The Reality of Realty: Tempers Flare as Market Cools

Sept. 6, 2007 — -- It's his knack for the little things that scored Jeff Lewis his own reality show on Bravo called "Flipping Out," all about the reality of realty.

"I carry around a to-do list because I can't possibly remember every single detail," Lewis said.

And if every single detail isn't taken care?

"There is usually one to two flip outs a day," said Jenni Pulos-Elwood, Lewis' executive assistant. "We've all been fired or suspended. I've actually been suspended, but then was asked to come back the same day. There have been people who come through his houses and they look so clean and perfect that they've said … 'Does the American psycho live here?' [He's] so American psycho-esque where if the toilet paper is off he will obsess about it."

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He may sweat the small stuff, but instead of flipping out over the recent real estate downturn, Lewis is taking it in stride and doing something unusual.

"I'm actually going to have to increase production," he said. "I'm going to have to actually buy more homes to make the same kind of money I had been making in previous years. I think what's happening is that it's taking longer, but I think the right houses in the right locations that are done correctly will sell, but they aren't going to sell in four days — they are going to take 30, 60, 90 days."

In the last 8½ years Lewis says he's made money hand over fist. He has purchased 45 properties and sold 40 of them; he currently has one in escrow. When he was filming his reality show earlier this year, the market took a turn for the worse. With six properties on the market, the audience saw Jeff get in over his head.

"Last month I spent close to $700,000 to keep this company afloat," he said on the show. "It's just, like, check after check after check. I have $125,000 in the bank. Do the math. I've got a couple weeks and then I'm in trouble."

Lewis said that he risks his capital every day of the week. "At any given time I have millions of dollars out in a market that is a little uncertain right now so it can be stressful. And I get scared sometimes."