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Posted almost 12 years ago

First Fix and Flip and what we have learned

we are finally getting close with the rehab on our first fix and flip.  And what we have learned is so much more that what I could learn in the blogs, posts, and podcasts, as well as the books I have read.  Them main thing that I found was that every time we fixed one issei we found something else that had to be fixed or replaced. Lucky for us we bought the home almost correct.  It would have been better if the price had been $10,000 less but I don't believe we could have purchased it for less. Working with the Contractor's crew has been interesting also as we have had to make our desires known and sometimes it was a demand that got the job done.  The first rehab cost I the walk through was $7500 and the transcribing it to paper brought it to $8500 so it set it at $10'000 and set my mind for double, just in case.  It did increase as the numbers for rehab have reached $20'760 and holding cost are $10'000  and running about $750 per month.  We have to stop somewhere so we are starting to look for ways to end and getting an experienced Real Estate Broker to take a look and give advice. I still feel comfortable about the deal and waiting to start on the 2nd rehab. It's going to be easier and more specific on the job with good numbers to make capital for our fix and hold. I am exited about this world of real estate investment and trying to get oldest son and wife to my level of knowledge and excitement true wealth in buy and hold. Thank You to all the colleagues and friends on Bigger Pockets. 


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