Investors who lost $9,000 on their first flip before building a 7-figure company share 3 mistakes that will cost you in the flipping business
Since, they've done nearly 100 flips. They've made a handful of mistakes along the way.While flipping homes can be a lucrative business, it's far from guaranteed money.After, they've seen it all, Blue told Insider:"Once you've come across every situation at least once you learn how to deal with those things. We've made a lot of mistakes along the way and they cost money. You pay for your education one way or the other, and we opted to do it in the field.
One of the major differences between their first flip, which profited them about $20,000, and their second, which lost them $9,000, they said, was the size of the property. The first was around 720-square-feet, while the second was closer to 2,000, they estimated.More square footage typically means a bigger sticker price, plus more renovations. Ultimately,"we paid a little more for it than we should have," said Khosravi."It cost a little bit more than we expected it to fix.
"That was a learning curve for us: how to fix each house appropriate to its price point and houses around it," said Blue."Sometimes things like 42-inch cabinets and crown molding are very appropriate — but at certain price points and in certain areas." For an entry-level home, on the other hand, those features would be less necessary.Courtesy of Aria Khosravi and Alan Blue
It's important to understand the price point of the neighboring homes before starting your renovations. Then, you want to strike a balance between making it nice and up-to-date without going overboard.
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