Flip Men on Spike TV

Rehabbing & House Flipping
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Flip Men on Spike TV

James Hiddle
Altus, OK · Member since 2008 · 2k+ posts · 690 votes

Flip Men on Spike TV

For those who don't know what it's about,it's about 2 men who buy properties sight unseen,rehab flip them and sell them for profit much like the earlier flip shows only difference is that they buy the properties sight unseen and take the risk of buying badly damaged homes in order to turn a profit.

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Will BarnardPro Member
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Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
15y

My favorite part was their original exit value of $139k that magically increased to a final sold price of $189k. So basically, because they added a bath upstairs and took a week to paint the exterior brick (yeah right) and they changed the layout of the staircase and opened up a wall, they gained $50k in value? I cant wait for my next project, I will add a $4500 bathroom, do some additional paint work and open up a wall so I can make $50k too!!!

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  • Andy M.
    Investor · Farmington, UT · Member since 2011 · 314 posts · 179 votes
    15y

    I watched it and I have a biased opinion as I'm in their market and know these guys. What did everyone think? Better, worse, or the same as every other flip this house show?

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  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    15y

    Personally they could have picked another company that would be more entertaining. I like real estate shows but the older Flip This House shows were better.

    Curt Davis - KAIZEN Realty538 Reviews
    WebsiteView Page
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  • Brad P.
    Real Estate Investor · West Des Moines, IA · Member since 2009 · 55 posts · 21 votes
    15y

    I caught the last 10 minutes or so...it seemed interesting. Did I hear it right that they are working on 15 properties at once? That's a big operation.

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  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    15y

    I have a hard time believing that 2 guys are doing 15 homes at one time. Buying 15 I can believe but overseeing the rehab not so much. Its possible but if they are focused on buying the homes they must have a larger operation behind the scenes then showed.

    Curt Davis - KAIZEN Realty538 Reviews
    WebsiteView Page
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  • Jeffery Bigsby
    Real Estate Investor · Atlanta, GA · Member since 2011 · 83 posts · 15 votes
    15y

    I watch these shows on the regular(Flipping Vegas is my favorite). I've never done a rehab but doing 15 at the same time does seem a bit much as Curt stated. However I've taken a TON of notes on all of these shows and soon will be ready to do my first rehab because of shows like this.

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  • James Vermillion
    Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
    15y

    I pretty much stay away from the flip shows, after all I am living it! I have found that you cannot learn too much from the shows (they do not usually disclose everything, not my market, etc), so I would rather spend time working on my own flips or watching other shows purely for entertainment (Boardwalk Empire, Mad Men).

    If I hear enough great reviews about a real estate show I may check it out, but so far I am about 0 for 50 on thoughoughly enjoying any of them.

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  • Brian Morgan
    Real Estate Investor · Hudson, NH · Member since 2011 · 76 posts · 25 votes
    15y

    I happened to catch most of it. Seemed like their methods are a bit of a crap shoot. I could certainly see them taking a loss on some of these.

    As for the 15 houses, That probaly is broken down like 5 houses completed and listed. 5 houses in rehab, and 5 houses purchased in escrow waiting to close.

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  • Michael G.
    Wholesaler · Bay Shore, NY · Member since 2009 · 359 posts · 199 votes
    15y

    I enjoyed watching them go through the motions.

    I agree with Curt. The A&E casts were more entertaining.

    I watched half of it but fell asleep so maybe i missed it but they didnt factor in the holding costs or realtor costs, etc.

    They showed the purch price of $63K. I think repair costs were $40k and ARV was $140k? I fell asleep right before they got the estimate to remediate the meth levels.

    I DVR'd it so I'll watch it again.

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  • Joe Delia
    Involved In Real Estate · Rochester Hills, MI · Member since 2010 · 812 posts · 178 votes
    15y

    They are over the top dramatic. One of the worse house they've stepped foot in? It wasn't that bad at all. I've walked many worse.

    Also, a week to paint the brick on the outside of that house? The lower level only was brick. That brick could of been done in under two days.

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  • Andy M.
    Investor · Farmington, UT · Member since 2011 · 314 posts · 179 votes
    15y

    Now that a few have weighed in I'll give my opinion. I agree with Joe, way too much drama. Plus these guys are never on the projects. I laughed so hard when they showed these guys with brooms and paint brides in their hands.

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  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y

    This show is based on these guys investor strategy of buying at courthouse steps (trustee sales).

    The drama was par for the course - over done as all the other shows are. Apparently, nobody in this country is interested in watching something without serious drama, sincere or otherwise.

    First off, they claimed they bought the hyome sight unseen for just under $64k at the trustee sale. Fine, I can buy that, however, there explanation that it was a crap shoot is totally inaccurate unless these guys are the biggest fools in the biz. If that house pooped up last minute for the trustee sale, they should have at minimum run title immediately to make sure they were buying a first trust deed and not a second. Paying $64k for a second would have been a deal killer and they would have likely lost all that money. So for them to make the drama and say they bought it sight unseen is fine, but to not check title prior (it only takes a few minutes) would be investor suicide.

    As with all the flip shows, much of the details are left out. I would also have to side with Andy in that I doubt these guys do any of the drive-by inspections, the actual labor on the home (carrting lumber down the street then taking a cell phone call - come on, get real).
    These guys are really the money guys behind the sean, you will likely not see them at the trustee sale, but in their office instructing their bidder while their other team members are driving properties, checking conditions and occupancy status, while others are checking title, previous permits, previous sales histories, etc.

    Podcast Guest on Show #130
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  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y

    My favorite part was their original exit value of $139k that magically increased to a final sold price of $189k. So basically, because they added a bath upstairs and took a week to paint the exterior brick (yeah right) and they changed the layout of the staircase and opened up a wall, they gained $50k in value? I cant wait for my next project, I will add a $4500 bathroom, do some additional paint work and open up a wall so I can make $50k too!!!

    Podcast Guest on Show #130
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  • Roy S.
    Cincinnati · Member since 2011 · 77 posts · 16 votes
    15y

    I caught the last few minutes while I was flipping channels. After my initial surprise that it was on Spike, and not HGTV or A&E, it felt like all the other flip shows. Made-for-tv drama, not much real info.

    The one show I do like is Holmes. Not a flipper, just a contractor. Sometimes I want to throw things at the tv as it seems he thinks money is no object, but overall I like his shows.

    There are times when I like "This old House", but usually I find it boring. More informative than the flipping shows though.

    And yeah, I caught that last part where the value jumped $50K. Makes me think they really don't know what they're doing, or they took advantage of some newbie buyer.

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  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y

    One other thing I noticed, they claimed to have done this rehab in about a month, and claimed the added bathroom added imense value to the property (I believe they quoted a $20k increase), well I don't know how it works in Utah, but here in CA, adding a bathrom only adds value if it gets onto title and to do that requires permits from teh city/county. That process not only takes a lot of time (submitting plans, plan check, building, inspections, final approvals) it also costs much more than the $4500 they quoted.

    In summary, just another overly dramatic show with few details and glorified profits. The real world is much different and if you want to know how it is really done in the real world, come listen to a local investor speak who knows and does what he/she talks about. Your local investor club and BP Nation are two great options.

    Podcast Guest on Show #130
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  • Ryan B.
    Investor · -, IL · Member since 2010 · 409 posts · 616 votes
    15y
    Originally posted by Will Barnard:
    ..... Fine, I can buy that, however, there explanation that it was a crap shoot is totally inaccurate unless these guys are the biggest fools in the biz. If that house pooped up last minute for the trustee sale......

    Hey Will, I am guessing it really was a crap shoot. :mrgreen:

    Sorry I couldn't resist, the 10 year old boy in me came out.

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  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    15y

    Good one Ryan, my typing sucks as you can see! Nice catch.
    I meant to say "popped" :)

    Podcast Guest on Show #130
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  • Mitch Sheean
    Real Estate Investor · Olympia, WA · Member since 2011 · 34 posts · 8 votes
    15y

    I have not seen the show, but I would bet that the people on there are actors. I know some "reality" shows are done with actors; Operation Repo comes to mind. They may be based on real stories, but are highly embellished and done with actors who make things over-the-top dramatic.

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  • Manny Cirino
    Real Estate Agent · Winter haven, FL · Member since 2011 · 572 posts · 336 votes
    15y

    I am disappointed in this show! When I first seen the previews I was a bit excited. I thought I would be something every day investors would be able to relate to but as always its made for T.V. garbage. I bet ever deal will almost be a bad investment then there is a turn around or miracle of some sort after that they will sell within 30 days. Am I the only person that realized the inspector had a perfect hair cut, clean shoes and was wearing make up?

    100% of reality TV shows are made using actors, my cousin was in a major modeling agency in NYC they have a huge bulletin board that list additions for all TV shows including Maury, Cheaters, and those judge shows. If they wanted actors I would have much rather preferred to see these gurus on there. Kenny Rushing and Preston Ely are dramatic enough!

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  • Jim C.
    Cincinnati, OH · Member since 2010 · 2 posts · 0 votes
    15y

    Had to add my two cents. I like all these shows to see what they started with, what they did, and how it looks in the end. Can't really believe timing and dollars and drama is definitely added/edited in. I also have to comment on the reality shows are fake post. This show may not be seen nationally but Desperate Landscape is produced in my area, they featured my daughters yard. We worked side by side w the crews from the landscaper and stone workers. The host Jason also worked is a$$ off in the 90 deg heat. I can vouch that at least one of them is real.

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  • Dick M.
    Electrical Contractor · both, Maine & Florida · Member since 2011 · 129 posts · 53 votes
    15y

    I just watched it online after reading about it here, Its like all the others, I like all of them but take them with a grain of salt. If they wanted a real story they should follow my wife and I, we do everything ourselves, no contractors and no big money to fall back on. We pay cash and rehab costs are done by Home Depot 6, 12 & 18 month no payment plans!

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  • Manny Cirino
    Real Estate Agent · Winter haven, FL · Member since 2011 · 572 posts · 336 votes
    15y

    The shows are not bad if you take them for what they are. Which is entertainment. I just a wish more real shows would come along. I am still waiting see a real flip show, with real investors, and real situations. I am a big fan of case studies and have recently found a couple of biggerpocket skype interview that have gave pretty interesting info. That's been entertaining lately. If any one know of any interesting case studies please feel free to refer them.

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  • Andy M.
    Investor · Farmington, UT · Member since 2011 · 314 posts · 179 votes
    15y

    I know for sure that these guys aren't actors, but they definitely are hamming it up for tv. Crews wearing hard hats, come on. Like I mentioned earlier these guys are in my market. I've met them on multiple occasions over the years and I've never been very impressed. I don't know about everyone else on BP but it seems to me that most foreclosure auction guys are the same. They seem to have this eliteist attitude about real estate. They walk around with this cool guy attitude because they pay cash at the auction, big deal. Every time I go down to those auctions chasing a property those "regulars" pay way more than I would. They seem to think it's okay because they have there own cash and they don't pay interest/hard money costs. Ever heard of opportunity costs guys?

    Sorry for the rant but my distaste for auction buyers attitude has been pent up for too long. This show making rock stars out of two over dramatic clowns in my market pushed me over the edge.

    Anyone else ever see the foreclosure auction regulars attitude or is it just my market?

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  • Geri Johnson
    Investor · CA · Member since 2011 · 20 posts · 6 votes
    15y

    I'm very leery about a show that has trustee (foreclosure) sale investors. I am a trustee sale investor and, in my area, most of the true big players lay very low. As Will said above, they don't even show up at the auctions,they have teenage kid paid runners with cell phones attached to their heads. I spend most of my time bidding against some kid with a cell phone barking in his ear.

    There are very few of the real investors who even want anyone to know they exist. We all know each other on the steps but noone is advertising what market they are focusing on, what their costs are and what their stories are. Everyone tries to be as secretive as possible to limit competition. Competition has become very fierce at the auctions and this show will just make it worse because they will make it look easy. If you guys think getting REO offers accepted at a decent purchase price is hard now, try bidding against all the newbie cash-infused investor consortiums that have sprung out of the woodwork. Based on what they are paying, I'm guessing they are buy and hold investors that are hoping for some appreciation in the long term.

    For every successful winning bid there are literlly dozens of hours involved for drive-bys, tracking of postponements and cancellations, due diligence research, etc. And the reason I say dozens is because you will need to research close to 100 properties before you actually score a winning bid at the auction.

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  • Andy M.
    Investor · Farmington, UT · Member since 2011 · 314 posts · 179 votes
    15y

    Geri, I appreciate your honesty.

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  • Geri Johnson
    Investor · CA · Member since 2011 · 20 posts · 6 votes
    15y

    Andy,
    I do believe there are some real blow hards at the auctions who are not shy about showing their distaste for anyone new showing up at the courthouse steps. They are not friendly, they will not answer any questions and they will all snicker amongst themselves (if they are the true bidders, not the paid runners).

    I think it really is an issue that the investors who have been bidding on the foreclosures for 5 or more years, with some real war stories (like properties tied up for over 1 year after foreclosure by owners suing anyone they can name) truly do not want all this brand new competition.

    It took 3 years of hiding in a corner before anyone would even be nice to me.

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