Humble pie still doesn't taste good...

[Andy M.]

I've been in real estate for 12 years now, and at the beginning of this project I thought I was sure to make 30k + on it. How can you lose when you buy a house for $70,000 and resell it 204 days later for $176,900?!?!? Well I did.

I documented the whole journey for my real estate video blog. Parts 1 & 2 are already up on my site (Roy story), the part 3 video is just having the finishing touches put on it and I'll email it out probably in the next 24-48 hours. I was finishing it up today, so I guess that is why it is on my mind. It is definitely a humbling experience for me to show how I lost money on a flip. But I think the key takeaways are worth sharing.

No matter how long you have been doing this business, you can still lose money. Murphy's law happens (especially on flips!).

I'm eating some humble pie on this one. Sorry for the little rant, I just needed to get it off my chest. 

Anyone else taken a loss on a flip recently?

[Aaron McGinnis]

It happens. 

Somebody who tells me they've never lost on a flip and has had everything go great every time? I automatically know they're either brand new, or a great liar, or delusional.

My worst flip was in '10 when the tax credit ended and the entire zip code I was working in took a $70k value hit. We lost about $40k going to the closing table. THAT was a "Make it a double!" kind of day.