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Beware of HGTV

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  • Beware of HGTV

    If the wife is watching too much HGTV (flip this house, designed to sell, divine design.....) this could happen to you.

    It started with the better 1/3 (hence the moniker: Big Dog) watching these shows on TV. Next thing you know, I'm hooked in, too. Then I get to thinking: if these spud-nuts can make money at this, so can I! I've quite a bit more experience than most of those folks, maybe not enough experience to know to stay away from this venture, though. I close on a small house next week and we'll get started. Wish me luck and I'll keep y'all apprised of the project.

    Do need a good plumber, though.....
    Never get in an argument with a fool, bystanders won't know which one is which.....

  • #2
    Re: Beware of HGTV

    I understand where you are coming from. My boyfriend is hooked now too! They make it look so easy that after each show I am sure that I would be able to do the same things as they did, but then I get back to reality. Good luck with your project!

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    • #3
      Re: Beware of HGTV

      Did you ever take a close look at most of the gals that are on some of these shows? They are wearing fancy rings and other jewelry, have fingernails long enough for a tiger and never a hair out of place. Acting does wonders!

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      • #4
        Re: Beware of HGTV

        Yeah, it was kinda funny the other nite, the host of the show lady was in solid white pants opening a can of brown paint

        At least they're now showing some cases where the flip doesn't work out. Have you also notice they never include the closing costs and realtor fees?
        Never get in an argument with a fool, bystanders won't know which one is which.....

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        • #5
          Re: Beware of HGTV

          I've been watching those shows also, but I have never seen one where the guy loses money! I wonder how many shows they had to tape to get all of them to make money? lol.

          Good luck Big Dog, I hope it works out for you.
          Around my part of the world, they can't give away a house!

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          • #6
            Re: Beware of HGTV

            Originally posted by Larry86 View Post
            I've been watching those shows also, but I have never seen one where the guy loses money! I wonder how many shows they had to tape to get all of them to make money? lol.

            Good luck Big Dog, I hope it works out for you.
            Around my part of the world, they can't give away a house!
            They have had a couple where they lose money; or at least you can tell that they will after they manage to sell it. There was one that was really a train wreck waiting to happen; this 20 year old coffee server didn't have enough money to do the flip after closing and kept getting denied loans. He was blowing his budget and couldn't really afford extra mortgage payments. Then in the middle of the thing "he needs a vacation" and goes away for a week. At the end the realtor tells him what to price it at, but he wants to go higher (even though now he is into his parents for something like $20k), because he thinks he "deserves" $100k for the work he put into it.

            The other thing that always seems to happen is that on these shows no one plans their work until they close. When I bought my house to live in, I had it arranged so that I had the appliances delivered 3 days after closing, the floors done the next three days, and then painting for the next week, and the day after that carpet. And I didn't do anything that needed to pull permits, yet you have these people waiting for at least a week if not more before they can really do anything.

            Big Dog, I have the same kind of feeling you do watching some of the shows "If that guy can do it, I bet I could do this way better."; but don't think I'll ever actually take the plunge. I wish you the best of luck on your flip. Hopefully it will be an educational, profitable, and fun experience.

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            • #7
              Re: Beware of HGTV

              Originally posted by Big Dog View Post
              Do need a good plumber, though.....
              We all do

              Let us know how the flip goes.

              We all need a good laugh every now and again

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              • #8
                Re: Beware of HGTV

                the one thing few of those shows do is report actual results. one of them sometimes shows a two minute segment at the end titled "flip forward" reviewing the actual financial experience the flipper realized. in almost all cases, the results are much less than the potential profit reported when the realtor shows up to "appraise" the property when the construction is over. the flips never sell as fast as they should and the flipper usually goes over the amount that should be spent improving the property. the most important things to remember in flipping are to get in low, move fast and get out quick. at least that's been my experience.
                there's a solution to every problem.....you just have to be willing to find it.

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                • #9
                  Re: Beware of HGTV

                  Big Dog, I'm going to be the devils advocate.
                  In '06 I got a "flipper" who'd moved here from out of state after a recent divorce.
                  she'd decided to take the money from her settlement and turn it into more money.

                  This one was a hard lesson for me.

                  She was very open about the fact that she'd been watching DIY shows quite a bit and felt she'd learned enough to go for it.
                  I attempted to explain that a simple batch of TV shows won't teach all there is to know about remodelling & rehabilitating a house, there are far too many details they just don't have the time to mention.
                  She was convinced that if she shopped around she could get workers to get it all done cheap, then sell it right away at a profit.

                  Her first mistake was to start the demo without pulling permits, she'd ripped out all interior walls using a Mexican fella who was kind enough to work at a cheap rate. Building inspector wasn't too pleased, but let it slide as long as she hired a licensed builder to continue the work. (she hadn't figured for that in her budget)

                  The plumbing was heinously outdated, falling apart in some places, and I explained to her that I would likely be told it would have to be replaced by the inspector.
                  She'd only figured for replacing fixtures in her budget.
                  She asked me to hold off and see if the inspector would notice (explaining that reinspection fee's and my time weren't free).
                  Sure enough, he did.
                  His argument was that she should never have opened the walls if she weren't prepared to completely redo all that had become exposed in the process.
                  The electrical went exactly the same.

                  This was the single worst experience I ever had with a "flipper", she wound up in tears last we spoke.
                  She was trying to convince me to connect a heat loop into a 50 gallon water heater she'd gotten from Lowes to keep the house from freezing in the approaching winter.
                  (she was planning to live there until she could sell)

                  I felt like a bad guy for not pushing harder to get her to understand the costs entailed in the beginning, but she was determined that she knew enough and I had no idea she was so tight on money until it was too late.

                  HGTV won't tell these stories, it wouldn't be good for their sponsors.

                  If you really have a solid grasp of the costs involved and have spoken with professionals regarding this and all potential troubles you can run into, then NOW is a fantastic time to buy & rehab a home with the market so low.

                  As long as you know you can afford the worst case scenario costs, I wish you the best.

                  Comment


                  • #10
                    Re: Beware of HGTV

                    Yeah,
                    Those shows are a joke. HGTV and Sweat Equity on DIY do not paint the entire picture. The only shows I like are Woodworks and Cool Tools. Sorry to hear about the poor lady. Flips are never easy.

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                    • #11
                      Re: Beware of HGTV

                      Originally posted by Master Engineer View Post
                      Yeah,
                      Those shows are a joke. HGTV and Sweat Equity on DIY do not paint the entire picture. The only shows I like are Woodworks and Cool Tools. Sorry to hear about the poor lady. Flips are never easy.
                      In the end I felt partially guilty.
                      Lesson learned, sometimes it's better to be the bad guy up front than let things get out of hand over time by letting people believe what they want.

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                      • #12
                        Re: Beware of HGTV

                        Time and time again people around here have a hard time not wasting money on things that appeal to them as an individual and not the buyers market.It can get out of hand like a wildfire.

                        Good luck Big Dog.
                        Last edited by drtyhands; 03-06-2008, 11:16 PM.

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                        • #13
                          Re: Beware of HGTV

                          I used to laugh at some of the weird ideas and colors used on those shows with the excuse its unique for a selling point.I have a friend now that built a small house and got his ideas off those shows.His house has dark purple high gloss tiles in the bathroom with black tile trim the painted walls,above the tile, in there are full gloss gray including the ceiling.The main hallway is a semi gloss rose pink with full gloss blood red trim.The stairwell going up from the bottom floor is gloss gray with semi gloss black painted in a weird "Z" design.The bedrooms are pink..really pink.The living room is a different rose pink with 1 wall that has a "mural" thats basically every color used in the house painted in weird angles.The kitchen is the only normally colored room in the house.I really can only sit in the kitchen when visiting.Hes been trying to sell it for 3 years now and not a single looker returned to look nor has any offers been made.
                          Good ole standard things an basic earth colors even if they aren't liked by the new buyer still make a house livable for anyone..these shows get way too far out at times.
                          Sam

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                          • #14
                            Re: Beware of HGTV

                            I laugh at the flip shows and most of the diy shows, the plumbing in general, is already either taken apart and put back toghether before they film it, or it is new. Of course it unscrews easily when they film it.

                            they just make everything look so easy, and according to our code, so many illegal installations, or just not the best or the right way to install something,

                            You would think that the shows would have some writers on there that actually have trade experience.

                            Now just because the wife has seen the shows, she hates to watch them with me cause I always laugh and tell her the right way to complete the task at hand.

                            The downside to the show is that my wife thinks it is as easy as it looks on television, to complete in real life.
                            sigpic

                            Robert

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                            • #15
                              Re: Beware of HGTV

                              bigdog
                              I wish you luck .I hate be the bearer of bad news ,but have you watched "bloomberg tv " lately ?. the sub-prime mortgage is about to blow up even more . I expect house prices in usa to drop even more ,as more defaults acure and people beging givining there houses away .the local banks will be crying for some one to take over the mortgage or buy it for 10cents on the dollar .I do understand that each state has its own market .
                              the country is in a recesion and it is down hill from here .you can say I am wrong ,but when the "new york port authority " has to pay 20% fee to get a loan because the the triple A bond rating company's are writing off billions and "warren buffet " offers 800 billion for "only the municiapal bonds " and wants nothing to do with the "sub-prime mortgage side " . you do the math .
                              good luck
                              ps I have fliped a few houses .

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