As you know I'm a fan of the CNBC TV show The Deed: Chicago, which focuses on turning around flailing real estate flip projects. I did a recap and analysis of Episode 1 from the first season here: Think You Want To Flip Homes? Watch The Deed: Chicago. As in that episode the show does a great job of highlighting what can go wrong when trying to flip properties.
When I only saw 3 or 4 episodes in the first season I assumed that the show had been cancelled but I got a call from someone on the show the other day asking me if I knew anyone that needed help. (They actually also called me before they shot the first season but I didn't know the name or format of the show at that time.) They are about to start shooting the second season this fall. I was glad to hear that.
We don't personally know anyone in trouble on a project right now but if you need help or know someone who needs help they basically have an open casting call going on right now. You can apply online (55 detailed questions) here: The Deed: Chicago casting. What I think they are looking for is someone who is in deep doo-doo on a flip either because of financial problems, contractor problems, or scope issues (like huge structural problems). Really, those are the only 3 ways you get in trouble flipping homes, right? As if those weren't enough.
I also received a follow up email in which they described what they are looking for in these terms:
We are looking to feature investment property owners seeking an additional round of financing to see their project to the finish line and start making a profit. We’re hoping to hear from both experienced home renovators and ambitious but novice developers who’ve already closed on investment properties, ideally ones that need extensive rehab work with an intention to sell vs. buy & hold. They should also have a willingness to speak frankly about any mistakes or miscalculations that will have to be remedied to get these projects back on the road to success.
I suspect that the emphasis on financing is so that the show's host can get a cut of the deal. And, according to the Web site, they want the project to be located within 1 hour of downtown.
If you want to get my opinion before applying feel free to give me a call. I love to pontificate on real estate. That's why I have this blog.
Gary Lucido is the President of Lucid Realty, the Chicago area's full service discount real estate brokerage. If you want to keep up to date on the Chicago real estate market, get an insider's view of the seamy underbelly of the real estate industry, or you just think he's the next Kurt Vonnegut you can Subscribe to Getting Real by Email using the form below. Please be sure to verify your email address when you receive the verification notice.