All Forum Posts by: Caleb Rigby

Thanks @Rhett Dean, hit me up (send me a message). Love to talk about this stuff. 

@Thomas S., appreciate the advice. That is why I want to add wholesaling to my bag of tools - less risk and much quicker turnarounds. 

@Adam M., totally agree. This is net. I was forecasting to hit $140-$150k for the year, but then these two projects killed that dream. This is our first year (and part-time), so I still consider it a successful year and we are continuing to learn a ton. 

I haven't posted in a while, so thought I'd share what we've been up to. We've flipped properties 3 through 7 since February and are in the process of buying two more to fix up. What value can I give to anyone that is reading this? Probably the most valuable lessons have been the ones that taught us we weren't invincible. We lost money on flips #4 & 5 and I have nobody to blame but myself. Here's a few things that went wrong with them: Flip # 4 was in Layton, Utah and everything seemed to be going good from the beginning. It was your pretty standard flip, but there were 4 things that we made mistakes on that ended up costing us: (a) Comps didn't support our ARV (1 comp did, but that was it), (b) contractor forgot to leave room for a fridge on the one wall – yikes, (3) garage door was too short to fit anything inside besides a car (Sorry, no Soccer Mom's) and (4) we didn't fix the terrible popcorn ceilings in front room and it was a huge eyesore as soon as you walked in. We ended up losing $3k on this house.

On to flip # 5: Flip 5 was in Ogden and we bought this one from a wholesaler. Where we got hurt on this one: (a) didn’t manage my contractor well enough – he worked pretty slowly and it took probably 3-4 weeks longer than it needed to, (b) did not get my initial budget correct – concrete work and unfinished basements did me in, and (c) it’s harder for my wife and I to flip further away (30 mins from our house). We lost $4k on this house.

Luckily, flips #6 and #7 got us back on track and we should get to the 6-figure mark for 2017. My 2018 goals are to flip 9 properties, wholesale 6, and buy 1 rental property. Take a look at some of the before and after pics.

Nice job, @Douglas Larson. I was a few minutes too late to pick up the phone on this one, I think Steven had just barely sold it to you when I called. Nice work. I haven't done a wholetail yet, but I love the idea and it's great to hear that it does work if you buy it right.

Great video, @Gabe Ledo. You put in a ton of work. The backsplash in the kitchen is a cool idea. Good luck on the next one.

Share some pictures, @Gabe Ledo. Did it turn out as planned? 

@Shaun Walker, what areas were you focused on in Ogden when you went up there? 

Hey @Nick Elg, good to see someone else representing Davis County. Based on your initial post, am I correct in assuming you're looking to do buy and hold investing? What areas of Utah are you looking in?

@James Masotti - don't leave me hangin'!