First Lesson Learned - Have "Cash" In A Hot Market
Found what I thought was going to be a great property for my first flip. Got in it five hours after it hit MLS, walked through with my realtors (both of whom have rehab experience), ran all the numbers, and it looked good. Called my GC and he was going to see it the next morning to confirm. Extra bonus, the nearly identical house on the same street had just gone under contract for more than I was planning for my sale price with a "rental grade" rehab, so my plans for nicer finish-out were looking good (even though I wasn't counting it in my numbers).
Due to limited cash funds, I did a 50% cash down payment, short option, 30-day close... and lost it to a lower all-cash offer.
Lesson #1 - I'm going to need "cash" in the Austin market. Whether it's mine or someone else's, 30 days won't cut it.
Time to line up more immediate financing.