I am currently involved in my first house to rehab and flip. In YOUR first property what was your biggest issues? Any story from buying to selling and somewhere in between will do. Repairs/ finance . Thanks
When you open walls is when you find the most surprises ...
Agree with the walls, Also the big ticket cost. Furnace, plumbing and electrical.
If you are doing major work and need permits for it many time the inspectors will want to have you upgrade the property to current codes.
Foundation issues can be a killer.
Mold, lead paint.
water damage. water always wins and will destroy a house
Always EXPECT the UNEXPETED!!
@Lamar Dixon hands down I have to say walls. I am currently flipping a condo (REO) in Miami, Fl. We inspected the place and all walls looked ok. After closing then and only then I was allow to remove the wall board trims. Here we detected molding. So we were like hmmm what happened here? I decided to demolish a wall in the middle of the unit and oh boy! Molding going up the wall 4ft high. By now utilities were connected and we turned the water on and a hose from water heater had a leak. We let the water run to follow the traveling pattern as we felt suspicious of all walls being compromised. At the end we moved quickly and replace 90% of all walls. Thankfully we bought right so this molding issue didn't become a deal killer. Good luck!
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!