Tone Of The Market
Jeff Lewis on what to expect in Season 2!
It's been a challenging year for real estate since Season One of Flipping Out. The tone of the market has turned to gloom and doom. The lending crisis has dramatically affected the flipping business, certainly in a negative way, but there is a silver lining -- it's an amazing time to buy and there is a lot of opportunity to purchase property as a long-term investment. During the last eight years, we experienced a huge real estate boom as we saw a lot of over-valued junk sell for ridiculous prices. Also during this time, construction prices soared to a level of absurdity, so the recent correction is helping to stabilize a bull market that no economy could sustain.
Here at Jeff Lewis's office, we've made some positive changes. Last season, I decided to let Stephen Bowman go from my staff, not because of his work output. It was his attitude, which had become negative and draining. By the way, I did it in a rational, civil, and professional manner, off-camera, with no drama. It looks like my therapy is working! I promoted former trash guy, Chris Elwood, first to house assistant and then to house manager. Then I hired Chris Keslar to assist Chris Elwood. So far, so good, as the morale of my staff is up, no matter the predictions. At Jeff Lewis's office, we make our own predictions based on the truth, rather than the hype. And on what we know we can accomplish as a team.
In the first episode of Season Two, I realized that I had two choices while I waited for the climate to change. I could wait it out and live off of my savings or I could find a way to generate income to keep myself, my staff and my crews busy. I decided to solicit remodeling work. I hesitated working for a woman (I never work for anyone else) who had already gone through a number of designers and contractors, but when she waved a large check in my direction, it was too attractive to turn down. I ended up quitting after two weeks because she was impossible to please. But keep watching, because as Episode Two will demonstrate, when one door closes, another one opens.