I have learned a lot from flipping houses.
For example: “don’t bite off more than you can chew”.
In other words, don’t take on a project that is more than you can handle. For me, that means not intentionally buying a property that has issues that I can’t fix myself. Take, for example, this one fixer-upper I was looking at last week. I was touring the property and didn’t see anything too alarming at first. The dining room needed current cabinets and the powder room needed a current sink. But, for the most part, the property looked inhabitable. It even had a laboring Heating and Air Conditioning system. That is something you don’t usually see in these types of houses. I am entirely cheerful that it did have an Heating and Air Conditioning system though because that showed me a much bigger problem. It turned out that the property has a crucial termite problem. I didn’t notice it until termites started, quite literally, raining down from the Heating and Air Conditioning vents and hitting me in the face. I saw this as a sign from above that I shouldn’t buy the house. Yes termites can be exterminated. However, if it is so bad that the termites are in the HVAC duct and in the ceiling then I am not sure the property can be saved. Not while turning a profit anyway. I didn’t but that house. I also didn’t by the next property I looked at. That one had a lot of water harm from a leaking drip valve in an old cooling system. However, I did just buy a fantastic fixer-upper. It doesn’t have any major issues. I do need to get an a/c and heating install however I know I will still be able to turn a profit.