Purchased my second to be flipped house and I am terrified!

4 Replies

Just bought  my next flip.

Purchase Price $xxK

Repair estimate $105K

ARV $250k

My first was a complete disaster and success.

Disaster because or contractor was a douchebag thief.

Success because we were expecting  to sell the rehabbed home for $230K, but we got $330K for it.

Yes this does not happen often but lucky me it did.. long story...

Any case I am about to give this an other try.... VERY carefully.

Pointers advice words of encouragement appreciated!

Go for it Jerryll! #FailForwardFast

Congratulations on getting your flip under your belt while making money! That doesn’t always happen. 

I recommend networking with some other investors. Go to your local REIAs, etc. Either partner up or pay them a few dollars to walk thru your recent purchase and give you their thoughts on what to repair and how to do it. 

The fear you’re feeling is because you need more information. A more experienced investor will help get you that info. They may also help you find an honest general contractor too!

Originally posted by @Bob Mason :

Congratulations on getting your flip under your belt while making money! That doesn’t always happen. 

I recommend networking with some other investors. Go to your local REIAs, etc. Either partner up or pay them a few dollars to walk thru your recent purchase and give you their thoughts on what to repair and how to do it. 

The fear you’re feeling is because you need more information. A more experienced investor will help get you that info. They may also help you find an honest general contractor too!

 You can never have too much support, absolutely. Thank you. I think the fear comes from the fact that there is never an environment you can fully control. I just need to get a good honest contractor!

:) Thank you for the comments. I really need to go to those REI meetings...

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