Lesson learned...first deal fail

[Account Closed]

So we had found our first deal to flip. We were going to make about $15,000, it wasn't much but we just wanted to get some experience. We had a realtor run the comps and said that the arv was 85,000. When we went to go see the property we had that gut feeling that the house didn't seem like it was worth 85,000 so we asked him if he could double check the numbers. He came back saying that we could sale it for 85,000. Well, we did the appraisal and it came out to only be work 72,000.

Lesson learned.

1. Run own on comps. don't depend on other people.

2. Follow our gut feeling.

We decided to not get the house and take a loss of 900.

[Michaela G.]

While you lost $ 900, it wasn't a fail, because you didn't buy. The lesson you learned from this will be so worth the money.

We can read all the books and have other investors tell us what to do or not to do, but nothing hits home as hard as when you go through the experience.

The $ 900 may hurt, but you will be very happy in the future when this lesson will keep you from relying on anyone else for ARV.