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Detailed text transcripts for TV channel - KGO - 20140722:10:14:00

our house is ever proud love that song. 20 years later. don t you love it? and more than ever these days, a house is more than a home, it s a tool to make quick cash. that s right. we re all familiar with those who flip real estate, buying houses just to fix them up and sell them as quickly as possible. something you want to do. i do. but all too often these flippers are cutting corners. reena would never do that. i would never do that. buy my home if i flip it. here s abc s rebecca jarvis. reporter: eric mann hit the real jackpot. buying this brooklyn home for $1.2 million. in three days, he painted the walls, sanded the floors, added a $300 chandelier, relisted it and sold it for $2.1 million. did you think you were lucky? i was extremely lucky. reporter: it s the wild world of house flipping. flips are up 16% since last year and 114% from the year before. ericka doolittle thought she was ....

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KGO ABC World News Now July 22, 2014

our house in the middle of our our house is ever proud love that song. 20 years later. don t you love it? and more than ever these days, a house is more than a home, it s a tool to make quick cash. that s right. we re all familiar with those who flip real estate, buying houses just to fix them up and sell them as quickly as possible. something you want to do. i do. but all too often these flippers are cutting corners. reena would never do that. i would never do that. buy my home if i flip it. reporter: eric mann hit the real jackpot. buying this home for $1.2 million. in three days, he painted the walls, sanded the floors, added a $300 chandelier, relisted it and sold it for $2.1 million. did you think you were lucky? i was extremely lucky. reporter: it s the wild world of house flipping. flips are up 16% since last year and 114% from the year before. ericka doolittle thought she was getting the deal of a lifetime, too, in this oakland home. buy ....

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Detailed text transcripts for TV channel - KGO - 20140722:08:45:00

And 114% from the year before. ericka doolittle thought she was getting the deal of a lifetime, too, in this oakland home. buying it as is. you walk into the house. and you see a lot of nice stuff. absolutely. on the surface, it looked pretty good. reporter: but beneath, something her inspector cautioned she might find. more than $15,000 in hid costs. from loose, hazardous wires to leaks in her sewer. and a year after buying, erica found two feet of water under debris in the basement. there was a lake. a lot of flooding issues. what flippers are good at is doing surface repairs and not handling the structural repairs that are sometimes needed. reporter: ericka called in jennifer and steve clark, husband and wife flippers. who say there are insider secrets to spotting a potentially bad flip. in your utility rooms make sure the dryer and heater are vented out of the house. they take the easy step. they drill a hole in the floor, so she had carbon monoxide ....

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