Are you ready for the next big thing in real estate television? Stay tuned for reality TV, REO-style. Real estate owned (REO) properties refers to foreclosures. The Wall Street Journal recently reported that several networks are planning reality REO shows that will feature property rehabs. In September watch for Viacom Inc.’s—Spike TV’s “Flip Men”. Before the summer ends, check out Bravo’s “Flipping Out” series, which features a former “house flipper turned designer.” Watch as A&E Television Network, in cooperation with Walt Disney Co, Hearst Corp and Comcast Corp’s NBC Universal, take their best shot in the upcoming REO reality show wars by featuring a former “Survivor” contestant who attempts to buy, rehab and sell houses in Houston.
If this all sounds a bit déjà vu, it’s probably because of the explosion of such shows during the 2005-2007 real estate boom. Back then excitement was driven by remarkable profit potential due to high property values and high sales prices. Now the emphasis is on value-priced purchasing and long-term rental income potential. HGTV is in the right space at the right time with their “Income Property” series, in which homeowners gain income and equity by converting basement or attic space into rental income.
A hot new HGTV rehab show – “Property Brothers,” demonstrates how owner occupants can get a lot more ‘house for the money’ by selecting properties in great neighborhoods and customizing them into dream homes. Twin brothers—one a Realtor® and the other a remodeling contractor—host the action from “house hunting” to the final “reveal.” There are a number of special loan programs for owner occupants, such as HUD’s 203K and Fannie Mae’s HomePath Mortgage financing, which cater to owners who have the vision to remodel or update existing properties.
Many Realtors®, together with buyer clients, are exploring the value added possibilities of property rehab. With all the new programs available, it may be easier than you think.
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