I-Team: Flip This House ATLANTA (FOX 5) -- What if you found out an American Idol contestant was lip-synching? What if the Bachelor was really married? How real is reality TV? The FOX 5 I-Team answers that question with one of America's favorite reality shows: Flip This House. Senior I-Team reporter Dale Russell found one Atlanta developer on the show, Sam Leccima, wasn't telling the truth about his renovations.
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8 comments:
I think I may have seen this episode. Not being able to watch the video, yet, what exactly was exposed?
Everything.
The guy has had a few episodes, he didn't do the repairs for what he said.
He didn't own the house.
He didn't sell the house.
The profit at the end was not for what he said, because he NEVER SOLD or owned the house.
In fact the home is still for sale, shoddy repairs and all.
Ha! I'm surprised they didn't do episodes on how to commit mortgage fraud, too! Morons...
I saw an episode a year ago about a Portugese family that used a team approach to flipping, and they really knew what they were doing in terms of identifying good prospects, carrying out renovation and repair (with construction experience), operating with strict deadlines and budgets, then marketing and bailing out.
What I found interesting is at the end of the show, the rehabber/flipper had decided that the market was getting too risky, so she decided to not attempt anymore flips until market conditions changed. In other words, the pros pulled out of the market long ago, and only the fools continued to rush in where the angels feared to tread....
Atlanta is the # 1 Mortgage Fraud City in the Country. Why is anyone suprised that - the slickster fooled - everyone.
They didn't ask for paperwork - nor did they check at the Recording Office - before putting it on the air.
As the Realtor in the expose' said: -"Don't believe everything you see on TV!"
I personally could not believe that the Producers from the Show - did not do one bit of "background" work on this felon. They even had scenes where the landscaper put in temporary - shrubs and plants - long enough to get the "shot" done. After the show was filmed - he backed his truck up and took out all of the plants, they were still in the plastic pots they came in! - SO MUCH FOR HOLLYWOOD! ---- LOL.---
As the other bloggers indicate - a lot of the real flippers hasve moved on...the only people left - still doing this..are folks going to the seminars and buying the books,tapes, and cd's.....
My wife and I watch that show all the time; we even tivo it. We watch for interior design ideas. Before they started doing the updates we thought it was comical the figures they would come up with. They would never account for transaction costs and it seemed that the costs of any given work was way too low if you were to go out and get bids. I have a feeling this is only a microcosm of what is to come with respect to recent real estate transactions/projects.
Crispy -- thanks for posting the link. Sadly, I'm not shocked, but I'd imagine more than one witless fool has watched this show and tried to copy the "technique," only to lose a lot of money.
Chip
O/T - Does anyone know how to change or re-set a Blogger account password? I'm not proficient with Blogger and set up my account in the summer of 2005 after a lot of failed attempts. One day recently, my password no longer worked and I don't have a clue how to remedy that, if it is possible.
Chip
Central Valley, YOU'RE #1!!!!
Central Valley cities lead the nation in foreclosures (join path)
http://centralvalleybusinesstimes.com/
stories/001/?ID=5149
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