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Updated over 2 years ago on . Most recent reply
Did you ever lose money flipping houses? Why did it happen?
Can you share your experience?
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Bruce Woodruff
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- West Valley Phoenix
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Bruce Woodruff
#2 All Forums Contributor
Pro Member
#2 All Forums Contributor
- Contractor/Investor/Consultant
- West Valley Phoenix
Yes, I have. Two reasons....1) I was naturally drawn to high-end work and finishes, being a custom Contractor/Builder. So I overspent on time and money to make the house more beautiful than it really needed to be. Time turned out to be the killer. 2) Because of the time overrun, we missed the market....we got into October and showings and prices went down dramatically.
Ended up losing $9k from our projected break even......