flip or flop

[zmaxmotorsports]

It's a good thing she's freaking hot,some of the close ups on the houses they're doing are really scary!
They showed her sitting on the front porch of a house they just did,camera moves to the right and it looks like a 5 year old caulked where the siding and wood trim meet with a pneumatic grease gun.
That and the ghetto ikea kitchens and the guys painting everything with spray guns is just hilarious!

 

[GarageWidget]

Lol. I'm sure a lot of people agree! Gotta sell those houses for her upkeep.

Some of the flips are scary looking but doesn't Cali have all kind of protect the buyer laws? Here in S. FL you get what you get, no buyer protection at all. Buyer beware.

 

[bdbecker]

Summary of every Flip or Flop episode:

Buy house sight unseen at auction.
"This place should be an easy flip."
Get keys, walk through house.
"You paid how much for this place?!?"
Rip apart house, discover major issue.
"That's really expensive, we can't afford to fix that!"
Fix expensive issue.
"Fixing that issue put us over budget."
Paint everything neutral colors.
"The place looks amazing."
Sell house to unsuspecting buyer.
"We took advantage of yet another family - yay for us! Now we can buy a new Land Rover!"

At least all of their crimes should be fairly well documented.

 

[gbh]

Summary of every Flip or Flop episode:

Buy house sight unseen at auction.
"This place should be an easy flip."
Get keys, walk through house.
"You paid how much for this place?!?"
Rip apart house, discover major issue.
"That's really expensive, we can't afford to fix that?"
Fix expensive issue.
"Fixing that issue put us over budget."
Paint everything neutral colors.
"The place looks amazing."
Sell house to unsuspecting buyer.
"We took advantage of yet another family - yay for us! Now we can buy a new Land Rover!"

At least all of their crimes should be fairly well documented.

That's pretty close to the theme of every car "resto" program too except for the neutral colors. They also tend to add an aspect of, "there's no way this will get done on schedule!"

 

[bdbecker]

Oh yeah, I forgot about the "deadline" - good catch.

 

[CN Spots]

Somebody has to break something irreplacable that miraculously gets replaced before the end too.

 

[jd_1138]

Summary of every Flip or Flop episode:

Buy house sight unseen at auction.
"This place should be an easy flip."
Get keys, walk through house.
"You paid how much for this place?!?"
Rip apart house, discover major issue.
"That's really expensive, we can't afford to fix that!"
Fix expensive issue.
"Fixing that issue put us over budget."
Paint everything neutral colors.
"The place looks amazing."
Sell house to unsuspecting buyer.
"We took advantage of yet another family - yay for us! Now we can buy a new Land Rover!"

At least all of their crimes should be fairly well documented.

That's pretty much how ANY real estate investment goes. What crimes are they supposedly committing? Buyers can set up their own inspections, and most lenders require it. Neutral colors are a must. Tangerine orange walls may appeal to 2% of the population, but not to most people. ha ha.

No one's forcing the buyers to buy the houses. They can buy their own fixer upper and save a lot of money and do the work themselves if they want. My mom bought a foreclosure for about $150,000 less than comparable homes in her neighborhood. Sure, it needed paint and some work ($30k total), but now it's worth as much as the other houses.

 

[James-W]

I don't usually watch that show, although I have seen parts of a couple of them. I prefer watching a show like "This Old House" or "Holmes on Homes" or something like that. But the thing is, on some of these shows they have a budget for doing a repair or remodel of a house that is bigger than the GNP of some third world countries. How many people have that much money to spend on a repair and/or remodel job? If they did have a ton of money they would most likely not bother with the house, they would just buy a better one.

 

[truckman5000]

i do find the part to al those kinda show funny is:
Give me a quote for remodeling the whole house, oh 60k.
Then the go to sell, over budget by 10k.
Bought home for 800k in California, put 70k into. Sold the next day for a 40%+ profit... We made 120k off to the next one.

There is no way, unless your paying 10 contractors 30$ hr, cash. Around here to re-do a whole home is like some ive seen on the shows whould be 300k

 

[slip knot]

Those house flip shows are ****. Everyone thinks their house is worth way more than it actually is because "your gonna flip it" so their $40K shack is worth $100K cuz "it'll flip for $275K".
Nope, that aint the way it works. at least not around here. I buy investment property and its a tough game. made even tougher by these type shows.

Worse than the flipper shows is the build it in a week shows. Around here drywall takes a week to dry out sometimes? Everyone wants their project done in a day or two cuz they " build a house in a week" on TV. I wont even think about any contract work anymore. if it isn't mine I'm not interested.

 

[bdbecker]

That's pretty much how ANY real estate investment goes. What crimes are they supposedly committing? Buyers can set up their own inspections, and most lenders require it. Neutral colors are a must. Tangerine orange walls may appeal to 2% of the population, but not to most people. ha ha.

No one's forcing the buyers to buy the houses. They can buy their own fixer upper and save a lot of money and do the work themselves if they want. My mom bought a foreclosure for about $150,000 less than comparable homes in her neighborhood. Sure, it needed paint and some work ($30k total), but now it's worth as much as the other houses.

I don't disagree with anything you said there, I was just cracking a joke about how every episode of that specific show is basically the same. I don't understand why someone would tune in to watch them each week, but to each their own.

As far as the crimes statement is concerned, maybe "crimes" was a poor choice in words. It must be said that there is a big difference between a flipped house and a remodeled/restored house. A "flipper" cares about keeping the costs as low a possible so they can maximize their profit. They do not care about quality of work, only how quickly it can be done. These two factors often drive unethical decision making during a project. Hidden wiring junctions, water damage/mold hidden by paint, compromised structural components, foundation cracks, and so on. If its hidden behind drywall, its probably not going to be found by an inspector. Flippers know this.

I admit, I'm more cynical than most people. I also admit that the majority of people in the real estate and construction business are probably honest people just trying to make a living but they get a bum rap because of a few bad apples. I just find it very despicable when someone is willing to take advantage of another person, all so they can make a few thousand dollars more on a sale.

 

[GarageWidget]

The prices they post are way off, don't understand how they can get quotes that low especially in Cali. An entire roof job for 6K (3d Shingle) in Cali but in FL the same job for less square footage is 14K? Amazing how they can keeps costs so low with permitting involved.

 

[Tunajoe]

I find it interesting that they never add in the sales commission when figuring out the "profit".


Sent from my iPhone using Tapatalk

 

[jd_1138]

I don't disagree with anything you said there, I was just cracking a joke about how every episode of that specific show is basically the same. I don't understand why someone would tune in to watch them each week, but to each their own.

As far as the crimes statement is concerned, maybe "crimes" was a poor choice in words. It must be said that there is a big difference between a flipped house and a remodeled/restored house. A "flipper" cares about keeping the costs as low a possible so they can maximize their profit. They do not care about quality of work, only how quickly it can be done. These two factors often drive unethical decision making during a project. Hidden wiring junctions, water damage/mold hidden by paint, compromised structural components, foundation cracks, and so on. If its hidden behind drywall, its probably not going to be found by an inspector. Flippers know this.

I admit, I'm more cynical than most people. I also admit that the majority of people in the real estate and construction business are probably honest people just trying to make a living but they get a bum rap because of a few bad apples. I just find it very despicable when someone is willing to take advantage of another person, all so they can make a few thousand dollars more on a sale.

That's cool. Yeah I should've figured the "crime" comment was more general/figurative in nature, as in "crimes to the house that some flippers perform to save a buck or 2 on a flip".

I have a friend who fixes up derelict houses either to sell or to add to his rental portfolio. Way he does it is he finds houses in nice areas with good school districts that are solid foundation wise and structurally but need heavy cosmetic stuff and perhaps a new roof, HVAC, etc.. He gets them for like 1/4-1/3 their normal price (if they were not in bad shape). Then he has 2 contractors he calls. This one guy is licensed in electrical, plumbing, HVAC. He inspects and repairs the electrical, plumbing, HVAC. He lets the guy do the work in between his larger projects, thus he gets a discount.

And then he calls in his Amish crew of 5 guys who then fix or replace the roof, gutters, general carpentry, interior stuff (drywall, floors, kitchen/bath). He picks them up everyday and drops them off (thus saving himself the $150/day fee that a driver with a truck would charge to the Amish and thus to the customer getting the work done).

 

[Dragfluid]

They're all scripted, and it's all entertainment. We think the best one is "Good Bones".

BTW, not to be a poop in the mud, but what does this have to do with HVAC?

 

[jd_1138]

They're all scripted, and it's all entertainment. We think the best one is "Good Bones".

BTW, not to be a poop in the mud, but what does this have to do with HVAC?

Talking to me? I was just speaking in general terms about my friend who flips. I mentioned he has 2 contractors he uses. One is licensed in HVAC, plumbing, electrical, and the other contractor is Amish and does roofing/carpentry.

Flippers sometimes use the same contractors over and over. The Flip or Flop people do.

 

[mbatarga]

I find it interesting that they never add in the sales commission when figuring out the "profit".

They are realtors themselves, so they pocket the seller's half. They did add in the more recent shows a statement about "after we pay other expenses"...

 

[Dragfluid]

Talking to me? I was just speaking in general terms about my friend who flips. I mentioned he has 2 contractors he uses. One is licensed in HVAC, plumbing, electrical, and the other contractor is Amish and does roofing/carpentry.

Flippers sometimes use the same contractors over and over. The Flip or Flop people do.

No, the OP.
Not a big deal, just wondering.

 

[zmaxmotorsports]

They're all scripted, and it's all entertainment. We think the best one is "Good Bones".

BTW, not to be a poop in the mud, but what does this have to do with HVAC?

I wasn't paying attention when I posted it,should've been in free parking.

 

[Dragfluid]

Yea,,,,,,,,,,,,,, you had your mind on the blonde chick.

 

[creativecars]

I don't usually watch that show, although I have seen parts of a couple of them. I prefer watching a show like "This Old House" or "Holmes on Homes" or something like that. But the thing is, on some of these shows they have a budget for doing a repair or remodel of a house that is bigger than the GNP of some third world countries. How many people have that much money to spend on a repair and/or remodel job? If they did have a ton of money they would most likely not bother with the house, they would just buy a better one.

LOL, Holmes is the biggest drama queen of them all. "Why me, why do I have to do all this" OR "Gut it". After watching that show the second time I was already tired of his bitching and whining.

 

[gregtwojeeps]

I just notice that Christina almost always gets her way in most heated debates...

We may not agree with all of their projects but I will say the following. I have no great love for home flippers as I know what they do with their lipstick projects.

Christina and "Torque".... while making a great income and also while taking the risks.... do help cure the neighborhood decay that is eroding our nations neighborhoods now from the MANY foreclosed, abandoned and maintenance neglected houses out here. JMO

 

[DCarr2]

What kills me are all the foreclosed homes banks are sitting on. And no one seems to be asking why are the banks sitting on these houses and doing absolutely zero maintnence?

For instance, my mom neighbor went thruogh bankruptcy because the bank refused to refinance... she kept up the house and it looked great. the bank, took it over. The house is lucky to get the lawn cut 2x a month, and theres been zero maint. Peaking in the windows, I can tell that the house needs at least $10,000 in work prior to hitting the market as it sits right now, if not more.

So you take a move in ready house, and sit on it for 7 years. and do nothing to it.

and then ***** to congress how you lost money on these defunct mortgages (dont even get me started on the rip off that mortgages are) while they let hundreds of millions of dollars worth of homes fall into disrepair.

no one and I mean no one is asking why these banks arnt dumping these properties. Everyone you ask when it comes to bankruptcy and such say that the banks dont want your property they just want the cash. ok then why are they sitting on these houses for 8-10 years?!

 

[Mdaddyrabbit]

Christina is hot!!!!!!!!!!!!!!!!!!!!!

 

[James-W]

LOL, Holmes is the biggest drama queen of them all. "Why me, why do I have to do all this" OR "Gut it". After watching that show the second time I was already tired of his bitching and whining.

I agree, Mike Holmes gets a bit dopey at times and there is a bit of drama to the show. But the reality is, there are a lot of companies out there that do very sloppy work, sometimes to the point where it is a safety hazard. At times it can take quite a bit to fix some of the "screw-ups" and make things right. I do think they get carried away with some of the stuff they do and rip out stuff that isn't really bad. But when you have virtually unlimited funding you can do stuff like that and it doesn't matter.

Also, he has a cute daughter that helps out with projects on the show. I wish she would come over to my house and help me with a couple projects.

 

[Falcon67]

What kills me are all the foreclosed homes banks are sitting on. And no one seems to be asking why are the banks sitting on these houses and doing absolutely zero maintnence?

For instance, my mom neighbor went thruogh bankruptcy because the bank refused to refinance... she kept up the house and it looked great. the bank, took it over. The house is lucky to get the lawn cut 2x a month, and theres been zero maint. Peaking in the windows, I can tell that the house needs at least $10,000 in work prior to hitting the market as it sits right now, if not more.

So you take a move in ready house, and sit on it for 7 years. and do nothing to it.

and then ***** to congress how you lost money on these defunct mortgages (dont even get me started on the rip off that mortgages are) while they let hundreds of millions of dollars worth of homes fall into disrepair.

no one and I mean no one is asking why these banks arnt dumping these properties. Everyone you ask when it comes to bankruptcy and such say that the banks dont want your property they just want the cash. ok then why are they sitting on these houses for 8-10 years?!

Having bought a re-po property, this. At the risk of crossing the "no politics" line, it seems that Congress is persuaded to not care that much about business on the street. If you - a bank - were really interested in getting the property off the books, you'd get people to move the inventory. There has to be some profitable tax or other financial consideration for sitting on these eggs.

We got a decent deal, but almost no wiggle room on terms. Not based on the consideration that the buyers had 700+ FICA scores, long term employment, etc, etc and that the house was dead empty for 9 months and would continue to just sit there and do nothing. Us regular folks would think "hey, solid buyer, already lost $ but we'll get something out of it" - apparently not. And I think - since this was a VA financed re-po that Somebody already got paid for the default and that any "money lost" came out of the VA's back pocket. And the VA's money comes from...yea. BoA was moving the house and just that part took like 8 people scattered from one end of the country to the other and 3 months to close.

Big banks seem to "not think" - we had a refund check that needed to be applied to our Escrow account at BoA. Local BoA branch was like "but you don't have an account with us, we don't know what to do with the check" - uh, we pay you every month?

Then the AC went out - so there's the AC part of it.