9 Ways Home Flipping Shows Mislead Viewers
We all know the premise of home-flipping shows: An investor buys a veritable dump and then, with the help of a team of ready-and-willing contractors and landscapers, transforms it into the best-looking home on the block. Next, that intrepid buyer turns around and sells it for a hefty profit. Sounds like a straightforward formula for financial success, right? Well, not quite. What makes for entertaining television doesn't always translate into a win beyond the high definition flat screen. The following are nine ways home-flipping shows mislead viewers. So, if you're considering turning this into your next career or even a side gig, you may want to separate fact from fiction first.
1. Tight turnarounds aren't always realistic
In order to realize as large a profit as possible, it's important to flip the property as quickly as you can, otherwise paying the mortgage, taxes, and insurance quickly chips away at your bottom line. While sales tend to happen quickly on TV, the reality is that even if you have a willing buyer, getting pre-approved and securing the financing doesn't happen overnight. For anxious sellers, that ticking clock is a constant reminder that every passing day means a little less money in their pockets.
2. Finding a dedicated team isn't easy
As far too many homeowners know, not all contractors...