Although I have been investing for over 10 years, I have never led one of our fix and flip projects myself! So I decided to take the plunge, and I made my first offer on a fix and flip deal. I thought it was a “done deal.”
Related: 3 Tips to Greatly Reduce Risk When Buying, Fixing, & Flipping Properties
However, I ended up backing out of the deal and canceling the contract. I learned some extremely valuable lessons during this process that I wanted to share in this short video.
How to Estimate Rehab Costs!
Estimating rehab costs accurately can make or break your real estate business, and it takes years of experience for even the best rehabbers to master the art. However, you can expose yourself to less risk and get more accurate with your projections by learning how the pros think when estimating construction costs.
What I Learned From Backing Out of My First Fix & Flip Deal
[Editor’s Note: We are republishing this article to help out our newer readers.]
Have you ever backed out of a deal? What did you learn in the process?
Let’s talk in the comments section below!