Any catch this show? Its called Property Ladder. They follow someone rehabbing and reselling a property. I caught it last night. Some guy bought a 2bd/2bth condo in Santa Monica for $588. His plan was to rehab in 6 weeks and sell for 650.
His first mistake was the 6 weeks. It took him almost 6 months at $3300/month mortgage. He also planned on doing a lot of work himself that he didnt know how to do, and found it overwhelming.
I’ll spoil the ending for you now so stop reading if you dont want that.
He ended up splitting one of the bedrooms to make it a 3/2, redid the kitchen, one of the baths, and the fireplace, plus refinished wood floors and paint. He sold it for 700k, making 80k before realtor fees. (He was a realtor so I guess that’ll be 3% for the buyer and a piece for his broker).
This is about how it goes sometimes…my last rehab was only a couple weeks behind (it was not an extensive rehab)…I had trouble with the weather (outside scraping, priming, painting), with a couple doors, and a few minor "puttery jobs, etc.
I WAS right on the money with my original estimate – $6 under budget, in fact!
I actually talked to the producer of the show. They were trying to get 3 or 4 rehabbers in Austin and shoot some shows here. I was too greedy and did not share with other rehabbers and they did not come to town because they could not get enough deals to shoot. I shot my own foot off. They said they may call again if interested in an Austin shoot. It would be neat. I will try to catch the nest show.
Haha. Yeah I hope they do some with more experienced rehabbers. I’d love to see them include the process of obtaining the property at the right price, too. That seems to me to be the toughest part.
The producers of the show will buy the properties all cash so that “WE INVESTORS” can learn a lesson about Rehabbing. Just like they used to be able to do “ALL THAT WORK” in 48 hours for about $1000 (Whoever paid those pricey Interior Designors) on that show called Trading Spaces.
I knew it was going to go to the crapper when that guy and his Dad were in Home Depot buying the tools the day before the re-hab. ‘what does that do?’ ha ha ha ha ha ha.
Yesterday they had a girl in Long Beach area buy a 1 bd condo and rehab it. She thought it would take a few bucks and 6 weeks. Was funny to see her in week 12 wondering what the heck was going on.
So unorganized. Seemed like she hired all her help from the local Bar.
Good thing she was in a hot area or she would have lost a lot.
I like how they tell you profit before Realtor fees. Yea, let’s not mention that $24,000 bill.
Yeah, and how she paid one of her barflys an advance to paint her cabinet doors then never saw him again!
Hell, if she can do it while making so many dumb mistakes and bad estimates, my newbie butt could surely pull it off.
on that show called Trading Spaces.