Tarek and Christina flip a house in Garden Grove, CA. They really have their work cut out for them on this one because not only is the house on a busy street but it is a mess!
Flipping team Tarek and Christina have viewers on the edge of their seats as they purchase dilapidated properties for cash, sometimes sight unseen, and then renovate and flip them for resale. From the nail-biting purchase at auction, to the sometimes-exasperating renovations, discouraging showings and exhilarating sale, will they Flip or Flop?
#HGTV #fliporflop #modernhome
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RISKY Sight Unseen House Flip | Flip or Flop | HGTV
https://youtu.be/mGltqDQUzes
$10.000 for a whole roof? That is insane! In Switzerland you wouldn’t get a tiny bathroom for that price. Jeesh, material and lavor is inexpensive in the US. Here we pay over a million for just an apartment. A house? Rob a bank.
Thes stupid campaign ads are soo biased.. what the heck is up YOUtube. TRUMP 2024 kamala you suck WHY ARE U RUINING THIS BEAUTIFUL COUNTRY??????
Ok here we go again, they bought the home for $318k, spent $96k in renovations, back taxes and hoa liens will cost them $20k in total assuming home was sitting there for at least 6 months. Money spent is now $434k. He said houses in that area sell for high 40s (480k) to low 50s (510k, lets meet in the middle and say they sell house for $495k, they’ll profit $61k after 100 days of working on the house. they are absolutely horrible at real estate, they make their money off the tv show not their actual jobs lmfao, sad.
ALSO: keep in mind the person buying this home are screwed too which will add to them having to wait 2-3 months probably longer to get a deal. in that time the current owners (the flippers) will have to pay that mortgage, and property taxes, at least $10k. so now their net profit is $51k once they sell. heres the thing, they bought the home for $318k doing an untraditional sale (not a net to seller agreement, but a contract) so house is probably only worth $350k. assuming they own at least half on that house, leaves $175k equity. BUT remember these children need to sell for at least $495k to net $51k, so person buying home now has to spend an additional $145k and they have to pay off $175k for house to be free and clear, so really they owe $320k together. NO ONE WILL BUY THAT HOUSE. remember house is only worth probably north of $350k, yet they owe $320k!, $30k away from what the house is worth!. horrendous deal, you watch houses like this sit on market for years, every couple of months they do price cuts (usually $20k) to get a deal, remember in that time current owners need to pay mortgage and taxes losing even more money!. I doubt they would walk away with $30k after they finally sell.
The house i bought (which I live in now) was a subject to mortgage. bought house for $101k, they owed $158k on house, total acquisition price is $259k, value of house is $625k, boom $365k equity at 23 years old, thats how you do real esate. once i spend $100k in renovations over 2 year time, (in 2 years value of house prediction is a $33k increase) new value of house will be $758k, house will be free and clear by then as well. so your looking at a $758k house that’s completely paid off by the time I’m 26, and by then I can sell this for $950k and net home north of $750k in cash.