Flip … or fake? Everyone knows that reality TV is usually about as far as you can get from reality. From producers who manufacture dramatic situations to scripted clips and professionally edited (and intentionally misleading) sound bites, it’s safe to say that what actually makes it onto television isn’t telling the whole story.
But what about home flipping shows? They might seem straightforward enough: Ramshackle foreclosures receive transformative renovations and help the hosts rake in easy profits. All of it is enough to make the average citizen think that he or she should get into the flipping game to make some serious cash quickly.
Unfortunately, as you might have guessed, home flipping shows like Flip or Flop only tell part of the story. According to Time.com, the average gross profit for flipping houses is $58,520. However, 2% of real-life flips sold at break-even or at a loss before expenses. Ouch.
Here’s what you need to know if you’re one of the wannabe investors considering the flipping game, or even if you’re just curious about what your favorite shows don’t show you.
1. Renovations on television happen way too quickly
Most home flipping shows fit neatly into 30 or 60-minute time slots, and with commercials factored in, they only portray about 24 to 48 minutes of a months-long process. Sometimes the hosts will mention that the project took several weeks or months during the program, but for the most part viewers are manipulated into believing that home flipping is quick and easy — which really isn’t true.