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Flip this house. Fact or Fiction?

By: Chantal Gakwaya
Friday, November 30, 2007 4:47 PM

I love watching the reality show 'Flip This House'. I know of a lot of investors that are successful at flipping homes. I've also met an abundance of would-be investors that have lost their shirt with investments.

I find it funny how there are always 20 people at the open house and the home often gets sold or gets a contract that same day. All the talk in the show is focussed on getting the home ready for the open house. It's my thinking that a good portion of these Open House attendees are hired actors (but that's just me).  

So what do you think...Flip this house...fact or fiction?

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Comments

Howard Arnoff
Member Since '03

Howard Arnoff said:

Chantal, I hate to break the bad news to you but it is a tv show, and not quite reality but more entertainment. The real estate company on the show is based in Charleston and I know that several of the sales that have been depicted have never occurred and the properties are still on the market.

November 30, 2007 4:35 PM
Mipeco Realty, Inc -  Michaela Krestenic, Broker-Owner
Member Since '03

Mipeco Realty, Inc - Michaela Krestenic, Broker-Owner said:

Howard, sorry ... but I still have a thing for Richard and his gang :-).

But I like to watch the latest TLC's Flip shows ... expecially the ones where they show an updated after couple months or a year or so ... seems to me that half the flippers ended up moving into their flips because they either couldn't sell for good enough money or couldn't sell at all. But what do they expect with all their unrealistic expectations they have when they start. I'm far from being an experienced flipper but I've already learnt on our last three homes/flips ... whatever your original budget estimate is, add at least 30% more for the unexpected and whatever your original time estimate ... you can pretty much double it because there's always something that will come up ... it takes very little to get off the schedule ... relocating a pipe in the wall, tile adhesive taking too long to dry, walls that aren't at level ... small things that add up to large chunks of time. So, anytime I saw our Charleston "friends" flipping something in one week or even two or three days, I wasn't quite buing it :-)

November 30, 2007 5:23 PM
Leo  Garcia
Member Since '07

Leo Garcia said:

Is a tv show is all set up. Too bad so many people don't get it. It is not as "seen on tv" Check this out...

http://www.youtube.com/watch?v=bHXBjlkT1G4

November 30, 2007 6:03 PM
Mipeco Realty, Inc -  Michaela Krestenic, Broker-Owner
Member Since '03

Mipeco Realty, Inc - Michaela Krestenic, Broker-Owner said:

Leo, I know he got booted off the show pretty soon after it all started. But as with anything, you can't judge all of the people on these shows by one bad individual. We wouldn't want people to think all agents are bad just because they had a bad experience with one.

November 30, 2007 6:11 PM
Leo  Garcia
Member Since '07

Leo Garcia said:

I don't think I was judging any people just stating facts. Just keep watching and enjoy.

November 30, 2007 7:21 PM
Mipeco Realty, Inc -  Michaela Krestenic, Broker-Owner
Member Since '03

Mipeco Realty, Inc - Michaela Krestenic, Broker-Owner said:

Also, if it wasn't for these shows, it would be only all the negatives we'd get to hear and see on tv. This way, at least potential buyers/investors can see that there's still money to be made in real estate ... as long as they invest wisely!

November 30, 2007 7:43 PM
Candice A Donofrio
Member Since '07

Candice A Donofrio said:

Leo, interesting clip . . . BUT

Nowadays, news programs, especially 'investigative' type can be as overly dramatized as the expose subject. :)

That's showbiz!

November 30, 2007 7:48 PM
Leo  Garcia
Member Since '07

Leo Garcia said:

Good point Michaela as long as they invest wisely. You are right Candice that's showbiz ... drama = ratings = money

November 30, 2007 8:10 PM
The C Team
Member Since '04

The C Team said:

Chantal, these are entertaining shows.  It always amuses me that they figure this huge profit based on the list price with no commission, concessions or price reductions.  They are entertaining, but really nothing more than that.

Tony

December 1, 2007 1:02 AM
Candice A Donofrio
Member Since '07

Candice A Donofrio said:

[Leo sez: drama = ratings = money]

Yes!

The 'big big big profits' are more from show sponsorships than those flips! LOL

Flips are great and I've made big dollars on 'em too, but it's sometimes just as big a gamble as tossing the dice in Vegas . . . you're betting on a buyer that may or may not materialize . . . still, real estate is always going to be a great investment.

"Buy land, they're not making it any more." ~ Will Rogers

December 1, 2007 7:49 AM
Vicki Owens, ABR, CRS, GRI
Member Since '04

Vicki Owens, ABR, CRS, GRI said:

Not in my market right now - I have to laugh when I watch those shows - that and the ones where they show a buyer 3-4 houses and they pick one.  These HGTV shows make our jobs look so easy.  I would like to see them update and really talk about today's market in the midwest.  Guess it would not be as entertaining.  

Candace, great new photo!!  Much better than the last!!

Happy selling everyone!

December 1, 2007 9:40 AM
Gary Morris
Member Since '07

Gary Morris said:

I hate to admit it, but I am a fan of HGTV too. I watch them with tounge-in-cheek...selling a flip at an open house with multiple offers, showing this young couple 3 houses and they love them all and make a decision right away.

There is one show and I haven't saw it lately, "Buy Me". That show has a lot more realism as far as what we do and how we sometimes have to deal with stubborn sellers.

December 1, 2007 1:26 PM
Chantal Gakwaya
Member Since '06

Chantal Gakwaya said:

Whoops...the STAR GOBLIN strikes again :)

December 1, 2007 1:42 PM
Candice A Donofrio
Member Since '07

Candice A Donofrio said:

LOL Vicki, this one?

I have two websites so my clone pops in on occasion . . .

December 2, 2007 8:56 AM
Vicki Owens, ABR, CRS, GRI
Member Since '04

Vicki Owens, ABR, CRS, GRI said:

LOL yes Candace, the pup looks nice but the other pic is just beautiful! Wish I had a clone :)  Take care.

December 2, 2007 9:03 AM
Candice A Donofrio
Member Since '07

Candice A Donofrio said:

I like yer pretty pic too my dear! :)

December 2, 2007 9:14 AM
Cyd  Weeks
Member Since '05

Cyd Weeks said:

The show I love to watch is Flipping Out.  That guy is a riot and that is real.  I have a couple of past customers who he reminds me of, lol.   *whew*  It's good to be able to watch it on the tube and not have to deal with it in real life at the moment.  

December 2, 2007 6:22 PM
Mipeco Realty, Inc -  Michaela Krestenic, Broker-Owner
Member Since '03

Mipeco Realty, Inc - Michaela Krestenic, Broker-Owner said:

Cyd, Is this the Bravo show with California guy that's flipping some of those expensive homes ... always firing half his staff and freaking out over his cat and dogs?

December 2, 2007 6:39 PM
Candice A Donofrio
Member Since '07

Candice A Donofrio said:

That's the one . . . he's an android on steroids  . . . LOL

December 2, 2007 8:15 PM
Mipeco Realty, Inc -  Michaela Krestenic, Broker-Owner
Member Since '03

Mipeco Realty, Inc - Michaela Krestenic, Broker-Owner said:

Candice, that's the best description I've ever heard ... it fits him 100%! LOL

December 3, 2007 4:05 PM
Cindy Hartman
Member Since '05

Cindy Hartman said:

Hi Gary -

I like "Buy Me" as well - they're back - just saw a brand new one last night - and this one was located in the US, not in Canada.  That show really does seem to be a lot more realistic than the others.  And I always feel a little sorry for the Real Estate agent.

December 3, 2007 6:11 PM
Mipeco Realty, Inc -  Michaela Krestenic, Broker-Owner
Member Since '03

Mipeco Realty, Inc - Michaela Krestenic, Broker-Owner said:

I like "Buy Me" too. Majority of the Buy Me shows that I've seen lately end up by the end of the show with the properties still on the market. The music on that show is kind of spooky ... really sets the mood for the gloom and doom of the market :-).

December 3, 2007 6:35 PM
Shelly  Constantz
Member Since '07

Shelly Constantz said:

I feel like I am at a "meeting" HGTV addicts.. Hi I'm Shelly and my drug of choice is....

Well, right now I like Property Virgins.  The realtor on this show is a no nonsense chick!!  And she really takes her newbie buyers on a ride.  Try it, you might like it : )

Shelly

December 3, 2007 6:39 PM
Chantal Gakwaya
Member Since '06

Chantal Gakwaya said:

Very true Shelly. Let's see if we can get Leo to admit he's an addict :)

December 4, 2007 10:29 AM
Leo  Garcia
Member Since '07

Leo Garcia said:

Yes, Chantal I love these shows because although they not always project the reality, they are entertaining and full of great ideas. Property Ladder and Flipping Out are my favorites.

December 7, 2007 11:56 PM

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Chantal Gakwaya
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