Hey everyone! We (my parents and I) need a REPLACEMENT contractor to finish some work at our house in Southlake (near Grapevine/DFW). It's in quite a pinch because our contractor just jumped ship on us in the middle o...

I made the mistake of not getting a T-9/W-4 completed before an excavation co did $1750 worth of work for me last year.  

On the $271/mo quote, the estimated replacement cost was $417,000 ......it's only appraised at $200,000 ..In case it comes up, I ran the initial insurance numbers as if I were a homeowner (as opposed to an investment property owner), probably a mistake looking back.  

If that is not possible then search the bigger pockets forums using the keyword "turn key" and you will surely find a lot of topics on this, along with mistakes people have made that will assist you in your due diligence. 

Better to learn here then out in the real world and make costly mistakes.

Until you look at the deal with your own eyes, you have no idea what the real situation is and I think that writing the property off based on the posted Pro Forma Cap Rate is a huge mistake and would lead to passing up several properties that could be good deals.Purely based on the formula, a higher Cap Rate means more projected NOI, which means there is the potential for more income and a better deal.

You made a few mistakes.

Hopefully by doing this, others can learn from my mistakes, cash investors will come flocking to me, or it will motivate someone to start their own investment journey.Background: One of my mentors suggested that I start investing by flipping single family homes.

I have literally failed my way over and over again making every mistake possible in my real estate investments. 

I'm a newbie also and making alot of mistakes along the way but loving every minute of it.