Rental Property Investor · Clermont, FL · Member since 2016 · 266 posts · 81 votes
Hey BP!
Would love to learn from your collective experience as my wife and I are searching for our first flip opportunity. Wether you've done 1 flip or 100....what's the one thing that you know now that you wish you would have known before you got started on that first project?
Thanks so much in advance for any knowledge you're willing to share!
"Before my first flip, I wish I knew ______".......
Real Estate Broker · Melbourne, FL · Member since 2016 · 36 posts · 23 votes
7y
I wish I knew about polybutylene pipes! We finished the renovation, staged, and sold the house at list price. Only found out during the inspection that it had poly pipes. We had to open walls and repipe the house.
Real Estate Broker · Melbourne, FL · Member since 2016 · 36 posts · 23 votes
7y
I wish I knew about polybutylene pipes! We finished the renovation, staged, and sold the house at list price. Only found out during the inspection that it had poly pipes. We had to open walls and repipe the house.
Rental Property Investor · Merritt Island, FL · Member since 2015 · 253 posts · 178 votes
7y
knew more about the history of construction materials and replacement timelines, would have saved me $20k on my first rehab...had to replace ALL of the plumbing and electrical when I hadn't planned for it.
Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
7y
Before my first flip, I wish I had known how debilitating working alone can be.
How much it takes out of you to show up at the job site day after day after day and put in the hours alone. How working without a clear scope of work and a basic understanding of residential construction project management, as @Frank Geiger mentioned, just a vague idea that you're going to begin at the beginning and end at the end, makes it even worse.
I started on a very small, limited flip, a basement efficiency apartment. If it hadn't been such a small project, I probably would have given up before I finished it. The walls were closing it as it was.
Before my first flip, I wish I knew the 70% rule. I have realized that I paid a bit too much for my current project. Lesson Learned and will be applied on my next project.