My 1st Flip/ Why isn't everyone doing this?

It has been awhile since I have written anything on BP lately (that needs to change RIGHT NOW!). My 1st Flip has been a worthy adversary thus far! She is fighting me at every turn, however, I promise her, myself and anyone reading this I will prevail!

Let's back up and try to bring everyone up to speed thus far. I bought this old girl a little over a month ago. She is just shy of 100 years old. Her age is most assuredly showing in her current naked state. I purchased the home for $73,000 she is a 2/1, 1146 sqft corner lot. My preliminary assessment of the Rehab cost was 35-40K (that # has since increased). However, as a newbie this is all entirely new to me and I most certainly am getting an education (it is all true about what they say about Rehabbing a home, it is harder than it looks, it cost more than you think and it always takes a lot longer than you anticipate!)

I have read a ton of post and books on REI and flipping which have been a tremendous help up and till this point. However, these authors and forum posters cannot foresee or determine when you open up a wall what you might find. You have to learn that from experience. I took all of the precautions/due diligence time prior to purchasing the home as our fellow colleagues and book authors have advised but you really cannot learn everything from just reading a book and a few posts. That is where the ACTION comes into play. I have had a difficult time up and till this point as stated earlier "she is a worthy adversary" but I am extremely determined to make this REI thing work!

I knew coming in the floors in the back half of the house sagged pretty badly which I have budgeted for and have already fixed. I knew that the roof needed some help as the guy that attempted (heavy on the attempted) to roof it before either ran out of time, $ or both. That issue is almost corrected. I knew that from my preliminary home inspection that the main plumbing line to the city sewer needed replaced as it is old school and failing, work forth coming on that project (at a discounted rate as my plumber is able to re-route the new plumbing to alleviate having to remove the old stuff! How cool is that(?)) My point being is that through my education before taking the step to purchase, I learned what a good deal looked like (as I ran #'s time and again before I found a deal that met my criteria as well as the #'s made sense) and after running the numbers and the comps I determined even with her KNOWN issues the purchase made sense! So, I carry on each and every day working hard and hoping for the day that I can share my story/photos in the BP RE Success stories!

The point being of all of this is REI regardless of which strategy/niche you choose is going to be difficult and take a lot of work. To this point, there was a thread posted on the BP forums lately that posed the question "If RE is a GR8 way to become wealthy why isn't everyone doing it?" The answer for me is simple because it is extremely hard work and takes a GR8 deal of passion, persistence and perseverance to stay locked on to your goal of why and what you want to get out of this RE thing.

This blogging thing is pretty difficult to stay on task, lol. A lot has happened with the flip since my last blog post. I intend to share with you all how things are going and bringing everyone up to my most current situation with the state of the Flip! Until next time thanks again for stopping in to share in my journey!