Flip This House

After barely finishing a break-even flip, Peter reveals that he owns another property, just two doors down on the same street. Like the last one, he bought at the peak of the real estate boom, just before the sub-prime crisis broke, and paid too much. Candice and Brian are wary based on their experiences with the first one. Brian calls on their most reliable contractor, Hercules, and soon everyone has caught Peter’s enthusiastic attitude. But will optimism reign supreme in the face of major termite damage, deathtrap flooring, and a roofer who can’t seem to get the job done?

The gang at CT Homes has found another diamond in the rough, a run-down colonial in an up-and-coming working-class neighborhood near downtown New Haven. Both Than and Paul see the potential in this property but as the flip begins, one huge problem emerges that threatens to shut down the whole flip — the water supply for the house comes from a well on the property and connecting the house to the city water line will be a major hurdle to overcome. Add to this fire damage that extends to the eaves of the attic and the presence of lead paint in the garage. The flippers at CT Homes have their work cut out for them.

In sunny LA, where the real estate market has held strong, Rudy faces steep flipping competition. He’s found a cute, little bungalow with big potential in up-and-coming Highland Park. An investor puts up the cash and Rudy commits to sell the place by the time renovations are complete. While Rudy searches for the right buyer, he leaves Carlos in charge of the job site. As Rudy’s right had man, Carlos knows a lot about the financial side of the business but almost nothing about construction. The pressure rises when Rudy finds a buyer with fancy taste and risks spending double the renovation budget to woo her. He throws his designer, Mary, a major flipping curve ball by pushing for more instead of less. With the finishing touches in place and his buyer nearly sold, Rudy unveils his flip and keeps his fingers crossed that she will sign on the dotted line.

It’s Lori’s turn to shine with her new find for CT Homes — a house in shambles with a potentially lucrative side lot. The two-family home is a few blocks away from the VA Hospital and Lori and Than hope that this prime location for renters will attract a buyer looking to rent out the second unit. Based on the numbers, they close the deal without ever seeing the inside of the house–the rest is up to Paul and JD. On first inspection, Paul hates the place and predicts endless problems. He just may be proved right by permit delays, roof damage, and potentially hazardous mold that might cost a fortune to remove.

Brian and Peter are celebrating two years of flipping with Foundations Investments by starting a new flip on Atlanta’s west side. The property on Palatine Avenue is a major renovation project and in order to secure the large budget it will take to flip it, Peter and Brian have to recruit outside lenders. A flip of this size comes with more than its share of problems as Peter and Brian discover. Difficulties finding a contractor they can afford and inaccurate blueprints are just the tip of this flip-berg. With lenders watching their every move, this could prove to be Peter and Brian’s most challenging flip yet.

Veronica and Armando team up to help out family flippers. Vero’s sister Becky and brother-in-law Jordan need some advice on how to flip their home. Armando sold them the house just a few years earlier and hardly recognizes the place when he and Veronica visit–doors dangle from hinges, broken glass litters the living room floor and five dogs have taken over the guest bedroom. Armando thinks the house has lost value since they moved in and is reluctant to help. Becky and Jordan need to prove that they can be responsible homeowners. Armando agrees to give them a second chance but not without putting them through flipping boot camp — they’ll have to stick to a tight budget and do much of the work themselves. Becky and Jordan’s laidback style clashes with Armando’s take charge approach and it’s up to Vero to mediate the family feud.

Rudy’s newest acquisition is a giant red house built in the 1800s. It’s in one of Los Angeles’s roughest neighborhoods and comes complete with a house-full of tenants. Busy figuring out where he might re-locate his tenants, Rudy overlooks the fact that the house has a basement. At first, he is encouraged by the discovery of extra square footage, but on closer inspection the old basement might not meet California’s earthquake code. Major electrical problems add to his costly problems and, finally, the neighborhood historical society weighs in with time-consuming preservation requirements. Rudy stands to make a huge profit on this flip, if he can ever finish it.

The newest challenge for the team at CT Homes is a short drive away from New Haven, in an up-and-coming neighborhood in the town of Waterbury. It is a gigantic 2-family rental that’s been a lucrative investment property for CT Homes, but Than decides the time is right to cash out. With the tenants all moved out, JD discovers one critical thing left behind–the family pet. Before demo can start, JD needs to figure out what to do with a sad-eyed puppy. Paul and JD soon figure out that their former renters who never complained were handling maintenance issues on their own and making a mess of the plumbing. As problems multiply and pressure mounts, JD and Paul are at each others throats. Meanwhile, Than, in search of a buyer, keeps his cool and charms the neighbors.

Rudy’s latest find is a a two-family eyesore on a busy corner. The property doesn’t have much going for it–it’s infested with pigeons and a homeless man has taken up residence there. Rudy is confident that he can turn this place around but his team isn’t so sure. Tough inspections, a rotting flooring, and a rancid smell that’s seemingly coming from nowhere are just a few of the challenges they face. Finally, Rudy thinks he’s got it all figured out, until his fence crew walks off the job. There’s no such thing as easy money.

Peter has high hopes for the Foundation Investments’ newest find. A small house on Beechview Drive in southeast Atlanta is a short sale steal and Peter and Brian stand to make a big return on a modest investment. The team plans to tear down a badly built addition in the back of the house and turn it into a new master suite. Asbestos inside and out takes a massive chunk out of their once generous renovation budget. As demo begins the removal of each layer of the house reveals a new problem and soon the house is stripped down to the studs. Moving on to the yard — a giant tree with far-reaching roots encroaches on the foundation, creating big landscaping issues.

Than’s marketing prowess pays off when CT Homes is contacted about a new find. The owner of a 108 year old single family home on New Haven’s West Ivy Street is desperate to get rid of the house. After checking the property over, Than takes it off the owner’s hands convinced that after some paint and a new roof, CT Homes will stand to make a huge profit from this century-old charmer. However, looks can be deceiving. As demolition begins, rotten exterior siding is revealed as well as some major plumbing issues. On the bright side, after a major clean up of the garage, JD uncovers a ’67 Cadillac that is also in need of some tender loving care. Between the house and the car, the team at CT Homes will have to come together — it’s time to turn this Caddie Shack into a Cadillac.

Rudy’s latest flip is a cute starter home in LA’s Mount Washington neighborhood. It’s any easy renovation job, but marketing could pose a challenge. The house sits right on the border of an area that has, in the past, been plagued by crime. The neighborhood is on the upswing, but still struggles to overcome it’s rough reputation. Rudy pays cash for the house and predicts a 2 week flip — it’s so easy, he heads to Hawaii for a little vacation with his kids, leaving Carlos and Mary in charge. While Rudy relaxes in paradise the crew back home has to deal with all of the standard construction problems, plus an earthquake. Rudy returns, but is thrown off course by shooting just blocks from the house. A police officer has been killed, leaving behind a wife and children. Rudy is devastated and must now calculate how this tragedy might affect the neighborhood, and his investment.

Rudy gets a hot tip from his realtor friend, Ralph — a completely gutted foreclosure in a desirable upper middle class enclave in Simi Valley. Ralph’s wife Natalie, a realtor herself with a flair for design, comes on board to help Rudy cater to suburban buyers and get the biggest return on his latest flip. Natalie has impeccable taste and Rudy is ready to listen until it becomes clear that the two have different views on the details: from the RV park Natalie believes is a must, to the glass pocket doors that Rudy wants as a sizzle feature. Beyond design issues, a concrete wall shared with the next door neighbor’s is in on the verge of collapsing–to tackle the problem, Rudy turns on the charm with his new neighbors.