I heard about this show recently, and finally had the time to watch one of the episodes. Unlike “Property Ladder”, this show (at least the episode I watched) seemed to show more of the upfront events (i.e., process of getting the property).
In the episode I watched, there was a company called “Trademark Properties” from James Point(?), South Carolina run by a gentleman who had a complete office staff working for him. He bought a property from an elderly couple for $235k. He then spent TWO weeks rehabbing the place (total rehab cost: $125k). This guy was a definate pro at it, since at any one time he had 55 workers on the house. I did get a sour taste in my mouth about his moral values when it came to dealing with permits. He pretty much ignored the building inpector’s orders of shutting down the work until he got all his permits, and threatened to sick his lawyer on the inspector when the inspector told him to shut the work down for a second time.
I did like the idea that this particular episode focused on an area OUTSIDE of California, and it seemed to show some of the events of acquiring a property. I still think the bottom-line figures were a bit skewed, since the man still had to pay his staff and whatnot. So far, though, I like it a little bit better than “Property Ladder”. I’ll see how the next episode turns out first, though, before arriving at a final judgement about the show.
Figures -
Purchase Price: $235k
Rehab Costs: $125k
List Price: $650k(?)
Sold Price: $550k
I watched the show yesterday and I agree, it seems to be a little more realistic than property ladder. Property ladder gave bull$hit numbers when it came down to how much money the first time rehabbers made. Also property ladder focused only on california where property value goes up in a short amount of time regardless of what you do to the property.
I only wished the show was longer, maybe 2 hours vs 1 hour so they can go into more detail about the process of obtaining the properties and working with contractors. I can’t wait to watch the show again next week.
I watched most of the show but unfortunately I had to leave before it was finished. I saw up to the second time the inspector showed up. I think the owner of the company along with most of employess were idiots.
I can’t believe the lady wanted to buy that teardown termite infested house and expect to make a profit. I question what her job title really meant and what her experience was.
I really can’t believe he new nothing about permits, the consequences of not having them, and the consequences of not following a Stop Order. He seemed pretty ignorant and and arrogant. he did not even have licensed contractors working for him.
I really ished I could have watched the rest though. It was entertaining. Hope I didn’t piss anyone off.
I caught an episode last night. Same guy in SC. He got the house for 190, put about 100k in it and sold for 364k. Comps in the neighborhood they showed were for around 300k, so I guess he knew something they didnt mention. Of course he had the full staff to pay, but a 2 week turn around is pretty damn fast. If he can do a couple of those a month then he’s doing well.
What a bunch of good ole boys though. I laughed when they were in the truck waiting for the jobsite thief with his shotgun and drinking Pabst or some crap. Totally talking for the camera. I noticed he didnt take the shotgun with him to the house when the thief showed up. I guess if someone shot him, he would then go back to his truck and get it.
I also thought it was hysterical. I looked up their site (would post it but am new here and not sure if it’s allowed) and it’s a very large company offering many different services. I’m surprised that the company would allow him to have an open container and a shot gun in a car on national television.
The last episode he did major work and never even pulled a permit. Wonder if this behavior is making the company proud. :-\
Have you guys caught any more of this show. There’s one where they buy a beach house for 1.2 mil (didnt even try to talk the guy down). The GC wanted to partner on one and he thought that one was a goldmine. At the end of the show they have sunk another 250k into it, don’t have a buyer, and have holding costs of 10k a month! They’re like “oh well, I guess we’ll have a beach house for a while”.