to fall prey by trying to recoup the extra budget by increasing the asking price.

    The three realtors price the house at $789,000, $779,000 and $764,000.

    Comments by open house attendees is that the renovation is nice but some want 3 bedrooms and that all seem to think the master bath is too small. It has only one sink. and is rather tight. Rachel and Dan had so space to work with in the master suite overlooking the size of the master bath was I think and inexcusable mistake. Some also think that it is weird to have wooden countertops in the kitchen. Rachel and Dan can only afford to carry the house for another 2 months. 11 days and multiple offers later they sell the house for $812,000 for a potential profit of $74,500.
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  5. #285
    FORT Fogey Margaritaville's Avatar
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    Re: Property Ladder - New show on TLC

    I also did not understand why they did not enlarge the master bath. There was so much that could have been done to make it into a master retreat - spa-tub, deluxe dual-head shower, double sinks (duh..), there were endless possibilities there. Rachel blew it on that one.

    And who schedules a flip to begin 6 days after the wedding and a honeymoon on another continent 2 weeks into said flip? Very bad planning, IMO.

    She screwed herself with the permit situation - didn't feel badly for her there. Has anyone seen the wooden counters in play anywhere? That was a new one for me - didn't seem attractive or practical.

    Finally, the oddest part for me was Dan. At some points he seemed completely laid back and happy to let her run the show - but he had moments during the "budget discussions" where it seemed that he was extremely angry with the situation (rightly so). Got a funny vibe on that.

  6. #286
    Where I is, you 'ain't! bee stung lips's Avatar
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    Re: Property Ladder - New show on TLC

    I don't understand why Rachel and Dan didn't capitalize on the opportunity to expand the master bathroom either. I didn't care for the layout of the master bedroom. Something about the staging made it appear as though there was a lot of wasted space.

    Things looked prettyshakey for them during the course of the flip. It could have been disasterous but luckily they were able to get a relatively quick sale.
    "You mustn't be afraid to dream a little bigger, darling"

  7. #287
    Read The Clue Bearcata's Avatar
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    Re: Property Ladder - New show on TLC

    I can totally understand having a huge master suite especially if you have kids, so you and hubby can get away for a bit and hopefully have an oasis of peace and quite for the 15 minutes or so before the hungry hordes descend. Althought in a 2 bedroom home you almost wonder what the point is. Still in a flip you have to work with the footprint you have. Anyway, that master suite looked a good 18 by 30 or so. The opportunity to put in a really luxurious master bath, steam shower with multiple heads, a spa tub, 2 sinks and a separate enclosed toilet closet was golden and would have sold the house the first day. How many times have I heard kitchens and baths sell the house. As for the kitchen considering their budget they could have used granite tile.
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  8. #288
    Read The Clue Bearcata's Avatar
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    Re: Property Ladder - 10/20/07 - Westchester, CA

    Westchester, CA, next to the marina and beach, a college town.

    Jason, a contractor.

    Lon, a real estate investor.

    Friends for the last 7.5 yrs. Used to be roommates. Both play the drums.

    Purchase a 1700 sf, 4 bedroom, 2 bath house for $670,000.

    Budget: $100,000.

    Timeline: 4-5 months. They have investors so are not worrying about the budget.

    Lon will be the project manager and Jason lives in northern CA so will not be around.

    What I find very interesting about this flip is both people are in the business, and they are friends. Both require communication and yet that is exactly what is missing from this flip. Both are mad at each other because of the budget and the friendship is almost broken, because mainly each thinks the other is keeping track of the budget. At the 6 month mark Jason leaves the project because he isn't getting paid and he needs to support his family. At this point they still have not realized what is the root of their problem. Later Jason returns to help finish the project and only at the end do they realize what had happened. Gee and I thought only women and men couldn't communicate.

    Anyway the house had a 20 ft extension added onto the back to create a master suite. Because the ground was packed clay it took 10 days to dig and pour a foundation vs the scheduled 3. Still it was good choice as the master bath was superb. A 2 sink vanity. A spa tub, enough for one person. Seriously in our busy life who has time for the tub to fill if it is too big. A big shower will 2 shower heads, done in travetine. Very nice. The other bath is updated with same finishes.

    What really suprised me and added to the budget and time delay is that while the ceiling was insulated, none of the exterior walls were. So all the plaster has to come down and the walls had to be insulated and new drywall rehung in the entire house.

    The kitchen was totally regutted. While I like subway tile I would not have picked green as the color to use or butcher block as a counter surface. Although they did use granite on some of the surfaces. While they had originally planned to refinish the hardwood floors they ended up replacing is all with a bamboo floor. The out side of the hosue was painted a neutral taupe and some decorative planter boxes removed. The entire landscape was redone and nice sod put in. The lot itself was quite large 7,000 sf so the backyard is spacious. Overall the entire house was rebuilt and updated and had footage added so could be listed at 2,000 sf.

    The realtors who looked at the house really liked the finishes and the new master suite and said comparables in the area were running between $949,000 to $979,000. Jason decides to list the house at a little under that to generate a quick sale and hopefully multiply offers.

    Final stats:

    time: did not get it but it was over 6 months.
    final budget: $180,000. Ouch. almost double.
    original price: $670,000
    asking price: $940,000
    potential profit: $99,000
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  9. #289
    Yoffy lifts a finger... fluff's Avatar
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    Re: Property Ladder - New show on TLC

    I only saw the first part of the Rachel/Dan flip, and they were heading down the road to potential ruin when I stopped watching.
    Houses with three smaller bedrooms are more desirable to more people than houses with two bedrooms, that's just a fact.
    They really should have taken the advice they were given, imo.
    They made a good profit though, so I'm sure they feel vindicated, but I can pretty much guarantee they'd have made more if they'd coverted to a three bedroom property.
    Swiping a few feet from that huge bedroom to make a bigger, more luxurious master bath should have been an easy decision. If you can do it, do it!

    I'll look out for a repeat of this episode because I'd like to see for myself exactly how the flip turned out.
    Wooden countertops? Yuck.
    "That's Numberwang!"

  10. #290
    Read The Clue Bearcata's Avatar
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    Re: Property Ladder - New show on TLC

    10/20/07 - 2nd "All Stars" episode

    Spring Valley, CA. Population 100,000. 11 miles away from San Diego.

    Its the Peter brothers from a previous episode. This time student flipper Blake is teaching baby brother Christian. Now Blake is a realtor and flipper. Christian works at the realty office, is a bartender and a full time student about 2 months away from graduation, so of course he will be the project manager for this flip. Uhmm...I don't think that is a good idea with finals go close.

    Stats:

    2000 sq ft
    3 bedrooms
    2 bath
    price: $275,000
    budget: $60,000
    time: 5 weeks

    Blake and Jordan are using a designer to help with the materials and finishes and flow of th house. Meet Cara Peter.

    About a week and a half into the project Christian backs out of the project. Wow, big surprise there.

    Blake is using the same contractor, Wes. Wes has both his boys working on the project. Nice to see family working together. Everything is fine up to week 4. Wes told his boys not to leave their tools on the job site but they did and someone broke into the house and took all the power tools. Dad has a good time asking the boys if they will ever leave tools on the job site again.

    The most money is spent on the kitchen. With recessed lighting. Maple cabinents, granite countertops, stainless steel appliances, travetine floors, and nice pendant lights over the new breakfast bar. The kitchen makes the house. I also like that they used a granite tile to cover up the brick fireplace, put in a mantel also covered with the same tile as well as the hearth. The fireplace looks very up to date. They do put in a pergo laminate floor which I don't particularly like as they do look fake and I think they could have done a bit better. Anyway the realtor is very impressed with what they did and says similiar comparables in the area are running between $460,000 to $560,000.

    final stats:

    bought: $275,000
    budget: $55,000 (see they could have had hardwood floors)
    time: 6 weeks
    asking: $545,000
    potential profit: $215,000
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

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