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Haven't heard anything about Atlanta. Last fall one of the episodes featured a home in Las Vegas and I was able to figure out the house from the owner's name and house number. Like any show, it ended with the 'potential profit figure', but according to our tax records the owner still owns the home.

Same story here!  I had friends that has shown it.

I have not heard a thing about that story but it doesn't surprise me.  Personally I am not much of a television watcher and don't watch reality tv at all so have not watched the home shows.  My friends do though I can't believe how many people have asked me to find them killer deals.  I don't know about your market but in our market there is just not enough room to flip a house and come out ahead unless you really know what you are doing. 

I wasn't sure if I was at the right post when I looked at your picture.  It looks nice though, I need to update mine but am not thrilled about getting my picture taken.

It seems that the media has lost its objectivity -- that is a real shame -- I am an advocate of free speech, but I think the media has a duty to report all sides.

I was just talking today in my office about that show, and I was surprised that everyone always seemed to make a lot of money.  I would expect that from people that have flipped houses before and have teams in place but not always for people trying to flip a house for the first time.  Of course I'll still keep on watching because I love to see what they did to the houses.

Marchel - I had some friends tell me about it, then I found the article. 

Joan They really need to get the facts out.  Let's think about it this way...many viewers will go out and try to duplicate these investments, and will lose big money!  Really deceptive if they knew the agents already had licenses revoked.

Suzanne  I love the shows to see the transformation.

We didn't hear about up here in Blue Ridge but I am going to check out this article.  

Well a funny story I was in another company and a email came out that said no one was to appear on any show like this without permission from parent company. Real estate signage in the homes may not reflect good corporately.

Jim,

My husband and I have enjoyed watching some of these for entertainment in the past.  We enjoyed watching the people from Charleston that started one of these shows but some of the others were just a little too over the top for us.  We would love to own some investment property at some point but flipping homes seems to be very risky.

Rita

I'm a "Flip Junky" and so is my wife. We can sit and watch those shows all day! I have personally looked up some of those shows on google and seen some of the projects not on TV.

I will have to read your link

 

thanks

Ray

Jim:  Are you trying to tell us that some of these flips aren't real?  Golly gee - who'd a thunk it? lol

Rita   I agree!

Ray thanks!  I am very interested in these shows and watch them pretty regularly.  The article and news story on the evening news...however, was an eyeopener!

Joan According to the evening TV news no they are not.  Homes never even changed hands.

Those shows make it look sooooooooooooo easy. I just chuckle inside when a potential client talks about that show!

Tina!  It looks too easy!  Noticed they never mention taxes due on a short term sail or real estate commissions as part of their expenses!  This story on the evening news was much juicier!  No sale ever occurred, hence no profit,and fraud and theft were also alleged by investors that claim their money was stole.  The principle also had real estate licensed revoked by real estate commission.

I found this while I was googling!

it was interesting

http://www.flipthislawsuit.com/2006/08/

it's flip this lawsuit.com

Cool Title :) 

 

I enjoy watching the shows.  It is obvious there is some fiction. 

If it were here in Hawaii, it would take quite awhile to get the building permits and then to get them closed out after the work is done.

It doesn't suprise me. The sad part is that people watch those reality shows, think it's that easy by watching the show, then get disappointed when it's not. I just sold a home for a newbie flipper, and she was very disappointed with what she walked away with. She thought it would be much easier than it really was.

Ray Delao Wow!  The power of the Internet!  I added your link to the original post and gave you credit for it.

Randy  Yeah what's with the permits...sameday?  LOL!  Fiction can be fun.

Kristine everything seems easy on TV

That's fifteen minutes of real fame

Mary  As in the COPS tune! "BAD BOY, BAD BOY, WHAT YOU GOING TO DO WHEN THEY COME FOR YOU?"

Jim, thank you for your Blog. As with any industry, there will always be bad news. The idea of purchasing a property under market value, rehabbing the property, and marketing it to make a profit has been around for many many years. There are unscrupulous Investors just as with Lenders, Brokers, Agents...on and on and on.... If your readers would like more information on Flipping Homes, please visit the website of a friend of mine here in Baltimore. Steve Cook with FlippingHomes.com

Robert thank you so much for your comments and link!  I guess it takes the evening news to expose what should be exposed.

This is an interesting topic. Everyday people should not just run out and think that flipping property is as easy as shown on TV.

Even for the pros it can become difficult.  I know a lot of agents now getting caught with homes they cannot move in many markets.

You mean, we have "flipped" over a show that wasn't true?  Boy, am I easily fooled! 

Kay and I liked the show.  I do not like fraud and deception!  I'm very happy it was exposed.

Jim--I am sure that most reality TV is staged. Who'd watch if it wasn't interesting? But when the public believes they can Flip and make out like a bandit...It is kind of sad. As we are the ones that have to deliver the bad news to the investor when we provide a realistic market analysis. Thanks for posting the article!

Jim,

 As they say if it sounds to good to be true, it probably is not true, I too watch the Flip It TV series, very entertaining, but not possible here, the public is too aware of real estate values to let a flipper steal a house like these guys do, Our Government sends all homeowner annual current market value assessments , which we have to compete with when pricing a home. I cannot imagine a Flipper sealing home(buying it under the assessed value)

Thanks for the news article, I do not believe it was in our news.

Jim...Have an awesome day! :0)

Teri  You are more than welcome to it.  It is sad when reality TV is not real but fabricated.  It is sadder when there is alleged fraud involved.

Fred - Thanks.  It is always interesting to learn something new.  I like the show, but now I feel sorry for the public.

Jim - A saw the new report on it and also posted on my blog. Amazing that A & E didn't investigate them more thoroughly. Enjoyed post.

Tony  They need to be accountable to all.

UPDATE TO STORY

http://www.comcast.net/tv/index.jsp?cat=TELEVISION&fn=/2007/06/01/678694.html