Anyone who has followed this blog for a while knows that we have gotten pretty good at flipping houses. We are good at estimating rehab costs, staying on budget, getting rehabs done quickly, estimating our resale values, etc.
And while we have gotten good at those things over the years, it hasn’t always been that way. Case-in-point is our very first investment property — The Corn House. We bought this house in August 2008, spent about 4 months rehabbing and then couldn’t sell the property. We did a lease purchase for two years before our lease purchase buyers left. Then we did a complete second rehab, relisted it for sale, and finally sold it in April 2011.
We made a LOT of mistakes on this project, and learned a lot of lesson. In this article, I want to enumerate the biggest of those mistakes and lessons. Hopefully new and experienced investors alike can learn from some of our mistakes on this project and not make the same mistakes themselves.