Along with the hot real estate market, there were a ton of different TV shows about flipping houses, where they would chronicle the attempts of pros and amateurs attempting to make some bucks flipping houses.
One of the shows my wife and I fell in love with was Property Ladder. On that show, it focused on mostly amateur flippers who quickly got in over their head.
The show always started off showing the flippers describing what they wanted to do and in what time frame they wanted to do it in. The hostess was usually very skeptical and the voice-over guy was downright snarky, usually ending something along the lines of “They want to gut the kitchen, remodel the living space, knock down walls. If they get their asking price, they’ll make $50,000. They think tey can do all thishis for just $40,000 and in just six weeks!” The rest of the show would then show how the hapless flippers would usually spend at least twice that amount and would almost always bust their schedule big time. Sometimes they actually made money, but still, the snark is awesome!
Anyways, I think I’ve been watching too much. My wife and I were on a walk in our neighborhood. A house that has been deserted and in obvious foreclosure recently had a big dumpster appear in the driveway which was quickly filled up with the results of some sort of demolition. Shortly after, a FOR SALE sign appeared in the yard. I peeked in through the window, and based on the condition, surmised that whatever had been demolished was probably in the basement, since all of the living spaces looked intact. My guess is that a pipe burst, destroyed a finished basement, and they returned it to it’s non-finished state.
Still, I turned to my wife, and said “Hey, why don’t we put an offer in on this for half the price? We can remodel it for $40,000, make $50,000 in profits. And all this, in just SIX WEEKS!”
Needless to say, my wife just kept walking!