Share Your Flip Failures!!

[Korey Hauenstein]

 Hi I am a newbie from Colorado and enjoy all the great success stories! I am very interested in starting with flips to build capital. I am still in education mode, but hopefully will pull the trigger soon on a deal. With that being said, I know there has to be times when everyone makes mistakes, or something happens to where you did or would have lost money on a deal. It would help a lot of people, including me to know how to avoid these things! Explain what happened in the deal, or what you may have missed during the "flip math" and more! 

Thank you!

[Justin Cooper]

Hi Korey and welcome!

I lost $9,000 on my first flip.  I talk about it so much I actually put together an hour+ presentation on it!  and of course how not to repeat what I did.

The highlights (or low-lights) are, not having a solid ARV (I was off by $50,000), not having a repair budget at all, not having any cash or reserves, not having a good team around m, and obviously not running the numbers. It is hard to run the numbers when you don't even have one of the important ones!

I am happy to get into more details if you would like!