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Flipping Las Vegas t.v. show

Discussion in 'Misc. Vegas Chat' started by LucyR., Feb 18, 2013.

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  1. LucyR.

    LucyR. VIP Whale

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    I just discovered this show. It is about a husband and wife who buy cheapy houses and renovate houses and condos and sell them for a higher price.

    I like watching this show because I live in a condo and someday I plan to buy me a small house.
    This show makes me see the major problems that a house can have that may be hidden when a person looks at it to buy.

    A major problem is water damage to a house that can be a real problem.
    Or, a house can be infested with rats or insects.

    Scott Yancy and his wife do make a house look beautiful and the houses do sell real fast. They make a great profit. They buy expensive tile and items to
    make the house look expensive and beautiful.

    But I wonder if the new home owners renovate the house to their liking of wall colors, change the tile floors to wood, re-do the bathrooms and kitchens.

    Do any of you watch this show? It is on A&E CABLE channel. LucyR.
     
  2. hammie

    hammie VIP Whale

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    Hi Lucy,
    I just saw this last week, I am a complete sucker for these house flip shows. I saw the one where he bought a small condo in North Las Vegas, and before he bid on it, he spoke to a Policeman regarding crime in the neighborhood. The officer was quite proud that the murder rate was down, only 9 murders for the year!

    So the guy buys the condo without even looking inside as it was a tax sale or foreclosure. When he opens the door, it was tagged with all kinds of gang symbols, the place was trashed. His partner and wife loves to install expensive tile and other fixtures, went a little overboard with the renovation. Halfway through the repairs, gang members broke in and re-tagged the unit and caused other damage. In the end, the couple decided to rent it out and wait for the market to improve. I think the total costs of acquisition and renovations were around $35,000, but I'm going off memory.

    He could probably get $800 in rent, and be slightly positive. I have been a landlord with two rental properties and managed a third, in a word, it sucks. Rent is usually late, deadbeat prospects who cannot afford the rent, destruction beyond security deposit, children of renters unsupervised in the pool, HUD Section 8 renters wanting to rent my place. I could go on and I was very lucky as I never had to evict a tenant.

    This couple can afford to have a couple of losing deals as long as they have several highly profitable flips. They have contractors who do the work. As long as you have the resources to hang in there, you can end up with a great deal. Just remember the caveats of real estate: location, location, location and you can't sell smart, you can only buy smart.
     
  3. Tammy58

    Tammy58 Frugal Slot Jockey

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    Yes we have been watching it for quite a few months now. He seems to walk a pretty thin line as far as time to finish. I understand it from a business end, but it has GOT to be nervewracking in that line of work. His contractors are constantly messing up. His wife overspends...it can be funny. This is why all the cheap foreclosures disappear as soon as they come up.
     
  4. BlueSkadoo

    BlueSkadoo VMB Sweetheart

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    I wish his "wife" was more sensible about the way she picks out materials for a home. Everybody doesn't want granite, especially when it makes the price of the home go up. From watching the other home-flipping-shows, I've learned you can make a home too nice for the area! (especially that gang house with the poop on the stairs...EW!)

    I saw an episode last night where they actually gave a house away to a returned vet who had been injured in combat. I thought that was really cool. He did mention that he uses a wheelchair at times and the doorways weren't wide enough. I hope they went back and fixed that for him, but what a nice gesture. I'd like to think Scott would have done that without the TV cameras too.
     
  5. LolaDoggie

    LolaDoggie VIP Whale

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    My husband loves that show. I can't watch it, too irritating. I don't like the guy at all. And I really don't like his wife.
     
  6. kevgret

    kevgret Tourist

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    I watch the show on Saturday afternoons when A/E runs a marathon.. this guy is just a blowhard.... sets deadlines just for TV that seem impossible but low and behold the house always gets done and sold in the end... I only watch it to see the actual house being remodeled..
     
  7. hammie

    hammie VIP Whale

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    Its all shtick, the ying and yang, he is over the top, she is more even keeled, but farts through silk. I think she probably bought the money to this marriage, a total guess on my part.

    He plays up a tough guy image, screaming and abusing his contractors. Wait until things improve, the contractors will tell him to pound sand. I had to laugh at that North Las Vegas "gang condo" when he got a call in the middle of the night. He races over there in his Porsche Cayenne, pulls out a handgun and walks into the condo to inspect the damage and see if anyone is still inside. But, it was all for good TV. I can't imagine him going in without the lights of the cameras, he'd be peeing his pants.
     
  8. HoyaHeel

    HoyaHeel Grammar Police & Admin

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    Hubby had it on last week while we were in Vegas. I can't watch it - too annoying. My husband and I love home improvement television - we watch HGTV & DIY every weekend, bonded early in our relationship over mocking Bob Vila on This Old House (and even played the This Old House theme song at our wedding :peace:) but I need to feel I'm learning something, and not watching info-tainment. I much prefer Scott McGillivray on Income Property, for instance:thumbsup:
     
  9. LolaDoggie

    LolaDoggie VIP Whale

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    All those home renovation shows of the late 90's and early 2000's played a part in us becoming home owners. This house has broken me of those shows.
     
  10. Nevyn

    Nevyn VIP Whale

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    i enjoy the show now and then, but I would not call it 'informative' for future homebuyers. This is about someone trying to buy foreclosures and short sales, which naturally have more problems.

    And its also a show in search of ratings, meaning they want drama, meaning they are picking houses with major challenges on purpose.

    Not sure how widely they are carried in the US, but the various Mike Holmes shows (Holmes on Homes, Holmes Inspection, Holmes makes it right) are much better because they are showing true homeowners who bought a house and discovered big problems.
     
  11. MWJ51102

    MWJ51102 Low-Roller

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    I'd like to see this guy's reaction if one of those construction guys got up in his face after he yelled at them like he does. It's funny watching a punk like that try to act like a bad ass.

    The best part of the show is his little sports car. Pink /red wheels, headlight inserts and graphics on the side. It reminds me of the 16 year old punks in my neighborhood.

    That being said, though I despise that guy, I can't stop watching that show.
     
  12. BlueSkadoo

    BlueSkadoo VMB Sweetheart

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    I'm with you Hoya....Scott McGillivray can come make my house an income property anytime! Or either of the property brothers... :drooling:
     
  13. DonD

    DonD Super Moderator

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    Wasn't there some kind of bad publicity about that show? Something about almost all of it was set up before hand and even some were bought from relatives.
     
  14. zamboni

    zamboni VIP Whale

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    Ever notice on the doors of his Porsches are his company logos? I think if he puts those on, then uses it for business- huge tax write off.
     
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  15. S'AllGoodMan

    S'AllGoodMan High-Roller

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    I watch flipping Vegas, but I love prop brothers. They are great. I'm also a sucker for Jeff louis in flipping out. That's my guilty pleasure.
     
  16. nostresshere

    nostresshere Mr. Anti Debit Card

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    This is such an old wifes tale. Just having a sticker on the car is not grounds for a deduction. People take deductions with and without those signs. It has to be a BUSINESS USE vehicle. In reality, people do lots of things that may not be totally legit.


    And, my second big pet peeve. The term "write off" is used wrong my most people. Really no such thing. If something is a legitimate business expense, it is deducted from the profits. Said another way, a $1,000 expense is money you do not pay taxes on. You still SPEND $1,000 of your money to buy it. So, in a 25% tax bracket, it then only cost you $750, assume you had profit i the first place. You do not WRITE IT OFF.
     
  17. nostresshere

    nostresshere Mr. Anti Debit Card

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    I am a sucker for flip and home improvement shows. I think most flip shows are real and based on real finances. This show has seems to have some reality, but is way too "rigged". The guy is a jerk with his help. She is nuts with her spending.

    After a few episodes, we can no longer watch it.
     
  18. LucyR.

    LucyR. VIP Whale

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    I noticed that the majority of their workers are...

    Spanish speaking workers. They look like cheap labor and they work long hours and are even called to work extra hours at night-time.

    I did hear last night one of the workers tell the wife that she should learn Spanish. She was giving all kinds of orders to the Spanish speaking workers.
    The workers would just look at her and not understanding her.lol.

    In this situation... the worker was right in telling the wife to learn Spanish because the English speaking workers are not going to work for minimum wages.lol. Plus, they will not accept her disrespectful manner of speaking to them in a threatening way.

    My American dad was a construction worker and no way would he be willing to go back to finish a job just because the owner wanted him to work. He belonged to a union that protected him his workers' rights.

    My dad also did side jobs on week-ends where he did tile setting. If the owner changed their mind and didn't like the color of the tile they would pay my dad to tear it down and start over again with a new color and he would get paid for all of his work. My Mom also learned how to set tile. I wish I had learned too.

    My main reason for watching this show is because I like to see how something that looks impossible to fix gets fixed in a house.
    I also wonder if the major flaws are hidden under the rugs.lol.
    My brother who worked in construction also taught me what major flaws to look for in buying a house.

    I also saw the condo located in the gang neighborhood. Scotty should have put security in the condo to keep it safe from the vandals. Lucy
     
  19. zamboni

    zamboni VIP Whale

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    First, he is using it as a business vehicle, the 911 and and the Cayenne that have his companies logos on them are all he drives to work sites- hence his company vehicles. I mentioned it because who really needs Porsches as company vehicles? Esp someone that does contracting as he sometimes does.

    Second, a write off can be used on these vehicles, a sales tax write off when purchasing with proof it will be used as a company vehicle, which he does. Here in Minnesota, when Hummers were a big thing a few years back, farmers were allowed to write off the near 7% sales tax at the time on them. That is a write off. People were up in arms over it then and I believe they got rid of a provision calling a Hummer a farm vehicle.
     
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  20. Joe Strummer

    Joe Strummer VIP Whale

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    I have watched this show many times.
    .
    I did all that house construction work in the 80's.
    .
    I have to laugh --- EVERY episode there is a tense
    deadline to make......Will he make it ?.....call in the workers
    for overnite last minute, overtime work.....( yeh, right !:rolleyes2: )
    I think EVERY episode is like this --- and as far as I've seen -
    he makes every deadline.
    .
    And yes -
    I saw the "gang condo" episode.
    With him pulling his pistol + entering the condo WAS HILARIOUS !!!:evillaugh
    .
    As far as "cheap labor " ?
    Contractors have been using it forever -- no matter where, in USA.
     
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