When you talk to business savvy investors, a great deal of them will tell you that investing in real estate is the smartest and safest option. The chances of long-term returns are high, there’s relatively low risk and who doesn’t want to redesign a house into a beautiful new home? Well, not everything always goes according to plan.
CNBC’s new show, “The Deed,” hosted by serial entrepreneur Sidney Torres, dives in the nitpicky and unpredictable world of house flipping, an increasingly popular practice that has grown to its highest level since pre-recession times. Armed with a paycheck, all-black attire and a drive to realize other people’s dreams, Torres puts forward his own money to help others finish the job and flip a house.
Speaking of the precarious nature of the business, Torres revealed some of the difficulties he ran into during the shooting of the show. Talking of one of the investments, Torres explained that one person had bought a home across from a funeral and near a highway. “In real estate they talk about location, location, location. This guy already had two strikes,” said Torres. The investor added that “it was very difficult because he wanted my money but he didn’t want my advice.”
Having had over 250 million dollars worth of success in real estate, Torres is no stranger to the business. The New Orleans native helped reinvigorate the New Orlean’s French corner after Hurricane Katrina and launched efforts to reduce the crime rate and improve the tourism industry in what was the stagnating post-Katrina city. In lieu of Torres’ new show, The Knockturnal had the chance to catch up with the entrepreneur about his upcoming show, the challenges of some of the investments and how he and CNBC find these deals.
