Updated about 22 hours ago on . Most recent reply
How to digest this deal
I posted about week ago regarding a fix/flip deal I'm in. 1st year flipper here, started with 3 mobile homes in rural town in Illinois used my own money. Leveled up to SFH- bought my 1st SFH near Tampa. I used my $ and also HML. I listed it in June had an offer 2 weeks later- buyers walked away over sinkhole stigma. Now here we are almost September and I have another offer well BELOW asking. I've dropped from $274K to $259K and they low balled me. Long story short I will be BREAKING EVEN accepting this offer. Trying to look at the silver lining. I had no mentor, no partner in the deal other than my HML, no peer support, fought sinkhole stigma, worst time in real estate market ever ESPECIALLY FLORIDA, buyer walked away, pop up fixes with HVAC system AFTER renovations were completed. I also never fixed & flipped anything until July 2024 with the mobile homes. I haven't really lost any money accept the $5K with the mobile homes. Trying to NOT feel defeated. But clearly we know all the risks and effort it takes from start to finish. I bought the SFH April 2025 planned for 3 months and obviously the market tanked around May.... I feel like I'd give it one more go and see what happens. Hell of a tuition. How else would you all look at this deal? SMDH. TIA!!!!
Most Popular Reply
Agreed it is tuition. Doing your first SFH flip out of state is a big undertaking. And in Florida, well...
If your place has been on the market since June I would take the deal on the table now and walk away with the knowledge you have gained as your profit.