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David T. Cole

Flip Or Flop

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7 hours ago, MsTree said:

How did you manage to pay only 20K in closing costs including realtor commission?? 

Re-watched the end of the episode and they paid $30K in closing costs. My guess is since it was a cash buyer, they sold it to an investor. Investors are often experienced buyers and they might not hire a realtor. No realtor means you are actually offering sellers a larger profit, making your offer more attractive. Assuming a 3 to 4% in fees and taxes, that would explain the closing costs.

Only someone who lives on takeout or who's in desperate need of a house wouldn't mind such a dark kitchen. You'd think that them doing this for so long would've taught them to imagine what eliminating a window would do to a room. And I couldn't stop rolling me eyes when Christina wanted to do something unique and then chose a tile that was ... white and gray. Girl, your designs all look the same. Nobody's gonna remember if you used a tile two years ago.

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My guess is that the buyer doesn't have an agent, and since it was sold by Tarek, he waived his fee, because he's getting the profits from his own flip. So that might have just been closing costs.

 

 However, I've found that they tend to understate the closing, and commission costs, so what we see on the ending screen is just for the show, and may not be the real prices at all.  

Edited by CrazyInAlabama
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16 hours ago, Sewlitaire said:

Re-watched the end of the episode and they paid $30K in closing costs. My guess is since it was a cash buyer, they sold it to an investor. Investors are often experienced buyers and they might not hire a realtor. No realtor means you are actually offering sellers a larger profit, making your offer more attractive. Assuming a 3 to 4% in fees and taxes, that would explain the closing costs.

Only someone who lives on takeout or who's in desperate need of a house wouldn't mind such a dark kitchen. You'd think that them doing this for so long would've taught them to imagine what eliminating a window would do to a room. And I couldn't stop rolling me eyes when Christina wanted to do something unique and then chose a tile that was ... white and gray. Girl, your designs all look the same. Nobody's gonna remember if you used a tile two years ago.

I was actually addressing diedra who posted this:

  On 5/7/2021 at 7:45 PM, deirdra said:

But I went with an experienced realtor & got $440K ($420 after closing costs,

To which I replied:

How did you manage to pay only 20K in closing costs including realtor commission?? 

6% commission alone on 440K is $26,400. Even at 5%, that's $22,000. Just curious.

Edited by MsTree · Reason: clarification

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8 hours ago, MsTree said:

I was actually addressing diedra who posted this:

  On 5/7/2021 at 7:45 PM, deirdra said:

But I went with an experienced realtor & got $440K ($420 after closing costs,

To which I replied:

How did you manage to pay only 20K in closing costs including realtor commission?? 

6% commission alone on 440K is $26,400. Even at 5%, that's $22,000. Just curious.

I live in an area where the commission is 7.5% on the first $100K and 3% on the rest and land transfer taxes are low.

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On 5/7/2021 at 9:25 AM, CruiseDiva said:

Is Garden Grove all that desirable these days? When I lived in Yorba Linda in the early 70s we mocked Garden Grove as "Garbage Grove" because it had seen better times even back then. Has it made a comeback?

I don't know the LA area, but where I live in California (San Francisco Bay Area) it's the more run down towns that are actually seeing the biggest price increases from pandemic buyers.  People are feeling cramped while stuck in their pricey apartments and want space.  They can't afford the multimillion dollar areas, so go for the under $1M.  Today's paper had an article on one year increase in housing prices:  up 30% in Contra Costa County and 9% in Alameda County, about 3% in the other counties.

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I've been shocked to see houses in Compton going for top dollar.   Tarek has some of his rookie flippers doing at least one house in Compton, and selling for a lot.     This week is Whittier, and I bet they get a lot for the house, but Whittier never struck me as all that desirable either.  

I don't remember Tarek doing any on F or F there, but who knows what city will be next. Some of the early flips were in very sketchy areas. 

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On 5/11/2021 at 9:30 PM, CrazyInAlabama said:

I've been shocked to see houses in Compton going for top dollar.   Tarek has some of his rookie flippers doing at least one house in Compton, and selling for a lot.     This week is Whittier, and I bet they get a lot for the house, but Whittier never struck me as all that desirable either.  

I don't remember Tarek doing any on F or F there, but who knows what city will be next. Some of the early flips were in very sketchy areas. 

My mom taught school in Compton and Watts way back in the day, in the 50's.

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San Clemente, with a great view.   However, it has foundation issues, and the slab is sloping almost a foot.  5 bed, and needs every decorating option redone.   Except the sea horse faucet in the bathroom, I like that.   The main bath/bedroom are one room, and hideous.   They don't mention what that strange furniture is in the main bedroom.  Foundation estimate $50,000 (actual cost $60,000).   However, it's a hard money loan.   The foundation slopes 10" in one room.  It will take 19 piers to anchor the house, then jack up the house, and fix the slab. 

All slabs, 4 or 5, to do the back splash all the way to the ceiling, costing about $8,000 with installation.   But they're doing floating shelves. 

 They're actually redoing a tile roof, that is already in good shape.  Now, doing a water feature and other yard work for $80k.   $1.050k for purchase, $333,000 in remodeling.  I hate the dark stained faux ceiling beams.   $1,999,000 list. Not sold, but at that price possible profit of $490,000. 

 

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1 hour ago, CrazyInAlabama said:

San Clemente, with a great view.   However, it has foundation issues, and the slab is sloping almost a foot.  5 bed, and needs every decorating option redone.   Except the sea horse faucet in the bathroom, I like that.   The main bath/bedroom are one room, and hideous.   They don't mention what that strange furniture is in the main bedroom.  Foundation estimate $50,000 (actual cost $60,000).   However, it's a hard money loan.   The foundation slopes 10" in one room.  It will take 19 piers to anchor the house, then jack up the house, and fix the slab. 

All slabs, 4 or 5, to do the back splash all the way to the ceiling, costing about $8,000 with installation.   But they're doing floating shelves. 

 They're actually redoing a tile roof, that is already in good shape.  Now, doing a water feature and other yard work for $80k.   $1.050k for purchase, $333,000 in remodeling.  I hate the dark stained faux ceiling beams.   $1,999,000 list. Not sold, but at that price possible profit of $490,000. 

 

The view was nice but I hated all the open shelving.  Way too much.  I want to be able to hide all the dishes and glasses.  Imagine having to dust and reclean the glasses before using them.  Thumbs down on the kitchen . The floor color was also the same color as the island.  No contrast.  Didn't like that either.  Again they just blew the budget with the roof along with the ridiculous foundation.  I wouldn't buy it.

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The camera work and editing were very careful to hide the house to the right of the San Clemente property. There is, however, a very quick glimpse of it and there appears to be a somewhat strange looking and rickety fence between the two houses, very close to the flipped house, and that the house to the right was a good deal lower down, so that the house they flipped actually overlooked the house next door. 

It is unsurprising that a house on a hill like that will eventually start to sink. 

Quote

The view was nice but I hated all the open shelving.  Way too much.  I want to be able to hide all the dishes and glasses.

Totally agree. It looks really nice in a magazine but it is impractical. First of all you don't have room for nearly as much stuff, and it's designed almost strictly for displaying wares rather than using them. Once you start taking stuff down and using them the effect will be spoiled.

Clearly the house had not sold by the time the episode was finished. I wonder what they actually wound up with. Carrying costs could have quickly eaten any profit. Once you start getting up into that price range it takes a lot longer to find a buyer. 

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On 5/21/2021 at 5:49 PM, iMonrey said:

The camera work and editing were very careful to hide the house to the right of the San Clemente property. There is, however, a very quick glimpse of it and there appears to be a somewhat strange looking and rickety fence between the two houses, very close to the flipped house, and that the house to the right was a good deal lower down, so that the house they flipped actually overlooked the house next door. 

It is unsurprising that a house on a hill like that will eventually start to sink. 

Totally agree. It looks really nice in a magazine but it is impractical. First of all you don't have room for nearly as much stuff, and it's designed almost strictly for displaying wares rather than using them. Once you start taking stuff down and using them the effect will be spoiled.

Clearly the house had not sold by the time the episode was finished. I wonder what they actually wound up with. Carrying costs could have quickly eaten any profit. Once you start getting up into that price range it takes a lot longer to find a buyer. 

I wonder about the sale price, too. It’s been a while since filming & airing & they still didn’t have an update yet. Doesn’t sound good. 

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It looks like 4003-calle-bienvenido-san-clemente-ca sold for $2,050,000 on January 4, 2021

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Good sleuthing, it did sell for $2,050 million.    My question is why there is no fence at the back property line?   Someone could easily get too close, and right down the hillside.   The ad only says 4 bedroom, I thought they said 5 bedroom on the initial walk through.    Since it sold months ago, I wonder why they didn't update it? 

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50 minutes ago, CrazyInAlabama said:

My question is why there is no fence at the back property line?   Someone could easily get too close, and right down the hillside.  

They probably didn't want a fence cutting off the view.  I also looked at it on Google Maps satellite view and there is a lot of vegetation on the hill below to catch someone who tumbles off the grass ;).  I also noticed a cement-lined drainage ditch cut into the hillside farther down. No wonder one part of the house had dropped a foot and many of the neighbours seem to have been doing things to try to shore up the slope below their houses.

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5 hours ago, deirdra said:

It looks like 4003-calle-bienvenido-san-clemente-ca sold for $2,050,000 on January 4, 2021

Thanks. You have great detective skills. Now, I know who to check with on future houses. LOL!!!! That said, it was quite and investment and a nice return.

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That said, it was quite and investment and a nice return.

Well, depending on when they actually bought it, since we don't know when this was filmed. They took out a hard money loan to buy the house, so carrying costs could have really eaten into their profit.

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On 5/24/2021 at 6:34 PM, iMonrey said:

Well, depending on when they actually bought it, since we don't know when this was filmed. They took out a hard money loan to buy the house, so carrying costs could have really eaten into their profit.

Yeah, they took out some type of loan, right? I’m sure that interest probably ate into some of the profits.

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I think they had a hard money loan for that project.    I love when someone finds the flip house sale ads, they can't show everything on the TV show.     It's so nice to be able to see all of the rooms, and what the final product looks like.    It's only a public ad, and who knows what any buyer did to the house after the staging was removed.   

I wonder what the buyers think when they see what the house looked like, and what horrible shape some of them were in before remodeling.   For example,  I'm sure it says in the disclosure about foundation issues, but seeing the horrible reality on the screen shows the hideous truth.  

I'm looking forward to tonight's episode, a house with the yard overrun by cacti.     (I used to live in New Mexico, and that happened a lot, plant one ornamental cactus, and a few years later, tons of cactus that needed to be removed, and by professionals).  So house was bought unseen, but the outside piles of junk should have been a tip off.    Inside is hideous, kitchen stove looks like someone built a small wood fire on it. I would have removed all of the cacti in the front yard, not leaving the big one that could hurt someone.    I liked the shower wall textured tile, the stucco and paint fire place, but I found the kitchen back splash too glaring.     I would have done light gray cabinets in the kitchen.   

Edited by CrazyInAlabama
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5 hours ago, CrazyInAlabama said:

I think they had a hard money loan for that project.    I love when someone finds the flip house sale ads, they can't show everything on the TV show.     It's so nice to be able to see all of the rooms, and what the final product looks like. 

I really like that as well, especially if the real estate ads have a lot of photos.

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Wowza.
 

Did they really have a profit of $230,000 for the Lakewood/smelly water on the floor/overgrown cactus house??😵

Edited by answerphone · Reason: Added some information
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Yes they did have a huge profit.   Places in the L.A. area are selling way over asking, getting multiple offers leading to bidding wars.     I'm always shocked at the buying price for a hideous dump like this, and the even bigger profits.     I really wonder what the buyer of this house thought when they saw the original condition of the house.    Tarek buys some very nasty houses, sight unseen, so we're seeing homes that are like the first few seasons.   

However, Tarek and Christina were lying when they said the outside looking so rough wasn't an indicator of the inside.    Yes, it was.  When the outside is trashed, the inside is too.   Tarek actually said that, but I'm sure was trying to put a hopeful statement out there, when he knew it was going to be bad. 

I think the really nasty ones from last season, and this season are from Tarek's operation that buys houses for low prices, sight unseen.   

Edited by CrazyInAlabama

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However, Tarek and Christina were lying when they said the outside looking so rough wasn't an indicator of the inside. 

I didn't hear them say that. What I heard was that when it's this bad outside it's probably bad inside too. Maybe one of them said it and the other disagreed.  

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9 hours ago, CrazyInAlabama said:

However, Tarek and Christina were lying when they said the outside looking so rough wasn't an indicator of the inside.    Yes, it was.  When the outside is trashed, the inside is too.  

And the reverse is not usually true.  Some hoarders who are worried about what other people think keep the front yard and front fascade neat and tidy, but the inside, garage & back yard are trash heaps.  

Edited by deirdra
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It's in the same category as F or F, but it fell pretty far down the list.  

We'll never know what really happened with this marriage.       However, I'm wondering if they're filming more F or F seasons. 

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On 6/25/2021 at 1:15 PM, CrazyInAlabama said:

It's in the same category as F or F, but it fell pretty far down the list.  

We'll never know what really happened with this marriage.       However, I'm wondering if they're filming more F or F seasons. 

Tks.

 

Edited by SunnyBeBe
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I think he needs more tattoos <sarcasm>?  Not my type. Actually, her previous two husbands weren’t that type. I guess she’s mixing it up a bit. I still like Flip or Flop though. Although, I don’t watch Christina on the Coast. I’m not that into her. It is crazy how a little fame changed their little family. I’m sure they (Tarek & Christina) had their issues but I think fame and money just sped it up a bit. 

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8 hours ago, ByaNose said:

I always got the feeling there was something just beneath the surface when FLip or Flop first started. 

Edited by SunnyBeBe
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