Has anyone ever flipped a house that went wrong?
Reason I ask is because I'm about to take out a HELOC to rehab a house. I am on the lists of many wholesalers. I know I have to check the numbers myself. But if they come back good and I get an inspection before I buy, WHAT COULD GO WRONG?
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@Patrick Philip, "if they come back good" probably has THE biggest possibilities for error. Think about it. Why has anyone EVER lost money on a flip? Answer: Wrong assumptions!
List EVERY possible expense. Now go back and look at the list. Did it allow for TOTAL replacement of underground pipes, and foundation replacement? Did it anticipate having to replace ALL the rafters and roof, because of termite damage that was only discovered after purchase? Did it allow for the home being discovered to have previously been a meth house? Lead paint? Mould? Unpermitted addition/s? Vandalism/theft during rehab? The economy going south? Interest rates rise/s? Shoddy contracting work? Poorly chosen "improvements"? Adverse decisions by the City?
Those are just a few things that can crop up. But like you say: what could go wrong?...