A lesson learned (full story)

[Jonathan Trojan]

Hi everyone, I would like to share a story of success and failure. The first flip I ever did I made $65,000 and was riding high. I was on top of the world. That's when it all fell apart. I listened the realtor that had sold my house. He showed me a rehab and pressured me Into believing that I had to pay full price because this house was a hot buy and would not be on the market long at all. so I paid $120,000 for the house. a nightmare when I started the rehab. I ended up putting $80,000 into the house thinking I could get $220-$230 for it. Then 9/11 happened and the house stayed on the market for a year. Finally sold the house for $175,000. Lost everything. My lesson learned. The profit for your rehab is in the buy. Not the sale. I should have never paid more than $70,000 for that house. Thus was a tough pill to swallow but it was a lesson learned. I hope I have helped someone on this site Jon Trojan

[Joe Villeneuve]

Much like poker, as long as you're "still in the game" from a financial standpoint, you can always get your money back. In poker, the lost hands chips are just in a different pile on the table. In REI, it's just in the next house.