Most of my flips work out well, but not all of them. This one was a disaster and we made almost no money after putting a ton of work into it. You can see my other flip projects here: https://investfourmore.com/flips/
I bought this house for $110,000 without seeing the interior. It was tenant occupied and the tenants would not allow showings. I thought the house cannot be that bad if there are people living there, but I was wrong! The house was a complete gut job and had no foundation in some areas. We spent a lot of money fixing it up and ended making almost nothing on the deal.
I spent 97k total including the repairs, carrying costs, selling costs, and financing costs. You can see the exact breakdown in the video. We sold the house for $207,900 and luckily I made a commission when I bought it or I would have made less than $1,000 on the deal! I usually make at least $30,000 on each flip.
We also had contract problems as two buyers backed out of the deal. One for financing problems and one for inspection issues. I also ended up firing the contractor I used on this deal because he screwed up working on my new office. https://investfourmore.com/2018/04/09/my-real-estate-brokerage-blue-steel-real-estate-is-open/. He also screwed up on this house and missed that the back half of the house did not have a foundation. We will not be using him again.
I also go over how we chose one offer over others when we had multiple offers. Even though that offer did not work out. I also talk about a lender who I was scared to use because they tend to mess everything up, and they messed up this deal too. A lot of great info on this video!
I also mention my book sale in the video. You can see all my books on Amazon here: https://amzn.to/2u4XfmK