HGTV, known for its real estate-based reality television, is heading to Dallas. Flip to a Million, a new show premiering on HGTV and Discovery+, will follow two out-of-state couples as they participate in a “house-flipping experiment.”
With just $1,000 to start, the participants — Jason and EJ Williams of Chicago and Jon and Dani Wrobel of Long Island — are expected to buy, renovate and sell properties in Dallas with a goal of selling a house for $1 million within six months.
The show aims to prove that “in the world of real estate, it’s possible to start out with almost nothing and turn it into a fortune,” according to the Dallas Morning News.
The show premieres August 1 and will open with the couples moving to Dallas, researching the local market, making new contacts, etc.. To fund their first purchase, the Williams’ will take on a main bathroom renovation project and the Wrobels will get a finder’s fee on a house sale.
North Texas’ home-flipping industry has more than doubled in activity since a year ago, the DMN reports. Investors flipped a record 2,675 Dallas-Fort Worth single-family homes and condos in the first quarter, representing about 13 percent of all sales in the area, according to Attom Data Solutions.
While Texas leads the nation in the volume of home-flippers, it also has the lowest returns. Last year, gross profits for North Texas home-flippers fell to 16.1 percent, or $40,800. That’s about half the national average of 31 percent.
The decline in overall profits represented a “rare crack in the foundation of the U.S. housing market, which otherwise boomed in 2021 both because of and in spite of the worldwide Coronavirus pandemic,” Attom reported in March.
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[DMN] — Maddy Sperling