Property Ladder - New show on TLC
Has anyone been watching this new show? It air Saturdays at 10pm eastern on TLC, right after Trading Spaces. There have been two episodes so far. The gist of seems to be that a young "property developer" buys a condo in California badly in need of a design overhaul, completely underestimates how much time and work it is going to take to give the place said overhaul, but ends up able to "flip it" (i.e., sell the property immediately after the redo for way more than they put into it) after all.
Last night the buyer/property developer was this cute young gal, just 23 years old. She thought she could do the place over in 8 weeks, but it actually took her 26! Yet she do a nice job and managed to make a tidy $68K profit when she sold it - I was impressed at that part. I felt so sorry for her because after stripping and sanding all the kitchen cabinet doors, which took weeks, the painter she hired to finish them up split with them and her money, so she had to buy new doors after all! They only cost $414 or so, so she realized she had done WAY too much work on the doors and should have just bought new ones to begin with.
I missed the first couple of minutes, though, so am not sure where she got the $252K to buy the place to begin with. I know she only had to come up with a downpayment and then mortgage payments, but her career as a part-time bartender didn't seem like it would support even that. Still, it was an interesting show, since I enjoy home renovation and real estate issues. I can even imagine my husband (who is very handy) and I flipping properties for a living if we lived somewhere where sellers got multiple offers above asking price! That's certainly not the case here in the southeast.
I'm enjoying this show so far. Anyone else watching?