Start small, then go big in Dallas. That's the challenge HGTV gives two home-flip couples in Monday's series premiere episode of “Flip to a Million,” which airs at 8 p.m. Central time on HGTV and is available to stream on Discovery+.
They're not Dallas real estate agents, but that's part of the challenge: HGTV is whisking John and Dani Lobel of Long Island and Jason and EJ Williams of Chicago out of a market they know and into one they know nothing about.
According to HGTV, both couples have “proven successes” in flipping homes, but once they land in the Big D, they'll have to hit the ground running in uncharted territory.
Initial budgets start at $1,000 each
Narrated by HGTV favorite Allison Victoria, the new show lays out some ground rules: Each couple is given an initial budget of just $1,000. With that tiny amount, they launch into the Dallas real estate world, competing to buy, renovate and sell properties along the way to the lofty goal of becoming the first couple to sell a home for $1 million.
“To make it happen, the duo are taking real risks and willing to stop at nothing to 'make $1 million,'” HGTV reports.
“A thrilling experiment”
In Monday's premiere, the Lovells and Williams families pack up and move to Dallas with their families, quickly making connections and seizing control of the market. They each push through a few setbacks that any home flipper would encounter: the Lovells pull off a major bathroom renovation project and secure financing for their first property purchase, while the Williamses earn a commission on their home sale and land their first resale target.
The limited series will have six one-hour episodes, and HGTV is calling it “a thrilling, inspiring and innovative home-flipping experiment unlike anything the network has done before,” exploring how “humble beginnings and limited resources can turn into big-ticket real estate transactions with the right strategy and skill (and maybe a little luck).”
A record number of homes were resold in DFW in the first quarter of 2022
The couple faces stiff competition, as home resales in the Dallas-Fort Worth area have recently broken records.
According to an Atom Data Solutions report cited by the Dallas Morning News, real estate investors resold 2,675 single-family homes and condominiums in Dallas-Fort Worth in the first quarter of 2022, a record number and more than double the number of DFW resales in the first quarter of 2021. The average purchase price of a resale home in DFW in the first quarter of 2022 was $297,830, the sales price was $342,500, and the average gross profit was $44,670.
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