As seasoned investors know, sometimes flips don’t always go as planned. That’s true even for reality TV stars like Tarek & Christina El Moussa, the stars of HGTV’s Flip or Flop. Realtor.com is reporting that one of their recent flips didn’t go down the golden highway as they had planned and they have ended up with a pretty expensive flop. According to the story the couple paid $900,000 (without seeing the inside) for a 1,700 square-foot, three-bedroom, two-bath home and have sunk over $281k in it (new roof, driveway, electrical, plumbing and more) just to bring up to market standards. The house was listed for $1.39 million…..And, in case you wondered, comps in the neighborhood are $1.2 to $1.3 million.
“We’ve never done anything like this before,” Christina admits. “This is really bad.”
“We own this house,” says Tarek. “We don’t have a choice.”