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Thread: Property Ladder - New show on TLC

  1. #301
    FORT Fogey Margaritaville's Avatar
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    Re: Property Ladder - New show on TLC

    Bearcata, I will await your re-cap before commenting on last night's flip with Dan and (Linda?) I already forgot her name! Guess that shows how impressed I was with them.

  2. #302
    Read The Clue Bearcata's Avatar
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    Re: Property Ladder - New show on TLC

    Quote Originally Posted by Margaritaville;2647048;
    I finally got to watch last week's episodes! I was looking forward to them ALL week.


    I will start with my comments on the New Orleans flip by Dustin. I really liked this kid! He seemed like a hard worker with a realistic view of what all would be involved and did not let dollar signs obstruct his view. He also appreciated the designers input, regardless of whether it contradicted what he had been planning. Very willing to put his own feelings aside for the integrety of the house. I can't say that I remember the last time I saw a flipper more interested in the end result of a solid home as opposed to how much profit he will see at the end. I hope he made a great profit.


    The next episode I saw was Kathryn and Charlie in Sherman Oaks, CA. I was amazed at the difference new windows made in the home, and it seemed like they got a very good price on them as well. The only thing that bothered me about this episode was the cell phone bill. They were a bit misleading about that. If you paused the television when the bill was onscreen, you would notice that the $1200 bill was really due to the fact that they were past due on the previous month's bill. So their phone bill was only about half what they claimed -- maybe nothing, but made me wonder about other things they claimed. I also thought the outside wall that they took the rock down from could have used a bit more than what they gave it. Looked like just a coat of paint - kind of tacky if you want 1.25 million for it, imo.
    I though they were going to stucco it or faux stone it with a more modern style. Also notice they did not replace the fence, they painted it.
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  3. #303
    Read The Clue Bearcata's Avatar
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    Re: Property Ladder - New show on TLC

    Quote Originally Posted by Margaritaville;2647054;
    Bearcata, I will await your re-cap before commenting on last night's flip with Dan and (Linda?) I already forgot her name! Guess that shows how impressed I was with them.
    I guess you are not impressed with them? I am looking forward to reading your take on them.

    I must say that with all the fliming FTH has done in San Diego I do wonder if any of the properties we have seen have been burned or were in danger?

    Lena (and yes, I did have to listen several times to get the name right) and Dan are flipping together for the first time. From their demeanors they have both been through this process before. We are in North Park which is located in the heart of San Diego. I must admit I am very surprised at the house prices we have seen in SD vs LA. Lena and Dan bought a 6 unit rental, and they waited until all the tenants left before they started their renovation. I do wonder how long they waited? The property is about 65-70 yrs old, so it is circa 1937. I love the stucco outside and inside. The arches in the rooms and beam ceilings and little niches really add so much character to the spaces. The units are all one bedroom, one bath and are 550 sq ft. Now 4 of the units look as if they are detached, while the 2 upper floor units sit over a 6 car garage. The floors are all hardwood and will be resanded and refinished. The bathrooms and kitchens need to be gutted. The kitchens especially are poorly laid out. I do like have the units are all laid out a bit differently. What is interesting is that if the complex has 6 legal size parking spaces they place can be called a condo conversion. I am not sure what that means, more money? I don't like the fact that there are no laundry facilities in the apartments or in the garages. That is sorta a big minus to me especially if these are to be condo units. I do like how Lena and Dan are leaning to going green as that is the big trend. The idea of having xeriscaping (landscaping that is drought resistent and low maintenence and suitible to the area) is not new, as it is very obvious they do it up in Las Vegas. But it is nice to see them starting to do so in SD, especially since the water rates are to be increased 10% a yr. Also I love the tankless hot water heaters. I think I really need to have one installed in my house. Considering that Dan and Lena want to sell this to someone who will be a landlord and in that area the landlord takes care of the water bills I can see them going to all the trouble of installing new electric and plumbing. That plumbing was a shear disaster with the pipes all rotted out. The garages redos are a big plus and they can charge and extra $150 a month for parking. I also like that Lena used a designer and they painted the units all a separate earthly color and they varied the tile in the kitchens. All the kitchens looked great with the new tile, cherry cabinents and stainless steel appliances. I must admit I liked the way the finished product looked. I really like the subway tiles in the bathrooms and that they tiled up the walls so far. A very clean look.

    Stats:
    bought for: $600,000 (I just can't believe that price)
    budget: $15,000 per unit for a total of $90,000
    time: 60 days or 8 weeks
    major problems that caused major time delays, rotted out pipes all the pipes had to be replaced. Initially a $20,000 budget item that ended up being $90,000.

    Plus dry rot in the header boards in the garages.

    final time: 4.5 months or 18 weeks
    final budget: $270,000
    total invested: $870,000

    The realtor said that Lena and Dan could ask for 1.1 million so:

    asking price: $1,100,000
    potential profit: $230,000.
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  4. #304
    Read The Clue Bearcata's Avatar
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    Property Ladder - 11/03/07 - 2nd episode

    New Orleans

    side comment: I must admit I am very surprised that flippers are heading back to New Orleans, from all the commentary on the news about the destruction and mismanagment with FEMA, other government agencies and how the home insurance companies were screwing home owners and the various cable documentaries it sounded as if half the population had left and was not coming back and a lot of the professional people such as doctors, nurses, lawyers, police and other support people gone, it seemed as if New Orleans would never recover, or it would take decades for it to come back.

    The flip is in the Uptown area which is near Loyola and Tulane Universities. There is a real need for housing in that area because of the schools so it makes sense to rebuild there.

    Meet Angel Murta (I know I spelt her last name wrong). She has lived in NO for 11 yrs and been a realtor for 2.5 yrs. She is planning to flip a Shotgun Double into 2 condos. The space is 1150 sf and has 2 bedrooms and 1 bath on each side. She bought the house for $133,000, has a budget of $73,000 and a timeline of 60 days. Her Uncle Herb who is a general contractor will be her GC for this project. The original house is painted grey with red doors and shutters. They really want to keep the shutters as they are antique, being anywhere from 80 to 100 yrs old. The house layout is living room, kitchen, bathroom and bedrooms. Angela wants to knock down the wall separating the living room and kitchen to make it seem bigger. I like that she is planning to put big skylights in both kitchens to bring in more light. The property lines are very tight. The houses are look as if they less then 5 ft apart and the backyard is maybe 8 or 9 ft of concrete. Angela wants to add a small addition to the back of the house to make space for a laundry area and extra closet space. She also wants to make the house a condo cause you make the most money per sq ft on a condo. Don't know how that works and hope someone can explain.

    Turns out that there are major foundation issues and a new roof is needed. Angela is also adding Heat and AC but the units are installed on the roof. Per new housing codes because of the flooding from Katrina, the units need to be installed at the height of the first floor on in this case because there is no room on the ground, on the roof. This is an old house and the side walls are made of very thick slabs of cyress wood and I noticed that absolutely no insulation was installed in the side walls or the roof. Hope someone can explain that one to me also.

    At this point in the show I was a bit confused. Earlier Angela stated that there were 2 bedrooms and 1 bath on each side. Now Angela/ or the narrator is stating that the addition to the house added 1 bedroom on either side???
    Angela is putting in new windows everywhere except the front. In the end the project was overbudget by $35,000 and over time. 4 months instead of 60 days. I do like that the house was painted a nice soft sage green and the doors a pale yellow. The small raised plant bed infront of the house really adds to the curb appeal. I did also like that Angela did vary one side from the other. One had lighter floors, cherry cabinets, granite tile counters and stainless steel appliances. The other side had darker floors the toasted almond cabinets and tumbled travetine tile for the counters. (really didn't like those). Both bathrooms had beautiful tumbled tile but each was slightly different. Each unit looked very high end. If it was my property I would never rent to students cause they would destroy the place.

    The realtor comes in and says that Angela can get $173,000 for each unit.

    The house cost Angela $133,000, the final budget was $110,000 for a total of $243,000. If Angela can sell each unit for $173,000 that would give her a total selling price of $346,000. Minus her costs she would have a potential profit of $103,000.
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  5. #305
    FORT Fogey Margaritaville's Avatar
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    Re: Property Ladder - New show on TLC

    Bearcata, you had me worried that you missed this episode! I was waiting for your synopsis before commenting I did like this episode, I thought she did a really nice job of updating the property and I hope she makes the projected profit. It would be nice to see many more flippers in New Orleans, maybe that is what it will take to re-build the city since it doesn't appear that the government has been too successful. Big surprise, I know.

  6. #306
    Read The Clue Bearcata's Avatar
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    Re: Property Ladder - New show on TLC

    Quote Originally Posted by Margaritaville;2662344;
    Bearcata, you had me worried that you missed this episode! I was waiting for your synopsis before commenting I did like this episode, I thought she did a really nice job of updating the property and I hope she makes the projected profit. It would be nice to see many more flippers in New Orleans, maybe that is what it will take to re-build the city since it doesn't appear that the government has been too successful. Big surprise, I know.
    I have been slow posting the last 2 weeks or so. I hope to be all caught up by this evening.

    I would love to have Angela do my bathrooms. I like the neutrals, and totally luv the textures and patterns of the tile. It so goes with the modern pedestal sinks she used. My only pet peeve is that I would have not surface mounted those medicine cabinents.

    BTW there was a FYI posted during the show that said the government has put aside $27 billion to help restore NO. That money, I should say our money as it is taxpayer money, will probably dissappear into peoples hidden bank accounts just like alot of our money that is being sent over to restore Iran.

    Anothe side bar here. I have never heard anything but good about FEMA until it got reorged by the Bush administration and now like Homeland Security it is one big poop pile.
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  7. #307
    FORT Fogey Margaritaville's Avatar
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    Re: Property Ladder - New show on TLC

    Quote Originally Posted by Bearcata;2662354;
    I have been slow posting the last 2 weeks or so. I hope to be all caught up by this evening.

    I would love to have Angela do my bathrooms. I like the neutrals, and totally luv the textures and patterns of the tile. It so goes with the modern pedestal sinks she used. My only pet peeve is that I would have not surface mounted those medicine cabinents.

    BTW there was a FYI posted during the show that said the government has put aside $27 billion to help restore NO. That money, I should say our money as it is taxpayer money, will probably dissappear into peoples hidden bank accounts just like alot of our money that is being sent over to restore Iran.

    Anothe side bar here. I have never heard anything but good about FEMA until it got reorged by the Bush administration and now like Homeland Security it is one big poop pile.

    Put aside where exactly? Someone's pockets for safekeeping? And I completely agree with the FEMA comment - they never had issues until this administration.

  8. #308
    Read The Clue Bearcata's Avatar
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    Re: Property Ladder - New show on TLC

    11/10/07

    The episodes are in, Surprise!, New Orleans and North Park, San Diego. What is unusual in both episodes is that they are both first time flippers. Compared to Property Ladder the couples in both episodes, both seemed to have some construction experience and some what organized. I was totally blown away by their demeanor and the quality of their work.

    The first episode is based in New Orleans and 2 friends, Scott and Brandon are flipping a duplex in Broadmore which is located in Uptown. Now Scott and Brandon are both musicians and both are in 2 bands. During the day they will both work on the house and at night play music. Their duplex is 3800 sq ft, the left side is slightly larger with an extra room on the back that can be used as an office or extra bedroom. There are 3 bedrooms and 1.5 baths in the house. The house was $104,000, the budget $250,000, the timeline 4 months. I really like the boys attitude and how they want to contribute to the rebuilding of New Orleans. The downstairs of this house had been completely flooded and totally gutted. I like how during the walk through they discuss putting in an extra poweder room under the stairs on both sides. They also plan to pave the front lawn for addtional parking. They hope to be able to sell to an owner who will rent the other side. In the larger owner's side they plan to convert 2 of the bedrooms into a huge master suite with its own master bath and closet. I like how they show in the good old days that tile in bathrooms was put directly on a wood surface instead of the waterproof boards they use today. Talk about a garanteed rot problem. Because the house is so old when they put in the AC they have to put in bumpouts in each room that contain the pipes (i know that is not the correct work but I can't think of the correct one) that carry the cool air. They are able to refinish the floors on the upstairs of both units and only the front parlour in the downstairs. They use travetine tile everywhere else and in all the bathrooms. I do believe they laid over 20,000 ft of tile. I was very impressed with both Scott and Brandon as they seemed capable of doing a lot of the work themselves but also knew when to contract it out. I like how they kept the integrity of the house but modernized it where it was needed. The kitchen of course were cherry cabinents, stainless appliances and black granite counters. The floors were the lighter travetine so the darker elements did not overwhelm the space. I have seen quite a few shows were the flooring was also dark and the entire space seemed like a black hole sucking all the light out of the kitchen. The master bathroom was large with a nice size tiled shower stall as well as a smalled jacuzzi tub that seemed very usable. They resodded the backyard and restored the pathways as well as the shed. The front yard was replaced with pavers but they broke it up with an interesting pattern. Unfortunately, they ended up taking 6 months to complete the project but were able to stick to the budget. The realtor suggested they list the house at $380,000. So minus the cost of the house, $104,000 and minus the $150,000 (104,000 + 150,000 = 254,000) Scott and Brandon have a potential profit of $126,000.

    The second episode is in North Park, San Diego.

    Landon and Angela Coleman are newlyweds, married only 9 months and this is their first flip. Does this sound familiar? It should, only several weeks ago the same senario happened on Property Ladder. Landon and Angela's house is 946 sf, has 2 bedrooms and 1 bath and they paid $300,000 for it. They plan to invest $50,000 and be finished in 6 ot 8 weeks.

    Well, the house needs a new roof, new windows, a new yard, a new garage and foundation work. Yikes that sounds like $50,000 right there. In addtion it turns out that the entire house needs to be rewired. They plan on taking down the wall between the dining room and kitchen and remove one of the master bedroom closets and add it to the tiny bathroom. It also looks as if the house had been a 3 bedroom and one of the previous owners had converted 2 of the bedrooms into a master. On top of all this work, they also demolish the patio and install a wooden deck with a really nice pergola and new fences, an irrigation system and all new landscaping. They also had to replace the front porch. I absolutely cannot believe that did all that for $50,000 and they didn't. The final budget was $65,000. They also ran over schedule and took 4 extra weeks to finish. (for a total of 12 wks). Total spent: $365,000. The realtor says they can easily get $500,000 for the house, so minus the $365,000 the potential profit will be $135,000.
    "When life gives you lemons, squirt lemon juice in your enemy's eyes."

  9. #309
    FORT Fogey Margaritaville's Avatar
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    Re: Property Ladder - New show on TLC

    I totally forgot to set my TIVO - and it is still not picking up these episodes. I will catch the re-runs on Saturday afternoon and then post my thoughts (Bearcata - you're not the only one who runs behind )

  10. #310
    26.2, baby! Allie's Avatar
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    Re: Property Ladder - New show on TLC

    Thanks, Bearcata. Sounds like both flippers did pretty well. Going over time and budget is normal. Don't they say plan on 10 or 20 percent over on budget for things? The second house had a smaller remodel budget (50k) but it sounds as if they will still make a good profit.

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