During the early days of the fix-and-flip mania, Texas became a hotspot for all kinds of TV series focussing on home renovation entrepreneurs locating an ideal-yet-neglected property and transforming it into someone's dream home (while making a tidy profit!). HGTV's new series, 'Flip to a Million,' is slated to take up the flipping game in Texas.
What began as a fad has evolved into a fully-fledged and solid market. Flipping houses is not a passing phenomenon in Texas anymore. It is a valid, necessary, and successful business enterprise. So the question is, why is Texas such a good market for flipping houses?
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Texas been one of the most successful and long-term markets for house flipping. There are several causes for this. One of these is the economic opportunity:
Despite the pandemic, the Texas industry is booming, with several significant corporations establishing new offices and factories in the Lone Star State, including Tesla and Samsung. Furthermore, because Texas has no state income tax, relocating here is a pay boost in and of itself. Second, is the state's sheer vastness and open terrain. In contrast to large urban regions on the East and West coasts, practically all major cities in Texas are inland and have the opportunity to grow. This implies that Texas land is more inexpensive than in other states. Finally, there is a population increase. Every year, the state remains one of the fastest-growing in the country. This implies that property flippers will always have a continuous stream of purchasers.
HGTV's innovative new real estate project
In the new limited series, which premieres on August 1, HGTV has created a unique, edge-of-your-seat experiment in house flipping that is intriguing, motivating, and unlike anything else the network has done before. The creative new program delves into the notion of how poor beginnings and limited resources may be transformed into a high-dollar real-estate deal with the right plan and skill set (and possibly a little luck).
This fascinating new program follows two couples — Jon and Dani Wrobel of Long Island, New York, and Jason and EJ Williams of Chicago, Illinois. They are experienced and successful house flippers in their respective areas, but can they succeed in Texas? That's what we'll find out in the course of six one-hour episodes.
The two couples are transplanted to a foreign city at the start of the series – Dallas, Texas. Once there, they set out on a mission to evaluate their chances and, eventually, prove that it is possible to start with absolutely nothing and transform it into a fortune in the world of real estate. With a $1,000 starting budget, each pair will work the real estate and flipping markets to acquire, renovate, and sell houses in stages, with the ultimate objective of selling a $1 million residence. To do this, the duos will take significant risks and go to considerable lengths to 'Flip to a Million.'
The first episode follows the Williams and Wrobel families as they pack their possessions and relocate to Dallas. When the couples arrive, they immediately begin researching the local market, building new contacts, and determining the quickest method to begin producing money for their lofty real estate ambitions. Despite initial difficulties, Jason and EJ undertake a major bathroom repair job to help finance their maiden property purchase, whilst Jon and Dani receive a finder's fee on a house sale, allowing them to acquire their first flippable property.
The new limited series will premiere on HGTV on Monday, August 1 at 9/8c and will be available for streaming on Discovery+.