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How I Lost a $300,000 House Flip

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Those who hesitate get lost …

The early bird gets the worm…

Don’t step over the dollar to pick up nickel …

On the inside out of the house, all these sayings are true. And if I had heard any of them, I would now have a $ 300,000 houseflip in my pocket.

Well, that’s the true meaning of having Larger pocket!!

Ideal house flip

Before I tell you how I messed it up, let me tell you a little bit about it first.Needless to say, the house was perfect for being quick Correct and flip..

The statistics are as follows:

  • type: Single-family colonial
  • position: Fairhaven, Massachusetts.
  • Estimated repair cost: $ 100,000
  • Expected profit: $ 60,000

As you can see, the numbers look pretty good. Needless to say, I was excited about it and ready to raid.

Screwed in

In Massachusetts, certain types of properties are only available to homeowner buyers for the first 15 days on the market. This property happened to be one of them.

My real estate broker told me that the house is on the market and I have to wait 15 days. It’s fair enough, so I waited. I thought I’d wait 15 days, so I didn’t think much.

Five days later, I’m at home watching TV with my daughter when the phone rings on Sunday night. I was exhausted after 9 pm, so I didn’t bother to look at the phone.

Around 10 pm, my curiosity grew. “Who can call me at 9 o’clock on Sunday night?”, thought.

Was it one of my contractors with big problems? Was it a tenant issue with one of my rental properties? I actually started to worry that I was missing something or something went wrong somewhere.

At the time, I was exhausted and not really a “business mindset”, but I checked the phone.

After all, it was a phone message and a text message from my real estate broker about a property with a waiting period of 15 days.

In his breathtaking voicemail message, he told me that Fairhaven’s real estate suddenly hit the market, allowing real estate investors to make offers.

He told me to call him as soon as I was interested in making an offer. He said he was up until midnight.

I half argued about calling him on the spot … but my daughter and I had a great time relaxing together on the couch-because I always seem to be working We rarely do it together. And I thought I could call him first thing in the morning and make an offer.

A big mistake.

Or was it? Is time spent with your family more important than earning $ 60,000 by turning the house inside out?

Real estate never sleeps

The next morning I got up very early and started preparing to make an offer to my house. I was the first person to make an offer this Monday morning, so I was completely hoping that everything would go well.

Just then, my real estate broker called – and I grabbed the phone as soon as possible.

As soon as I picked up the phone, I knew … I missed it.

Another real estate investor beat me and made an offer the night before. The offer has been accepted.

Great House Flip Deal- lost..

Anguish of defeat …

I was very angry and disappointed. For the next 5 minutes, I was sitting at my desk and staring at the universe …

Why were you so stupid? It didn’t look like my real estate broker dropped the ball. In fact, he did a great job of letting me know as soon as possible that I could make an offer to my house.

I really wanted to blame someone, but I couldn’t. It was entirely my fault.

Am I satisfied? Am I “beginning to lose my edge”?

My career is very important, but I’m probably starting to realize that spending time with my family is even more important …But do I have to sacrifice one for the other?

Anyway, I was pretty frustrated.And I will tell others How to Invest in Real Estate or Flip HouseThat night, I taught myself an important lesson.

No matter how much you know about real estate investment, it shows that you can always get better. How many years have you been doing And regardless How much money did you make by doing it?

I also realized that the best, most juicy and most lucrative houseflip deals are the ones you need to jump into it right away. No matter how tired you are or how dead your brain feels, you can’t hesitate for a second.

Lessons learned …

recovery

I called the real estate broker about 30 minutes later and told him how proud I was.How i also told him Me Who was responsible for losing it – Not him.. Like me, he also felt scared about it.

In the future, I agreed to do it another way. Therefore, we will implement an “emergency response plan” in preparation for situations that may occur in the future in such situations.

Did I lose this house flip deal because of my own failure? Certainly did.

Will I ever lose such a transaction again? It’s unlikely.

Future plans are as follows: For future 15-day waiting periods that meet my home’s flipping criteria, I’ll have a proof of funding, a signed offer, and other paperwork in advance before the end of 15. The period of the day.

That way, if this happens again, we are ready to act.

We were both quite happy with this plan and knew that if we lost one transaction, we would never lose another.

That way, you can run your business at the same time, without having to interrupt your “family-filled time” while relying heavily on the team that flips through your home.

Like this failure, I actually felt like there was a silver lining that came out of it.After all, the success of real estate investment is a correction or Learn from big mistakes That you are wrong.

What do you think? Did I make the right choice by staying on the couch with my daughter? What are some of your biggest real estate disappointments? Please leave a comment below!

Photo: Striatum

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