HGTV Ruins Fix & Flips – Here’s How
You know why fixing & flipping homes is more popular than ever before?
Sure, more people than ever realize that the fastest (and most common) path to true and lasting wealth is through real estate investment….
But that’s not the real reason.
It’s HGTV! We’re overloaded with these fix & flip shows that cram a $100,000 profit deal into a half-hour segment. It looks great and fun and easy.
Unfortunately, it’s also fiction.
Here’s What’s Wrong
- Finding deals is the Tough Part
Those episodes feel like they’re skipping to the last chapter of a book, or the final 20 minutes of a movie! They’ve left out most of the real work and effort that goes into making a deal happen. In fact, 99% of fix & flippers aren’t successful because they can’t find deals – not because things go wrong with rehab or funding (although those do definitely pop up).
- Problem are Easily Solvable
What most new fix & flippers don’t really get is that they’re not really in the real estate business… they’re in the problem-solving business. In fact, I think the greatest indicator of success in new students isn’t necessarily that they have a real estate background (although it helps), but rather someone who’s persistent and resourceful. They’re confident every problem has a solution.
So, when these half-hour shows add in “adversity,” it’s far from what it’s like in the real world. They make a phone call and the problem magically goes away – where for you and me it could be a week-long headache that actually may submarine the deal in the end.
I see this all the time – people come to me with false expectations, thinking they’ll be able to scoop deals up by the handful and they’ll practically fix & flip themselves… thanks to these fix & flip shows.
- Money Isn’t a Concern.
Here’s an interesting one – the hosts are working with a $600,00 home, and they find out something’s going to cost them more than they think. They figure it’ll be another $30k or so, and they’re like “Okay, we can make that work.”
How nice for them, right?
First being able to secure a loan that large, and then being able to shrug off $30k profit from their estimates just doesn’t work for the majority of deals out there!
The vast majority of homes ready for fix & flips are under $250k… but that doesn’t make for stunning TV. They want the expensive homes that clean up real nice.
- Some Shows Aren’t Even Fix & Flips
Some episodes I’ve seen make you think they’re doing a big fix & flip for profit… but really they’re disguising it as a home makeover show! They’ll go in, fix some things, redecorate, and then the same family moves back in.
Of course that looks fun, right? Some people want to get into fix & flips because they loooove interior design, and want to make pretty houses. Unfortunately, that’s such a small part of what we do! When these fix & flippers come in with unrealistic expectations about what the work actually is, there’s a major letdown.
Final word of caution…
Those fix & flip shows are good entertainment, but you should treat them as fiction. They’re so far removed from what an actual deal looks like that you can’t even compare.
Anything that can net you tens of thousands takes tons of education, hard work, and persistence. If not, everyone would do it.
However, if you ARE someone who can look past how easy HGTV makes it look, and you want to work with me to flip a home, then let’s partner up. Click the link, and I’ll show you how it’s actually done.