“The Deed,” a CNBC investment reality show hosted by real estate mogul Sidney Torres, released its second episode of the season this week.
STARS: 4/5
Torres, a self-made millionaire, has developed $250 million worth of real estate and is now using his money and expertise to help up-and-coming property investors in New Orleans.
This week’s episode centered around Russell Frank, a contractor who is trying to transition into a developer. Frank has been in the business for over 10 years and is the owner of Re New Orleans Property Management.
The home Frank bought to flip is located on St. Philip Street in Tremé, a historic New Orleans neighborhood. It is the oldest African-American neighborhood in America, which Torres referred to as a “hot spot.”
When Torres pulled up to the property, he noticed that the home was near the interstate and directly across from a funeral home. Both of which are factors that he said lower the property value, making them two of Frank’s three strikes.
Frank chose his mother Josline as his real estate agent. Josline, an agent with 30 years experience, helped her son and Torres on this project.
When asked by Torres if she thought the property value would decrease, Josline said no. In fact, she said people would appreciate how close the home is to the interstate, noting that they would be able to get where they needed to go in a timely fashion and, once moved in, owners would not mind being directly across from a funeral home.
After hearing Josline’s point of view, Torres had to admit that if anything, Josline is a great salesperson.
Frank had a few outlandish ideas, such as putting a chandelier in the bathroom, which Torres shut down. He seemed to feel uneasy about Frank’s suggestions, and it was evident that he is stuck in his ways.
Frank said he wanted to transform the rundown shotgun house into a “camelback.” Camelback shotgun homes include a second floor at the rear of the house. Torres thought Frank was in over his head and advised him to go smaller and keep it a one story home.
Torres even said the selling price Frank was asking was too high, especially for the location. He thought that if Frank kept it a one story, then he could place it on the market for a price that people would pay.
Frank, not wanting to bend, declined Torres’s suggestions — and his loan. However, a week later, he called Torres back and changed his mind, ultimately deciding not to add the camelback.
Every thing that Frank wanted, Torres shut down immediately; even things as small as the location of the toilet in the bathroom or the countertop color he chose.
“It’s my house. You’re lending me the money but I kind of want to have some type of control,” Frank said.
Torres was not happy with a lot of Frank’s decisions, and it felt as if he was hanging the loan over Frank’s head. It almost seemed like he had forgotten that Frank was a talented contractor who was capable of making his own decisions.
Torres was upset when he found out that Frank put the home on the market without his knowledge. He called the act disrespectful and walked away from the project.
Unlike the dramatic damsel in distress Nicole Webre from last week’s episode, Frank stood his ground when it came to what he wanted for his home, and I respect that.
It seemed as if Torres was only interested in people who are submissive, like Webre. If anything, she should have been the one portrayed in a negative light due to her “woe is me” act, ultimately illustrating she may not have what it takes to be in thee real estate business.
Overall, I just wish Frank’s talent could have been truly showcased, rather than Torres fighting and subliminally trying to discredit him every step of the way.
Torres should have taken a step back and realized that just because Frank didn’t agree with him on everything does not mean he is wrong or “disrespectful.”
It would have been nice to see some compassion from Torres and for him to remember that once upon a time, he was in Frank’s position — a talented contractor who just needed someone to believe in him.
Russell Frank is a great contractor. He deserved much more credit and respect than he was given.
At the end of the day, however, Frank did not sell the home but instead listed it on Airbnb.