TLC Property Ladder #3 - Posted by John Sheridan

Posted by Cletus on June 19, 2005 at 16:47:07:

I guess the spread isn’t as big as they were hoping it would be…

:oO

TLC Property Ladder #3 - Posted by John Sheridan

Posted by John Sheridan on June 18, 2005 at 22:36:48:

Saw Episode 3. A couple of housewives who know nothing whatever about either rehab or business bookeeping buy a total dump. They plan on spending $30,000 but end up spending $50,000.

Their bookeeping is non-existent, so there is no way to know for sure if the $50,000 figure is accurate.

House is sold, with a net profit “before fees” is $17,000. After agent and other fees, they probably made less than $5000 apiece for 4 months work.

Like the show before them, they got help from husbands/fathers/friends without paying them a penny.

Instead of encouraging me to try real estate investing, this show is actually turning me against it. I don’t have an army of friends and family that will help me for nothing. I can’t bat my cute little eyelashes and get people to give me things for free, like these women did. If this is what it takes, I’d probably end up losing money.

Re: TLC Property Ladder #3 - Posted by Debbie

Posted by Debbie on June 20, 2005 at 07:13:32:

I actually saw an episode on Friday about a 23 year old who bought a property for $253k and sold it for $340k. I was quite impressed since she only put in about $20k to fix it up. I am actually interested in this but don’t have money for closing costs, is there a way around them?

Re: TLC Property Ladder #3 - Posted by Rehabber

Posted by Rehabber on June 19, 2005 at 20:49:35:

I was almost on this show. We had rehabbed 2 houses when going through the interview process. The subject house would have been our 3rd.

They basically told us that we were too experienced and they didn’t think we would screw up enough. I knew what to expect of the show once we heard that.

Rehabber

Did they get their implants? - Posted by Jeff

Posted by Jeff on June 19, 2005 at 13:15:53:

I could not watch the whole thing. It was that bad. I remember them saying they were getting breast implants with their profits. I knew right then that I should change the channel. For them it would have been a smart way to reinvest their money. They should try their luck at adult entertainment, because they sure won’t make it in REI.

Re: is this post about TV? (nt) - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on June 19, 2005 at 08:50:52:

$

Re: TLC Property Ladder #3 - Posted by Phil

Posted by Phil on June 19, 2005 at 08:48:56:

“Instead of encouraging me to try real estate investing, this show is actually turning me against it” why, just because these two did not really know what they were doing? The show taught me to really keep track of the expenses and to pick the right house to rehab.

Re: TLC Property Ladder #3 - Posted by Jack

Posted by Jack on June 19, 2005 at 01:03:01:

I finally saw this show. Very entertaining. My estimate of costs and profits:

$119,000 sales price
52,000 purchase price
53,000 They said $50,000, but that was before they were actually done.
3,000 estimated closing costs on purchase and sale (this could be a lot more)
4,000 holding costs: PITI, utilities for 5 months
6,000 Realtor fees (5%)

Estimated net profit = $1,000

There is a Property Ladder marathon on Thursday.

Re: Did they get their implants? - Posted by John Sheridan

Posted by John Sheridan on June 19, 2005 at 14:32:22:

“I remember them saying they were getting breast implants with their profits”

Did they say that? I must have missed it. I might have switched the channel too if I had caught that… :slight_smile:

Re: TLC Property Ladder #3 - Posted by John Sheridan

Posted by John Sheridan on June 19, 2005 at 14:30:59:

“why, just because these two did not really know what they were doing? The show taught me to really keep track of the expenses and to pick the right house to rehab.”

I hear you. I’m just saying that the show is so incredibly god-awful. It has really lowered my opinion of TLC, I like a lot of their other shows.

Re: Did they get their implants? - Posted by Jack

Posted by Jack on June 19, 2005 at 19:09:45:

yes they said they were going to get breast implants witht their profits, that was the highlight of the show. And no doubt it was also how they got picked to be a case study. I wonder how much they got paid to be filmed.

Re: Did they get their implants? - Posted by Boyd (MA)

Posted by Boyd (MA) on June 19, 2005 at 14:37:11:

Yes, they said it. But they screwed up so badly that I don’t think there is enough profit left for either of them to have the surgery.

Boyd (MA)