My obsession with the home show Flip This House has subsided to a moderate cool, not because I've stopped loving watching the breakneck renovation projects from Hades, but mostly because of a hectic schedule that has but all but eliminated any TV time. I'll often wonder if given the right circumstances whether I could manage transforming a dilapidated property into a home that has serious curb appeal (and profit opportunity). But I guess if I was serious about this idea I'd consider moving to Seattle, ranked the number one house flipping city amongst the nation's biggest metropolitan areas, according to Forbes and Moody's Economy.
Where did Los Angeles land? A respectable 8th place, but well behind our neighbors, San Francisco, which landed in 2nd place thanks to a healthy property appreciation rate and modest new home construction. In either case, check the complete list here.
I realize that I'm not really cut out to flip homes. I'd be too emotionally involved with renovating the home correctly in due time, rather than focusing on trying to get the project done for optimal profit. I'd end up trying to live in the house rather than flipping it, so there goes any pipe dreams of making my fortune in property. I'll have to settle for flipping some street salvaged furniture and decor pieces instead, and just sit back and watch the Montelongo's do what they do.
a while back I saw in the news, somewhere, that one of the flippers shown the show, in Atlanta, was in fact being sued for fraud.
he used external shots of houses that were not for sale or not involved in the show. many of the internal shots of the properties were filmed at relatives' houses and much of the real work that was done was shoddy at best... areas behind where the cameras were placed were mostly left unfinished...
much of the excitement, the drama and the profits are "augmented" for entertainment purposes.
buyer beware, if something seems too good to be true, it probably is.
view chris_94131's profile
I have never liked the idea of flipping as it in many ways artificially drives up the cost of housing for a profit, making it harder and harder for many people to actually afford a place of their own, but as stated, the homes flipped are bought below market and then flipped at or close to market but in some cases above market, thus driving up housing costs.
I'm a firm believer of affordable housing for all who want to purchase as shelter is an essential need for all humans.
view ciddyguy's profile
I bought my first condo in 05. I don't look at it as a flip because I live there. I am remodeling as an investment. I plan to be selling in the next two years. The biggest problems I have had I finding good contractors. Most of them are clueless. I did interview dozens for my bathroom remodel. Still there were many problems. Next is my kitchen and I'm not looking forward to it.
view icenet333's profile