House Flipping Couple

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Becky and I want to make sure our students understand that networking and building great relationships will help them build and create the real estate portfolio they are looking to achieve. Here is the lesson we learned from this flip.

A local wholesaler contacted me and said he had gotten a house back. He said the project was just too big for the person he sold it to. The previous owner had gutted the house but had not worked on it for 4 years. They were using the house for their dogs, so you can imagine how bad it smelled. They had large trash cans full of dog food.

The rehab was long, major, and extensive. We put in an awesome kitchen and an amazing master bath. When we were done it was the best house on the block and helped to raise property values for the neighborhood.

We missed our original budget a lot. This house did have some unforeseen problems from a major leak under the slab, to electrical, and AC issues. Even after all the unexpected issues and costs we still were able to sell the house for a profit.