Unforeseen ways to fail

[Joseph Sanders]

So my business partner and I are getting ready to do our first deal; flipping a house. After talking with him today, I had a question that I thought would be great for the biggerpockets forum. Before I ask the question I want to give some background information:

I know that you want to have the purchase price and repairs to be 70% of the resale value. I have a contractor that I trust with giving me a good price as well as knowing what needs to be repaired and how much it will cost. I have a real estate agent that has experience working with investors and I trust that he will give me a fairly accurate ARV and sell price. So with being armed with all of this, my question is; If we do our due diligence and buy right, what are some unforeseen ways that could cause us to lose money and potentially fail on our first deal?

Thanks for the input!

[Gerald Harris]

Doing Nothing!

If you buy correctly and you have done your due dilligence you will win.   Unforseen things will always pop up.   They are suppose to.   This is how you learn.   Buy it, fix it, flip it

Let us know how it goes

Congrats in advance on your first deal.   Give us some updates!

Happy for you and your partner

Welcome to Bigger Pockets!