Just some cliff notes:
The auctions and open houses are all staged.
Lots of the houses are not even the ones being flipped.
Most if not all of the building materials are donated via promotional consideration - notice Pella windows, tyvek home rap etc.... Anyone can make a profit when you arent paying for anything.
Obvious scene staging such as problems, fights etc..
The auctions and open houses are all staged.
Lots of the houses are not even the ones being flipped.
Most if not all of the building materials are donated via promotional consideration - notice Pella windows, tyvek home rap etc.... Anyone can make a profit when you arent paying for anything.
Obvious scene staging such as problems, fights etc..
Ice, I know you wanted to start a rent to own empire. You should be able to score some homes in foreclosure for around .70 on the dollar especially in Mich. right now. This should create scenarios where the new payment should be low enough to make a small positive or break even?
Bulletin: Short sales are soon to be almost impossible with FannieMae now requiring title seasoning. (Must own the property for a min of 3 months)This is brand new and many small timers will have to get out of the game who are trying to do these as "double closing" flips. (No money/risk flips). I'm not sure if this is to become a national standard or up to your title co?
Double up on your Pinny leans....
B
Bulletin: Short sales are soon to be almost impossible with FannieMae now requiring title seasoning. (Must own the property for a min of 3 months)This is brand new and many small timers will have to get out of the game who are trying to do these as "double closing" flips. (No money/risk flips). I'm not sure if this is to become a national standard or up to your title co?
Double up on your Pinny leans....
B
If you want a good example of some of the staging, watch the last show aired - Im pretty sure its the one referenced in the original post.
Its the one where he is writing his book throughout.
Some things to notice:
1. The timeline of him writing his book. He buys that flip house and then there is 21 days to go. Then he informs his wife that he "is writing a book, and his publisher wants it done soon." Then, he goes and meets a publisher to pitch his book (out of order, he said he already had a publisher) on like day 18. On day 21 he is holding a copy of his completed book. So he went from idea to a real copy of a book in 21 days. OK.
2. The endorsements: Pella windows, Bosch appliances, glaspar paint, the restaurant which they call out by name, and the biggest ad was for his book. The whole show is one big advertisement.
His book will sell millions because he has millions of free false advertising.
Its the one where he is writing his book throughout.
Some things to notice:
1. The timeline of him writing his book. He buys that flip house and then there is 21 days to go. Then he informs his wife that he "is writing a book, and his publisher wants it done soon." Then, he goes and meets a publisher to pitch his book (out of order, he said he already had a publisher) on like day 18. On day 21 he is holding a copy of his completed book. So he went from idea to a real copy of a book in 21 days. OK.
2. The endorsements: Pella windows, Bosch appliances, glaspar paint, the restaurant which they call out by name, and the biggest ad was for his book. The whole show is one big advertisement.
His book will sell millions because he has millions of free false advertising.
I think he seems like a dick that is full of pride. But, at the same time, he did talk one time about how he was on food stamps five years ago, and that he'll never forget where he came from. I guess he's probably not a bad guy. I think the contractors that do the work for him should grow some balls and stop letting him walk all over them in terms of pricing.
There were a few things that I noticed that didn't seem legal having to do with the remodeling...there is frequent wiring and plumbing work being done without permits. Also, he seems to be getting pretty cheap remodeling prices. Aside from that, it seems that the neighborhoods can't support some of the prices that he claims to be getting for these houses. One of them was a 900 square foot home on a busy street with supposedly sold for $110,000. There's no way someone is spending over $100 a square foot for that house in a shitty SanAntonio neighborhood on a busy street. And how could it appraise out? And I guess none of their buyers that they seem to get from these open houses don't ever have problems qualifying. You never hear about any sales falling through. BTW, houses RARELY sell as a result of an "open house", but these guys seem to bat 1.000 with them.
Also, if he's had as many successful flips as they say, him and his brothers should be multi-millionaires moving on to bigger and better things, not sweating out 5 and 10 dime expenses on roach motels, but who knows? If you get anything from the show it would be to stay with lower priced houses, and put the remodeling focus on the kitchen and bathrooms.
