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!
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.
What can a seasoned successful rehaber gain from watching this show? or from posting about it every evening? it appears from your comments that these people are morons.
i will spend my time working on the rehab i just sold. have to do the punch list and get ready to close. another $40k in a “soft” Houston market. lol
<<<<<<<Not a seasoned successful rehabber.
I don’t know who you’re addressing here, but I think it’s fun to watch for people who are in this line of work. Talking about it with others is great too. I can speak for myself here that when I talk about this kind of stuff to friends and family they’re like “Uh-huh, next subject please.” Except for my dad, but see, he’s in this kind of business also.
It is just a fun show to watch and talk about. If you are working 24 hours a day for just 40k, you are working too hard
Take an hour, relax, and join the community
Btw, keep the market nice down there would ya. I swear I am getting to Houston some day here. I was all set to fly in next week but business come up and I had to cancel it.
Are there many viable rehabs down that way? I was mainly going down there for rental props, but might change my tune.
Here in Houston, this past June the foreclosures ran over 2,000 listings. i picked up 2 Sub2 properties. Could have gotten a few more, but i am doing this part-time. Have a short sale working that should close this week…another Rehab with $50k potential.
Saddle up the horses and head on down here…there is a significant opportunity. I hear San Antonio is even hotter. red
I think some of you guys are missing the point to my post…if you go back and review the initial post, it was…
This show will be premiering in July, I think. Do you think this will damage the market that we are working in? OR do you see it as a positive.
I’m just starting to researach and am really excited to get started, but afraid this show will diminish the potential opportunities that out there.
My point is simply…who cares what this show is about? further, how much of an audience can it draw being on TLC? go about business as usual and make some $$.
The show premiered quite some time ago (I think there have already been 5 episodes on)…I watch it because it is a scream watching people with 5 thumbs do plumbing and carpentry and then actually have TLC tell you they turned a profit! For me it’s entertainment. So far I haven’t seen any serious threat to anyone in for the long haul.
No, I don’t think it will make a great impact on what we’re doing – most of them are putzes that will turn up on the wrong end of the stick and fold their tents the first time they come up short – trust me, for some that is RSN (real soon now)…
What I’ve seen so far is that what they are doing will only work in California (anad a few other select places) because there is no eye for value and no real budget to work to. It’s all about a huge quick profit.
Yea, it is pure entertainment for me. I love the show.
It is like all the other shows on there, HGTV, etc where they show you the material cost. Like the show that gets homes ready to sell. They make it look like it costs just $2000 to do all they did. Unfortunately, the labor costs of about $5-10k were not included.
I watch that stuff for entertainment and design ideas.
As to Houston, I want to invest there for rental property because the homes are low priced and good, the rent is good, 2 million+ people around the area, all the major sports teams, proximity to the gulf, and the area is booming with renters. I don’t know of any other city that has all the benefits for rentals that Houston does.
I am ALL ears if you know of another place that is better.
At one point prior to finding out that she was going to have to spend an extra $2,000 to replace the harwood floors, she estimated, based upon a $270,000 sales price, that she was going to net only $16,000, so it leads me to believe something is missing from my calculation.
At least this one was not in CA.
Every one of these houses are fully furnished with really nice furniture for the open house. Yet there is no discussion of this on the show. Hence I have come to the conclusion that part of the film agreement is that Property Ladder will furnish the houses. I wonder what else Property Ladder does as an incentive.
And they never have a problem selling their property. I can believe that in CA, can’t say I know how strong the TX market is.
ETA: I am becoming very suspicious that the producers of this show are furnishing these properties, and that the properties are being sold with the furnishings. It would seem to be an appropriate way to compensate the Subjects. The show’s practice of failing to include large costs in the final ‘profit’ calculation demonstrates that the producers have a significant bias in making it appear that these novice rehabbers are making more money than they realy are. Also, it seems that the Realtors that are brought in at the end of the show consistantly underestimate the sale prices of the properties.
Corrected to include private money cost factors and 5 month holding cost factor.
Again, we see a rehab in a desirable area on the rise. I wonder how many shows they shoot where the rehabber lost money. It would not be in their best interest to show this.
This was a great example of how someone who’s main talent is holding a Cappuccino can still make a few bucks.
The homes sold are for sale by owner so there might be buyers agent fees of say 3%.
I found the episode highly entertaining. Not sure why they kept playing up the fact that she has a MBA. That does not mean you are a good financial person–as we saw.
I want to see rehabs done where the estimated selling price is $100,000 or less.
like Jack9 said, how is that these houses are furnished like they are? especially the non-working woman from houston. she accessorized the house with some very expensive things. anybody have any ideas on this? it’s not like you’re going to buy the house with all the stuff in it.
The furniture is interesting – and an expensive addition. I know a few builders who furnish their spec homes that have been sitting to help them move quicker. They buy an entire house of furniture and move it from place to place.
On the show, they’re clearly using a designer, it’s not easy to pull a house together to look like a model home – not everyone has that type of design/layout talent. To sell my personal residence a few years back, I hired a designer who specializes is staging property for sale using what you already own. I’m sure this is what the show is doing. BTW she was great – it’s something to consider if you are having trouble moving your own residence – or if you are furnishing your rehabs for the one-day sale. Oh wait… you aren’t selling in one day? HAHAHA Something must be wrong with us
Another thing that I’m calling into question. Yay one-day sale! Who prequalified these people? Does anyone know if they can afford the property? And how many of these are actually closing with their original accepted offer? It’s rare to find a buyer who doesn’t have a contingency especially on the higher-end properties.
I did have to laugh at the guys who didn’t show the property because it wasn’t ready – duh! I show to anyone who wants to see. That must be an agreement with the show as well.
With all those questions – I am enjoying the show. But, like most of you, I want to see the $100,000 said-and-done rehabs.
