Filed under: Your Home, Design, etc, News & Trends
When the housing market crashed, house flipper Jeff Lewis could have lost everything. But his quick tongue and impeccable taste has made him one of the biggest names in home design.To say that Jeff Lewis is outspoken would be an understatement. From zinging his staff members with his sarcastic sass to voicing his opinions on everything from paint swatches to patio furniture, when Jeff Lewis speaks, the world listens -- and it's easy to see why.
Photo: Lou Mara
A savvy businessman with a quick tongue and impeccable taste, Lewis has been one of the top house flippers in the market for more than a decade. And he's created a name for himself in the television world along the way, thanks to his hit Bravo show, Flipping Out. But his real estate unraveling has forced him to reinvent himself in the last few years -- He's done singing the praises of flipping.
"If I had all the money in the world, I would buy homes, fix them up, rent them out and hang on to them forever," says Lewis. "Look at my grandmother who bought her house for less than $50,000 and now, even in this market, it's worth $750,000. Real estate is such a great bet and a fantastic way to build wealth -- in the long term."
Lewis, who began aggressively flipping properties in southern California in his mid 20s, has always dabbled in real estate. Lke his investor father, Lewis spent his summers working for mortgage brokers, real-estate brokers, appraisers -- you name it. "I started off buying things and adding value, but I was always holding them as long-term investments," says Lewis. "But then when the market really started rapidly appreciating, a light bulb went off -- I had the potential to make a lot of money!"
And quite the opportunity it was. After jumping into the "make money - and fast!" business of house flipping at age 29, Lewis quickly hopped his way up the real estate ladder. Before he knew it, he had flipped 50 homes and was selling his most expensive home for $4.4 million. "It wasn't just like one day I decided to flip houses," he says. "It really was an evolution."
Made from 100% organic cotton denim, Jeff Lewis's line of super durable (and super stylish) throw pillows can be purchased through Alluminare and Shop.JeffLewisDesign.com. Throw them on any bed or sofa for an instant pop of pattern! Photos: Courtesy of Jeff Lewis.
But when the market started to take a nose dive in 2007, Lewis knew he needed to get out -- and fast. He was holding about seven homes with enormous mortgages, so he drastically started cutting prices and selling properties. "I made a quick evaluation of what I could hold on to long term, and what I couldn't afford to hold on to," says Lewis. He needed to get liquid quickly to pay back family and friends, as well as his lenders. "Unfortunately, I sold some of my properties at losses, but I managed to come out on the other side without destroying my credit or defaulting on any of my loans. Can you imagine going to holiday gatherings and having to face someone who you owed $200,000? I couldn't have lived with myself."
When the dust had settled from the housing crash, Lewis was left with a handful of properties that he could afford to hold on to. You'd think such a blow would leave this veteran house flipper with a substantial amount of extra time on his hands, right? Wrong.
Lewis is now taking his 20 years of design and renovation experience and managing client projects across the country, from hour-long consultations where Lewis gives home or business owners his expert opinion on any advice they may need for their project to managing full-scale remodeling projects. He even took some time out of his jam-packed schedule to design House Beautiful's 2010 "Kitchen of the Year", which was showcased in Rockefeller Center last summer.
In addition to these individual projects, he's also launched a new line of home accessories by Alluminare. The master of what House Beautiful has dubbed "soft modern," Lewis has parlayed this contemporary-yet-comfortable aesthetic into a collection of lighting, pillows and wallpaper that you can customize to fit your space perfectly. "The colors were picked from a palette of my favorite colors, so you can use my choices as a guide, while still having the flexibility to make it your own," says Lewis. "Plus, the products are priced reasonably, so you can change the items out with your mood. In case you didn't know, I'm very moody."
Oh, trust us, we know. Which is why we're all wondering: Will this master of house-flipping have a change of heart and return to the biz anytime soon? "Knowing me, I'll get bored and I'll want a project. Will it be a full-time project like before? Who knows," he says. "Because of my decisions over the last few years, I was able to recoup some of my money and my credit is in tact. So now, if and when it's time to go back in, I'll be in a position to do so. I'm very lucky."
In the mean time, you can check out Jeff and his team on the new season of "Flipping Out," coming in 2011.