Undercover Billionaire - US Flipping

Discussion in 'Living Room' started by Piston_Broke, 22nd Dec, 2019.

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  1. Piston_Broke

    Piston_Broke Well-Known Member

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    30th Jul, 2015
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    Location:
    Margaritaville
    Has anyone else seen this tv series?


    Not sure if it's all real as not much TV is these days, but i was very interested when he bought a house and flipped it in a few weeks.
    Even though he found mold and unexpected extra expenses, sold it for less than he hoped he still made a pretty good profit.
    The original plan was to buy for 30-40k, renovate for 10k and sell for 80-90k for 40k profit.

    His actual numbers ended up being:

    House price 41.1k (Home Loan 38.4k Construction loan 10k)
    Mold fix 4K
    Closing costs 1.5k
    Sale 75k

    Profit $20.1k

    How realistic is this?
    Is this common or more like a once in a year deal?
    He describes this deal as a "battle lost" Really?

    mods please move the thread if another forum is more approriate
     
    Piston_Broke, 22nd Dec, 2019
    #1
  2. Shogun

    Shogun Well-Known Member

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    Location:
    Perth
    Lots of house flipping shows on 9life HGTV etc. Ones that regularly turn $40k profits usually start with a house in the 100 to 200k range spend under $50k and one of the partners is the building contractor. The other is a Real Estate agent
     
    Last edited: 22nd Dec, 2019
    Shogun, 22nd Dec, 2019
    #2
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  3. skater

    skater Well-Known Member

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    Sydney? Gold Coast?
    Haven't seen the show, but I've done some flipping
     
    skater, 23rd Dec, 2019
    #3
  4. The Y-man

    The Y-man Moderator Staff Member

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    Melbourne
    I loved it - not just the flipping bit but the general pointers he makes. I recommended it to my business/entrepreneurship students (they loved it compared to the boring lecture material!).

    The Y-man
     
    The Y-man, 23rd Dec, 2019
    #4
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