"FLIP THIS HOUSE" TV Show

[ralph124c]

I caught a few episodes of this TV show, and i have a few questions:
1) does the show pay the people to buy the property?
2) how long ago did these actions take place? Given the recent cooling of the RE market, i would imagine that trying to "flip" a house is pretty risky today
3) (for those who have done it): waht is the best way to renovate an old house? My cousing has done several houses, and all he does is:
a) fix all walls-replace bad walls as necessary-paint EVERYTHING whire
b) replace old light fixtures with modern (but cheap0 fixtures
c) put in new kitchen cabinest, refinish floors
4) only do MINOR cosmetic work on bathrooms-NEVER retile or replace major fixtures
d) replace only REALLY bad windows and doors
Seems to me that sinking 78-80K$ into a property for a fast resale is risky-what is the best way to do it?

[Liberal]

In general, you can greatly increase the value of a house for resale by spending very little money in comparison. Staging is pretty important in a pre-owned home. Yes, you can get some increase just doing those minor repairs. But if you'll rent some furniture and stage it well, you'll really send it over the top.

And I wouldn't say that it's a good idea never to replace tiling or whatever. You have to be willing to do what is necessary to give the buyer a sense that the home has been well cared for. Some people are looking for fixer-uppers, but that's a risky niche in a risky business.

[Misnomer]

I'm a relatively new fan of both Flip This House and Flip That House, though I'll admit that lately I favor Flip That House: shorter episodes, with less personal drama and more focus on the changes to the property. It's the only one I TiVo anymore.

Originally Posted by ralph124c

1) does the show pay the people to buy the property?

AFAIK, no. The people on the show are professional house-flippers, and it's their own money. I'm sure they make something from the network, but not the hundreds of thousands of dollars they invest in the properties.

[gigi]

Originally Posted by ralph124c

Seems to me that sinking 78-80K$ into a property for a fast resale is risky-what is the best way to do it?

Considering that the folks appraising the houses predict much more of a return than what is spent (e.g., $2000 on paint increases the price $10K), it's worth it to an extent. But they caution the flippers to concentrate on things that really will pay off, and don't go beyond that. Occasionally it's a shithole in an otherwise well-off neighborhood, and it takes that much to bring it up to what people will expect in that neighborhood, for that price.

[AuntiePam]

I've watched a couple of these shows where major work was done, but it was always to fix something unexpected. Stuff they didn't notice when they bought the property -- a rotten subfloor, asbestos, termites, mold and mildew.

I've always wondered if the cameras made a difference in those cases.

I watched one last week where they used peel and stick tile in the kitchen, but didn't bother to put any under the stove. It's not that hard to move a stove.