I know a lot of individuals would give something for a likelihood to be on TV. I just lately had the possibility to develop into a star on a type of HGTV reveals. Call me loopy, however I turned it down. Here’s why.
While I was actually honored to be requested to take part in a excessive profile TV present, I took a while to actually give it some thought. I’m glad I did. I took a step again, listed out the professionals to cons, and realized it simply wasn’t for me. I know others have handed up these gives too, and I am positive that some who went by means of with it are presumably regretting it. It could also be a dream come true for others, however listed here are the explanations I handed.
5 Reasons I Turned Down a Chance to Be a Star on HGTV
1. It’s not actuality.
While all these actual property reveals are heralded as “reality” TV, they actually aren’t. These reveals solely element the glamorous facet of the enterprise. My private philosophy on BiggerPockets and in my interactions with others is to present the behind the scenes facet—because the day-to-day, repetitive work is what will get you to the massive “moments.” Knowing the truth is the one manner to have lifelike expectations and to make investments intelligently.
2. I don’t flip homes.
I am a purchase and maintain investor, not a home flipper. They needed my accomplice and I to convey that we might be flipping homes to common householders. We understand how to try this. It simply didn’t align with what we try to do, the way in which we truly make investments for ourselves, and what we imagine is finest for others to do.
three. It’s a time drain.
If your objective in life is to be on TV, then I say go for it. Just know it’s going to take up an infinite quantity of your life. In actuality, it might take hours simply to get a few seconds or minutes of nice footage used within the ultimate lower. While it’s interesting to me to be on a present, it takes time—time that I choose to spend truly constructing a enterprise, making actual investments, and serving to others do the identical. Maybe you possibly can keep in mind the names of a number of the actual property TV stars of the final 5 years. Most can barely keep in mind a couple. I assume you’ve additionally bought to ask whether or not you need to spend a 12 months or extra of your life making an attempt to get your 15 minutes of fame—or whether or not you’d relatively put your time into one thing that may final and maintain you and your loved ones for the remainder of your life.
four. They fudge the maths.
The math on these reveals is a joke. Any actual investor is aware of that. Often, they utterly skip a lot of the holding prices, commissions, charges, labor, advertising and marketing bills, and even repairs. What they present as being a worthwhile flip on TV can truly be a loss while you do the true math.
Related: 7 Ways TV Flipping Shows Are Completely Fake (As Any REAL Investor Knows!)
5. It’s harmful.
For all of the above causes, these actuality TV reveals could be actually harmful to viewers. I’m not saying that’s the intent of producers or the script writers—or that they even perceive the implications. They are simply making an attempt to create leisure and content material that individuals will watch and that advertisers pays to market by means of. It’s nice that extra individuals are being impressed and turned on to actual property and its advantages. Still, too many individuals are relying on these reveals as training. Then they soar in with out figuring out what they’re doing, usually based mostly on another person who doesn’t know what they’re doing. It is a recipe for catastrophe. Many have burned completely good careers and life financial savings making an attempt to flip homes like they do on TV. Many have misplaced all of it on their first strive, and now have wrecked their credit score, profession, funds, and could also be deeply in debt and authorized bother. Even although I personally choose investing in flats, I admit you can also make cash flipping homes, however you want to know what you’re doing.
I weighed the professionals and cons for me personally, and I turned down the supply to be a home flipping star on TV. That doesn’t imply TV or flipping homes doesn’t have worth. I imagine you simply want to make an informed and goal determination about it, simply as you do when investing in actual property in actual life.
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What do you assume? Would you give something to be on TV? Have you handed up a possibility like this? Why?