You didn’t pull the plug when you found out it was 20% more than expected?

My wife and I plan to purchase a few properties ourselves, but with the lead generation strategies I’ll be implementing, I expect to come across more deals than we can personally handle.That’s where you come in!

Curious how our self-managed 3-unit STR/MTR performs with industry expectations.

@Hitanshu ShahDon’t expect to recover losses—it’s usually not worth the time or cost.

But ultimately the responsibility lies in my hands.I jumped on a seesaw of risk hoping that the momentum would catapult my bank account into six figures only to find out the hard way that flipping houses isn’t as easy as I had predicted.This house was purchased for $64,000 with an expected rehab of $100k to $120k depending on how much work the dilapidated and neglected house needed.The midwest is lovely but the houses carry the weight of weather storms nearly a century old leading to more damage than a beginning investor could expect.The appraisal came in at $225k for my lender meaning our all-in cost would be around 85% of the sales price worst case.

I don't want to pile on...we've all made mistakes and figure things out as we go.

I currently broker LIHTC multi-family for a large firm coast to coast and am also interested in MF in the Arizona submarkets as well, and will eventually invest on that scale - I just figure breaking into the state through SFH flips may be a more risk adverse way to understand the pros and cons to phoenix submarkets.

Figuring out the true cost will heavily depend on the type of dig down, depth, and total square footage. 

I focused on high-impact renovations that aligned with the expectations of Hamptons buyers.

Sounds like a problem with setting expectations.