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Thread: Property Ladder - New show on TLC

  1. #81
    Reality Addict reality_emily's Avatar
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    Quote Originally Posted by Bearcata
    Last week and this week (8/7) are repeats there should be a new show nes week per the TV Guide.
    Oh good - I was going through withdrawal! I love this show!

    Emily

  2. #82
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    Being a long time real estate investor, I find this show a bit of a joke. I'm sure its all about following some 'bubble trend' in real estate right now, and trying to cash in on the success of other home improvement shows, but this one sugar coats the process to the extreme.

    The costs of the remodeling seem to be the only factor brought into the equation at the end of the show. They will, for example, show that someone makes $40K or whatever as a profit, but neglect to include:

    a. The costs of the real estate sale commission
    b. Any financing charges that were associated with owning the property and/or getting out of the mortgage on it
    c. The costs of marketing for the sale, renting all that beautiful furniture to 'show' the home, etc.
    d. Taxes associated with selling a piece of property so quickly

    My wife and I have to calculate the true profits that are 'take home profits' for the investors with each show, and when you consider the amount of time that they are working on these places, the actual income over time is pretty poor for the most part.

    I just wish that 'TV' would tell the honest truth rather than sending a message to anyone watching that maybe they could do this and make money! It ain't that easy. I've made millions on real estate and it comes with a lot of effort and experience. I don't begrudge anyone making a killing on a deal, but I just wish that the show would be more honest and less Hollywood.

    I personally prefer the A&E show 'Flip This House' as a better example of how to do it right.

    Vlad

  3. #83
    Read The Clue Bearcata's Avatar
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    True they sugar coat it but if you listen carefully at the very end they do say very quietly that the profit made does not take into account the taxes and commissions. It's equivalent to the fine print. I like how they do warn people but done in such a manner that most people don't really hear it.

  4. #84
    Read The Clue Bearcata's Avatar
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    8/26 - episode

    First, let me say I hate it when a new show appears that I like that only shows 6 or 7 episodes and than repeats, then for example last week indicate that there is a new episode and it is a repeat and then this week indicate a repeat and it is a new episode. Very poor scheduling on TLC's part.

    Yes, thanks you a new episode filmed in California, what a surprise the land of very strange real estate values.

    Is the state of California filled with a bunch of idiots as far a flipping property. I thought we had seen the height of idiocy with the blonde ditz a couple of episodes back, but these two, Chris (the common sense one) and Mark (the acting like an idiot on camera one) take the cake. They buy a Craftsman Bungalow for $487,000 have a budget of $170,000 for renovations and expect to sell it for $900,000 and make a profit of $243,000. The expectations of some of these couples is beyond me. Then when they decide to blow their budget and end up spending $350,000 on renovations. Thats not blowing a budget that's setting of a nuclear bomb. What idiots. Then they expect $1,095,000 for the house. They were very lucky as far as I am concerned.

    Spending $80,000 on that kitchen was a waste of $40,000. I have seen ktichens renovated for less and look 3 times as great. Who cares that you spent $16,000 on a stove. Get real most of use the microwave.

    I liked the master suite but that shower was riduculous. I can't believe that they have professional architects draw up plans for the renovation and then not use then and constantly change their minds as far as the location of the bathroom. I can't blame the plumber for wanting to quit. I am not 6 foot but even I would like to stretch out in a nice shower facility especially if I am paying over a million dollars for it. The shower has to go or be redone.

    What really peeved me about this show it the editing. They show the front of the house with the two big bushes by the front stairs. It is amazing how those bushes appear and disappear thought the filming of this show. It is down right annoying.

    I thought that with 6 months as a time line these guys wouldn't have any problem with the deadlines. Who really annoyed me was Matt, what is he the house husband, does he work, it looked as if Chris put him in charge and Chris told us that Mark has no experience in renovating. What idiot puts another idiot with no experience in charge of a major project??? I am very surprised that these guys did not loose their shirts. Even when Kristin showed them properties in the area that were over priced and just sitting on the market that did not seem to make a dent in these two thickheads. I think if the market was normal especially in California these two would have lost their shirts.

    After all is said and done, after sitting on the market for 2 or 3 months the property sold for $1,050,000 minus the $350,000 in renovations for a profit of $113,000. Although I do not think the carrying costs of the 2 or 3 extra months of mortgage payments were figured into that cost. I mean 2 or 3 extra mortagage payments of $4,000 per month adds up. I am sure that they made less than $90,000 in profits for 8 to 9 months of stress.

  5. #85
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    Those boys from the Aug. 27 episode had better be v-e-r-y careful if they continue to flip properties. Did you notice their description of the buyers at the end of the show? Something like, "We finally found a buyer whom we thought would be a good fit with the neighborhood."

    I don't know that it's a blatant violation of the Fair Housing Act. But I have a nose for seafood and this sure smells fishy to me.

    These two flippers will end up using their $100K+ in profits on fines and legal fees if they keep this up. Which frankly would make me cackle like a heartless hyena, because I couldn't stand either one of them (and most especially Mark).

  6. #86
    Read The Clue Bearcata's Avatar
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    Quote Originally Posted by Karennz
    Those boys from the Aug. 27 episode had better be v-e-r-y careful if they continue to flip properties. Did you notice their description of the buyers at the end of the show? Something like, "We finally found a buyer whom we thought would be a good fit with the neighborhood."

    I don't know that it's a blatant violation of the Fair Housing Act. But I have a nose for seafood and this sure smells fishy to me.

    These two flippers will end up using their $100K+ in profits on fines and legal fees if they keep this up. Which frankly would make me cackle like a heartless hyena, because I couldn't stand either one of them (and most especially Mark).
    I think Chris was just trying to sound arrogant, especially about the part where they compromised about the price. Please, they boys were probably on there knees thanking God, that they got a buyer stupid enough to buy the house.

  7. #87
    Swinging in the hammock Ilikai's Avatar
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    ITA on Mark being the worst person to put in a General Contractor position. He should have been slapped like the bitch boy that he is. He was annoying and pouty when it was pointed out where he screwed up. Then to shove the budget out the door is the most idiotic thing to do. God looks after drunks and fools and he had his hands full with these two nimrods.
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  8. #88
    Fashionista Sandinista Chorita KaBoom's Avatar
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    My take on new episode was this:

    1. A historic property is not an ideal candidate for flipping. They need a great deal of repair (asbestos) and modernization (kitchen and baths, electrical, etc). They are great properties to buy to restore if you are going to live in them for a period of time (5+ years).

    2. You want the worst house in the best neighborhood. Outfitting the house to a state of finish that requires you to ask $300,000.00 more than comparable houses in the neighborhood is ridiculous. Had the boys stuck closer to their original budget, they would have turned over the property much quicker, and they probably would have made more money. They got too personally involved, even going so far as to live in the house for a month (add another $4000.00 mortgage payment, do not pass go).

    3. Don't hire idiots as contractors. Mark had no qualifications for the job (other than sleeping with Chris). If Mark wanted to be involved, he should have been there to do only what the real contractor wanted him to do (tear down this wall, but not this one; Paint this wall, not that one, make a list, please).

    4. Don't make changes to the architects plans. When you are down to final approved plans, stick to them unless the building inspector says "you need to change this". Changes always mean more money you have to pay out.

    Once again, had this been in any other real estate market other than California, these guys would have probably lost money.

    Regarding the comment about the "right kind of people" buying the house, I took it in the context that they found someone who loved the house and the neighborhood enough to pay the outrageous price.
    there is no energy shortage, there is a shortage of imagination

  9. #89
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    That's true, but

    Quote Originally Posted by Bearcata
    True they sugar coat it but if you listen carefully at the very end they do say very quietly that the profit made does not take into account the taxes and commissions. It's equivalent to the fine print. I like how they do warn people but done in such a manner that most people don't really hear it.
    That's true, but I'd like to see what the real profit (taking into account taxes and commissions) would be.

  10. #90
    Read The Clue Bearcata's Avatar
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    Good news they have new episode on Sat, Sept 10th at 10pm.

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