Lesson Learned - NEVER buy a Mid Renovation Flip
My business partner and I purchased a mid-renovation house to flip in 30318 Atlanta. When we purchased the house, it was down to the studs, framing was complete, and rough plumbing was done. The exterior was painted, new windows were installed, and the roof was completed.
That said, it "seemed" pretty straightforward to the finish line...
It was not.
We did all of our due diligence on the property, crossed our T's and dotted our I's.
Two days before close, the basement floods.
Seller did not disclose, seller did nothing
$10k in waterproofing and another $8k for a french drain not accounted for in the budget just gone.
We decided to rework the floor plan to make the primary larger with a walk-in closet and a larger bathroom. We are also finishing the basement.
We have gotten up to drywall at this point and last week we went out to check on the property and found out our sewer line is broken. Thankfully its on the citys side but that could take anywhere from 30-45 days to fix...
It just seems like every time we come out of a problem, another arises..... we are just hoping to break even on this one.
Anyone else had a similar experience?
Most Popular Reply
Did you scope the sewer? A sewer line is something you should always scope. Doesn't matter what house it is, you can't see the line unless you scope. If it's the cities than that's not a problem you need to worry about. Just make sure they don't damage your line. On the water why did it come in? I would have not closed or negotiated if it was a 18K repair. I will say mid rehab properties are a red flag. I always avoid, too many question marks with them