Rehab Frustrations (Venting)

[Anthony Parr]

So, our first rental spoiled me.  It was truly "turn-key."  Our second is the exact opposite.  My original budget, for the $130k project, was $20k.  It is sliding up to $25k.  I just put in a new AC and am about to do finished concrete floors.  Some of the experiences I have had have been positive, but overall, it just has been one surprise headache, bad rafter(?), after another (Challenger Panel). My projections with all of the work is looking to be under/at $25k and I am just frustrated.  It has been less than a month since the purchase and everyone, overall, has been good to work with, but how do I avoid "feeling" hopeless about this project?  The profit margin on the rental is over 100% monthly and the flip profit is probably +/-$50k.  Being in the "weeds" like this is really eating away at my spirit though.  We picked up four houses last month, I expected the rehabs to be huge challenges, but I really stepped into it with this rental.  Just venting folks.  Sorry, if this is the wrong spot.  New landlord cutting my teeth and learning the ropes. I know this is a ridiculous statement, but I wish I had entered into this with a bit more "seasoning." :-)  I'm getting it now.   Just needed to get this off my chest.  Thanks for being there, you all are amazing.  I appreciate the positive vibes of BP so much!

[Nathan Gesner]

You learn more from mistakes than successes. How do you expect to be "seasoned" if everything goes well? Consider this a lesson that will make you a better investor in the future.