Gina,
That was this past week’s Property Ladder. God, I hate that show.
Normally, I’m pretty jaded by all the whining and lack of work on the show. This week however, I actually felt bad for the investors. They made all the worst mistakes, and they were newlyweds and only 21! I wished Kristin would step in and say, “Hang on guys. Here’s a brief brochure on how to do your first rehab.” or something!
I mean, my heart really went out to them. I know shame on them for not getting the inspection done first, but it really stinks when you watch folks struggling like that, making all the common mistakes that you made when you first started out.
Big Cheese
Are the dealines on those shows really that tight? I mean I know you want to get the rehab done as fast as possible but on the ones with trademark gets the supplies before he has the house bought. He is always flipping out about deadlines. Is it that serious or is it done for TV?
Absolutely. Holding costs are THE most expensive part of buying a house. The longer it takes you to get it sold, the more of your profits you see flying out the window.
The deadlines in real life are all self-imposed. I suspect (but do not know for sure) that the ones on the TV are made tighter than normal to give a sense of urgency and make for better TV.
In my own biz, I would rather get 'er done asap and then be able to start marketing rather than spend unnecessary time holding the thing while I wait to get it fixed up.
Big Cheese
That part is real, stoop…
They buy and flip, hoping that they can turn it over before the first payment comes due. If they set it up to close right, it is 45-60 days before the first payment and if they get a quick sale, they never have to make a principal payment (the interest is accruing, of course)…
When they buy at auction, they want to turn it over as soon as they can so they can pay the balance owed to the auctioning agency out of the proceeds when it’s due.
Keith
I emailed him through his website a little while ago. He sent this back. I said that I heard he was going to TLC so I think that is what he is talking about here. I can post me e-mail to him but it was sappy so I intentionally left it out.
Thanks Steve,
Much appreciated! We’re filming as we speak, many new episodes to debut in January. Don’t have a new name yet, but it’s the same people doing the same stuff we always do:)
Thanks again,
Richard
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