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Author Topic: Property Ladder TV show on TLC  (Read 69361 times)

Offline kdhastedt

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Re:Property Ladder TV show on TLC
« Reply #30 on: June 27, 2005, 06:20:58 pm »

"Well, off to the bar to flirt for help lol"

I'll just bet you'll get some beauties to help you, evergreen!

Stop, you're killing me!
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline kdhastedt

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Re:Property Ladder TV show on TLC
« Reply #31 on: June 27, 2005, 06:22:21 pm »

GOOD LUCK, Tami!
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline evergreen

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Re:Property Ladder TV show on TLC
« Reply #32 on: June 27, 2005, 06:52:04 pm »
Good luck Tami!

Anyone know who won the next food network star contest? :D

Offline Jack9

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Re:Property Ladder TV show on TLC
« Reply #33 on: June 27, 2005, 08:32:47 pm »
I must have missed that part where they said that the Brothers had not started on the other two rehabs yet. But the older Brother had "Carpenter" written all over him.

Offline evergreen

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Re:Property Ladder TV show on TLC
« Reply #34 on: June 27, 2005, 09:00:18 pm »
Like that older brother huh :D

The part on the properties was a one-liner. Not important though. Both of them brought 1 screwdriver to the property to rehab it lol. They did not know what to do.

Now, their friend was a different story. He had tools and knew what he was doing.

This next episode should be good. Looks like 2 guys are doing the rehab BUT they have an investor. I saw one line where one of the guys tells the investor "we are under budget" and the investor replies "No we're not."

Can't wait :D

Offline TamiSpartan

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Re:Property Ladder TV show on TLC
« Reply #35 on: June 27, 2005, 10:18:45 pm »
Like that older brother huh :D

Both of them brought 1 screwdriver to the property to rehab it lol. They did not know what to do.


Sounds like the new Georgia investors to me! Wonder if it was a flat head or philips  :o

I still haven't heard on my bid, but I appreciate all the well wishes -- I'll keep you posted. If the idiot bidders leave me alone my net will be around $30K - and not the TV way. Or you'll see the property on TV, all rehabbed and being sold, in a day. As the yahoos tear out all the upstairs subflooring, any and all plumbing, ceilings from below and start over, rather than fix the true problems. Frankly I don't think the TV market will touch my area. It's too... S-O-F-T -- but hello, it's Georgia, everything is slow here. $30K for two month's work is very good down here -- VERY. Especially now that I'm competing with every new dork investor -- and I do get it done in two months. Otherwise everyone working for me wishes they don't LOL.

I'm happy with renting them out for now. I've been very lucky or stupid -- you're call. My mortgages are paid and on time, I put overages in the bank. However, I rent on my gut now more than credit records. I've done the thorough checks and they screwed me over more than those trying to rebuild their lives. I just signed a lease today on a home -- for a year, and when I was done making this man and wife initial each and every page, he asked me if he could buy the house at the end of the term. LOVE THAT -- the answer is -- we shall see, but I know giving them the option will make them take care of the property.

BTW yet another reason to work in your own properties, this happened to me daily when I was there, potential renters and/or buyers show up all the time. You cannot rely upon some contractor to sell or rent your property like you can. And, I didn't need to furnish it to get business done. Of course, I did have to ask the potential renter/buyer to have vision (which no one but us has). They cannot see where you are going in the end, but if you have a phone number, you can call them and invite them back, "for a special tour before you open the house to everyone else." It works, I've used this to actually flip other homes.

I'm so sorry my posts are so long! Take care all, and thank you again!
Tami
~Tami

Offline evergreen

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Re:Property Ladder TV show on TLC
« Reply #36 on: June 27, 2005, 10:41:47 pm »
I'm so sorry my posts are so long! Take care all, and thank you again!
Tami


Should see some of my posts. I tend to ramble on and on when I like something.

Where in Georgia? I have been looking at Houston for rental props.

Offline kdhastedt

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Re:Property Ladder TV show on TLC
« Reply #37 on: June 28, 2005, 07:19:46 am »

"It's too... S-O-F-T -- but hello, it's Georgia, everything is slow here. "

It's rule #3 of the Southerner's code:  "We don't do 'hurry up' real well"!


Keith -- native New Englander!
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline TamiSpartan

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Re:Property Ladder TV show on TLC
« Reply #38 on: June 28, 2005, 09:59:37 am »
Where in Georgia? I have been looking at Houston for rental props.

I like the areas south of Atlanta and that means outside of the Hwy. 285 circle. Inside and immediately around it, is really a life or death situation and I'm not willing to die over a property. That area is being rehabbed by developers who can do massive amounts of work at one time. It starting to looking nice, I am positive the hookers love their new views  :D

I pulled together a bunch of data and dropped it into a spreadsheet. The results were amazing and that helped me narrowed my focus. I used crime stats, owner occupant %, rental occupant %, vacancy ratios, median income, median values, etc. I don't like to be in areas where everything is a rental -- for example College Park, Georgia 57% of the houses are rentals, but get this stat -- another 25% are vacant. The crime rate for both property and person is an 8 (1-10 scale, 10 being worst). You won't find me there LOL.

The city where I live is entirely too expensive for investment property, unless you can get something off the court house steps (yep that is how they do it here, I've been to a few auctions). I have watched million dollar homes go on the steps to the highest bidder -- people show up with $500-$700K and bid against each other, it's fun. The banks always protect their investment by opening the bid at the loan value plus all legal fees. Then it is up for grabs. You need to have cash -- there are hundreds of thousands of dollars standing out on the steps the first Tuesday of the month in every county in Georgia. If you know your market, you can make tons of money. The foreclosures are advertised by law for one month prior to the sale. It's very easy to find them and do your research.

The problem with the court steps for the areas I'm looking is that most of the foreclosures are relatively new purchases. The buyer hasn't paid much down on their loans, however, they've lived there long enough to entirely trash the place. So you get a house that could be at 90% of the value, and also pay legal fees. No thanks, I'll let the banks get it on their books and then make an offer. Another pitfall is if the owner files bankruptcy within 30 days of a court steps sale, the house goes back to them and you get your money back -- without interest.

So to answer your original question ROFL! The areas I like a lot are: Jonesboro (parts), Ellenwood, Rex, Stockbridge, McDonough and if you like the higher-end properties Fayetteville. There are two military bases closing on the south side, so stay out of Lake City, Forest Park and Conley. People are smart so they are putting their houses on the market now. It's going to be a disaster very soon -- hey, let's hope all the people constantly outbidding me go there for the deals LOL.

All of the locations I like have rental ratios of around 11-13%, vacancy ratios of 2-6% and an easy commute to Atlanta.

Yet another long winded answer :) Have a great day all. And if anyone is interested in properties were I've mentioned, I know the markets extremely well, if you have something in mind drop it to me in e-mail and I'll let you know what's up with it, there is no doubt I've been by it and probably inside LOL. You can search the areas at GAMLS.com.

Tami
~Tami

Offline Jack9

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Re:Property Ladder TV show on TLC
« Reply #39 on: July 03, 2005, 11:34:17 am »
Episode 5 review, The former Frat Brothers:

Yet another SoCal rehab. The numbers, based upon my estimates;

$560,000 purchase price
    75,000 rehab cost
    18,000 holding and closing costs, and Seller concessions
      7,000 estimated loan points (1.5 points* $460,000 loan)
$750,000 resale price
------------
  $90,000 net profit (split three ways)

The biggest problem in estimating these profits is guessing how much the Seller concession is (Seller paid points and closing costs, repair credits)and what they are paying for loan points/fees. On a $750,000 house the seller concession could be zero or it could be $20,000.  I estimated $5,000 for this calculation. I really think the producers are intentionally deceptive in this regard.

I estimate that $40,000 of that $90,000 was SoCal bubble market appreciation, but $50,000 split three ways is still a good solid profit.  

They got a little lucky in that they didn't have to pay a Buyer's broker in this situation.

The producers tried to make a big deal out of the money partner's concerns about holding costs, I just wasn't seeing it.

The biggest criticisms I had with their work were the laminate flooring, the brown paint and the Claw foot tub. I throw tubs like that away.
« Last Edit: July 03, 2005, 02:37:33 pm by Jack9 »

Offline kdhastedt

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Re:Property Ladder TV show on TLC
« Reply #40 on: July 03, 2005, 01:18:12 pm »

At least these guys (well, the one anyway) knew which end of the hammer is the working end and put in the hours (unlike last week's slackers)...

How HIDEOUS was that brown???  She told them not to use it so they painted over it there and used it in an even smaller room...looked like they had a couple of monkeys having a fecal throwing battle.  It looked like crap...literally!

You're right about the tub...that end of the room was narrow...they should have put a large glassed-in shower or maybe a soaking/whirlpool tub.  The wash tank the one guy built looked like an Army urinal trough that had been tiled.

Maybe someday I'll see something other than Cali 'dudes'...but if they move out of California, they are not going to make enough money to bail out their screw-ups!

Keith
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline evergreen

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Re:Property Ladder TV show on TLC
« Reply #41 on: July 03, 2005, 02:47:01 pm »
Cal has got to be the easiest market to try and rehab in. The prices are very high and there are big spreads. I want to see more in the smaller areas like Texas, Ohio, and so on where homes are like 100k.

I drove down a street going to the IRS the other day here in Vegas and within 3 blocks of this street I saw no less than 10 homes with huge trash bins (the ones the big trucks hitch up and pull away). It was rehab street. Old AC units on the curb, old piles of roofing, carpeting, and debris in the driveway.

These homes, while old and junky IMHO, will probably fetch about 200k (not a great area) when done. Unless they overbuild for the neighborhood then they might sit there.

Nothing like being able to go to the bathroom and watch your laundry at the same time lol.

At least the walls in the one bathroom match what is in the toilet. :D


Offline kdhastedt

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Re:Property Ladder TV show on TLC
« Reply #42 on: July 03, 2005, 08:58:22 pm »

Yeah, I forgot about the laundry thing...they could have spent about $50 and put some louvered doors up!  At least it would have looed some better...

Keith
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline Markw

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Re:Property Ladder TV show on TLC
« Reply #43 on: July 03, 2005, 09:01:32 pm »
ugh missed it again!!  I hate this new work schedule, first day of my week is sunday!!!

the good news is 3-4 days off a week for REI :D

Offline deedeelynn

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Re:Property Ladder TV show on TLC
« Reply #44 on: July 04, 2005, 12:42:44 am »
FOR A FULL "PROPERTY LADDER" SCHEDULE....CLICK HERE. You can even catch "reruns." ;D

http://tlc.discovery.com/schedule/series.jsp?series=54732&gid=0&channel=TLC

 




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