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Thread: Property Ladder - New show on TLC

  1. #1
    Reality Addict reality_emily's Avatar
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    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?

  2. #2
    Scrappy Spartan Broadway's Avatar
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    Yep, I'm really enjoying it as well.

    They don't mention anything about where these two young people got the original money to buy the properties. I would imagine, however, that they got a 0% down payment mortgage. Around my area, they're even promoting interest only mortgages which would be quite attractive and affordable if you're looking to flip a house for a tidy profit.

    The thing that annoyed me last night was that the girl kept wanting to put her own touch on the house instead of having it be more buyer-friendly. "This just screams me," she'd say... and that's so not the point of trying to sell a house. I was bummed to see her, in essence, rewarded for that selfishness. Imagine what she would have gotten if she had added washer/dryer hookups like the property developer had recommended.

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    Read The Clue Bearcata's Avatar
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    I managed to catch the first show with Anthony and later with the girl at the reuular time.

    First, I like the concept of the show.

    Second, I really did not like that Antony and the girl used their parents and friends as unpaid labor and make a huge profit which I am sure they will not share with their unpaid labor. I felt that was very sleazy and unethical of them. It left a very sour taste in my mouth and I had absolutely no sympathy for them and their troubles.

    Third, I have learned that if a book says that a home imporvement project should take an hour, I always triple it. Because you need to find out how to do it, make sure you have the correct tools and supplies and that takes time and that is part of the project. The minute I heard that the girl expected to a kitchen remodel, a bathroom remodel, lay a wooden floor and had no experience and was going to do it without professional help, I was laughing on the floor. Please, Anthony did the same thing, seriously undersestimated the time needed to finish the product.

    Watching Anthony, his father and brother demo the fireplace and not protect the wood floors and damage them and expect it to be an easy fix reminded me of some of my relatives who create 3 times as much work for themselves when they do home improvement projects, because they do not protect was is already there.

    That and not listening to an expert give advise in regards to putting in at least the plumbing for a washer and dryer and to keep saying that she wants her stamp on the apartment. There is a reason neutral sells, because it fits into the majority of peoples color schemes so they can move into a place without doing too much work.

    Well, hope this show does better than Doug's Trading Up.

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    Reality Addict reality_emily's Avatar
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    Quote Originally Posted by Bearcata
    Well, hope this show does better than Doug's Trading Up.
    Has Moving Up been cancelled? I really liked it. I noticed it wasn't on this week and was hoping that was because they were just out of new episodes?

    I agree with what both of you said about Property Ladder completely. It is fun to watch, but they sure do make a lot of stupid mistakes! I would like to think that they give their family/friends who help at least a small payout from the profits, but I agree that they probably do not.

    Emily

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    fortfan shyra's Avatar
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    I watched both shows and really liked them but it makes me laugh at how they expect to have everything done in the weeks they claim.

    I didn't catch the last 15 minutes of the one with the 23 year old girl and I was suprised that she was picking things that suited her instead of going for things like neutral colours etc.

  6. #6
    YOUUUUUUUUUKKK! GingerLVNV's Avatar
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    I was impressed with the decor the girl managed to get done and the amount of profit she earned, but the way the market is today and where she lived probably had a lot more to do with it than anything.

    I'm sure someone could have taken that place and flipped it another time for an even better profit, but 340,000.00 is quite a steal for a newly remodeled place in SoCal.

    But I think she will learn from that experience and could probably go on to make a lot more money in real estate

    Interesting show!
    They serenaded the newest champs in this city of champs, and taunted Kobe Bryant and his Lakers, who drowned in a green-and-white wave for 48 minutes.

  7. #7
    The race is back! John's Avatar
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    I caught the episode with the 23 year old girl. It's pretty funny. I've thought about flipping property, but never could in my area (home sit on the market for WAY too long). It is sure an eye-opener of a show for anyone interested.

  8. #8
    Read The Clue Bearcata's Avatar
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    Quote Originally Posted by reality_emily
    Has Moving Up been cancelled? I really liked it. I noticed it wasn't on this week and was hoping that was because they were just out of new episodes?
    Emily
    I noticed that it hasn't been on the last couple of weeks, I enjoyed seeing what the couples did in each others homes but the flavor/consistency of the shows seemed to change from week to week. The dead squirrels falling from the ceiling was the most fun.

    Anyway back to PL. I just wondered if the girl in the condo hired electricians to do the lights in the kitchen arch?? BTW I liked the lights in the arch over the counter that was a really nice detail, but I don't think I would like to risk my life and a possible fire hazard to any of this bartenders friends amateur remodeling skills.

    Come to think of it why did it take so long to get everything done?

    1. lay a wood floor
    2. install tile floor on the patio and in the kitchen.
    3. kitchen cabinet doors
    4. install new kitchen appliances ( it is worth paying 1 - 200 dollars to have a professional install these items - it is a matter of saving time)

    ( I had a storm door put in and it cost me $95 to have the item delivered and installed by a professional installer and he was out of the house in 2 hours as opposed to watching by neighbor save money and have 2 or 3 relatives help him install his storm door and make it almost an entire weekend project.)

    5. put in a new kitchen counter, but no backsplash, eventually the new owner will be pissed off because of this.

    6. new counter and sink in the bathroom.

    7. remove 2 textured walls.

    8. paint wooden shutters

    9. paint entire apartment.

    10. replace bedroom closet doors

    11. Arches in the kitchen

    24 weeks (6 months) means 2 weeks plus per project this girl had some serious time issues considering how much free help she had.
    Last edited by Bearcata; 06-14-2005 at 08:03 AM.

  9. #9
    The race is back! John's Avatar
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    With all the time they spent on those textured walls, it would have been MUCH easier to grab a hammer and demo the drywall, and put new up. I couldn't figure out why she didn't do that as soon as she realized what a pain in the butt it was.

    There are definitely things that make sense to sub out to professionals. Not only do they save you time you can spend on other things you CAN do yourself, but they do it quickly and correctly. It's usually worth the money, unless you have the time and can accept a less-than-perfect result that an amateur would have. I would definitely have subbed out the tile flooring, the cabinet doors, and the installation of the appliances. And probably a few other things as well. Concentrate on painting, etc. Stuff you can do yourself with little knowledge. It helps to hire pros the first time at least, and watch what they do.

    My aunt and uncle flip property, but they do it a bit different. They buy a cheap house in a growing neighborhood, do a basic remodel, rent it out for a couple of years until the property appreciates to a pretty high level, then do another basic remodel and sell it for usually double or more what they originally paid. The rent covers the costs of their remodels and taxes, and they're good to go.

  10. #10
    Read The Clue Bearcata's Avatar
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    [QUOTE=John]With all the time they spent on those textured walls, it would have been MUCH easier to grab a hammer and demo the drywall, and put new up. I couldn't figure out why she didn't do that as soon as she realized what a pain in the butt it was.
    QUOTE]

    On an episode of America's Ugliest Bedrooms they had a similiar problem and Doug from Trading spaces and Movin Up fame solved it by buyed an ultra thin drywall and covering the texture. Wow, what a simple timesaving solving. Of course the girl in the second episode properbly would not have done it as it would have been too much money to spend on dry wall.

    Also in response to flipping property, I think too many people get sucked into flipping after watching and purchasing those get rich from buying houses infomercials that are all over tv nowadays, especially as they indicate no improvement is needed. In my area; Washington DC metro, you can flip property without doing much just because the market is going nuts here. People that do buy a property do expect reidiculous increases for just sitting on it for a month but there are ridiculous bidding wars in the area. I am just waiting to see the real estate market burst here cause there are alot of people living in MacMansions on interest only mortgages and when the market bursts they are going to be in a lot of debt when they loose $30,000 or 40,000 on their homes.
    Last edited by Bearcata; 06-15-2005 at 09:47 AM.

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