Comments on: Creek House = Very Nearly Sold

By: Wendy

Wendy — Thu, 17 Dec 2009 03:27:51 +0000

Hi! Just found your blog and I’m excited to hear more! I am also a flipper…and I also just finished up on a beast of a house. I couldn’t sleep at night, just kept calculating all the money that was flying straight out of my checkbook right into my contractor’s pocket. Ick. Made me sick. Now, when i go into potential fixer, if there is anything slightly more difficult than cosmetic, I want to run away.

I do know that I learned many lessons. Many expensive lessons. I have to keep telling myself that when ever the profit is less than substantial. Hopefully I’ll be an expert soon and those lessons will stop costing me so dang much! :)

Good luck on the next project!

By: b.b.

b.b. — Mon, 02 Nov 2009 23:17:07 +0000

Looks great! Looking forward to the Larry house project. Hope you can enjoy that one. Blank canvas for sure.

By: jp moses

jp moses — Tue, 27 Oct 2009 13:54:31 +0000

Hey, Seth – congrats (almost) on getting it sold (almost). :-)

Looks like a tight rehab job, even if it did take way longer than it should have. Love the beadboard, shiny hardwood and french doors especially.

And hey, at least you’re not upside down, still get a paycheck and it looks like you’re passing along an excellent product! Cheer up, dude! And maybe start a “rehab lessons” journal, making note of all the noteworthy lessons from each project…then review it before you begin each new project and maybe a time or two along the way. Just a thought. I find it way too easy to repeat my mistakes if I’m not reviewing them — I’ll often just forget ‘em!

Have you ever considered wholetaling? Doing lighter rehab and selling to O/O looking for a “deal”? Ever identified a wholetale market nearby?

My best,

…jp

By: Bilgefisher

Bilgefisher — Tue, 27 Oct 2009 13:05:19 +0000

These are the projets you can look back at and realize that was the turning point of a great REI career. I know it sounds odd, but many would quit at this point and go back to there jobs for the next 30 years claimin ghtere is no profit in real estate. I think you’ll hit that homerun when not expecting it. Good work on this one. The Larry house ought to be a good change of pace.

By: Anne

Anne — Tue, 27 Oct 2009 03:44:33 +0000

Thoroughly enjoyed your post! I fully feel your contractor woes. We went through a couple, including one that cost us about $25k of profit in a house, before finding our go-to guy. He and his crew have done over 20 projects for us now.You’ve hit the nail on the head, though… it all boils down to finding the right team.

I was incredibly fortunate to be laid-off earlier this year, and I don’t miss corporate one bit! I would recommend NOT doing any of the work yourself, as I’d imagine that could burn you out quickly. We’re shooting for 10 fix and flips this year, and I have yet to pick up a hammer. Heck, I’m not even sure we own one…

Best of luck to you!
Anne

By: Scott Costello

Scott Costello — Mon, 26 Oct 2009 15:33:58 +0000

Great job of getting the house done Seth! No matter how it got done, you showed a lot of newbies that even if you make mistakes, have contractor problems you can still make a profit. It’s never going to go perfectly.

Keep going at it! Adjust a little. Maybe get a partner, or find someone who could manage the general contractor for you. You have any thoughts how you can free up some of your time so you don’t feel so overwhelmed?