For Experienced Investors: Lessons from Your First Fix & Flip?

[Deborah Wodell]

I’ve had experience with real estate investing in the past, but now I’m planning to dive into fix & flip projects. Even though I know the numbers well from my previous experience, I’m sure there are some unique challenges when it comes to flips—like managing renovations, timelines, and of course, staying on budget.

For those of you who made the transition or started out flipping, what’s something you wish you knew before your first project? Whether it was a win or a tough learning experience, I’d love to hear your insights on what you’ve learned about flipping that’s different from other types of investments. I’m gearing up for my first deal and want to go in with as much knowledge as possible. Thanks in advance! 

[Malcomb Stapel]

Quote from @Account Closed:

Quote from @Deborah Wodell:

I’ve had experience with real estate investing in the past, but now I’m planning to dive into fix & flip projects. Even though I know the numbers well from my previous experience, I’m sure there are some unique challenges when it comes to flips—like managing renovations, timelines, and of course, staying on budget.

For those of you who made the transition or started out flipping, what’s something you wish you knew before your first project? Whether it was a win or a tough learning experience, I’d love to hear your insights on what you’ve learned about flipping that’s different from other types of investments. I’m gearing up for my first deal and want to go in with as much knowledge as possible. Thanks in advance! 

Add two months to your projections of how long it will take. Once the flip is completed, it takes at least a month on the MLS then another month to close after you get an offer.

 Add an additional two months for the contract to fall through due to buyer trying to negotiate like they are on the cast of Pawn Stars.