In this article

Although I have been investing for over 10 years, I have never led one of our fix and flip projects myself! So I decided to take the plunge, and I made my first offer on a fix and flip deal. I thought it was a “done deal.”

Related: 3 Tips to Greatly Reduce Risk When Buying, Fixing, & Flipping Properties

However, I ended up backing out of the deal and canceling the contract. I learned some extremely valuable lessons during this process that I wanted to share in this short video.

What I Learned From Backing Out of My First Fix & Flip Deal

[Editor’s Note: We are republishing this article to help out our newer readers.]

Have you ever backed out of a deal? What did you learn in the process?

Let’s talk in the comments section below!

Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.