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 house that has problems that I can’t repair myself. Take, for example, this one fixer-upper I was looking at last week. I was touring the house as well as didn’t see anything too terrifying at first. The family room needed current cabinets as well as the powder room needed a current sink. But, for the most part, the house looked inhabitable. It even had a laboring Heating as well as A/C system. That is something you don’t usually see in these types of houses. I am absolutely glad that it did have an Heating as well as A/C system though because that showed me a much bigger problem. It turned out that the house has a large termite problem. I didn’t notice it until termites started, quite literally, raining down from the Heating as well as A/C vents as well as hitting me in the face. I saw this as a sign from above that I shouldn’t buy the house, however yes termites can be exterminated. However, if it is so terrible that the termites are in the ductwork as well as in the ceiling then I am not sure the house can be saved. Not while turning a profit anyway. I didn’t however that house. I also didn’t by the next house I looked at. That one had a lot of water disfigurement from a leaking drip valve in an aged air conditioner. However, I did just buy a fantastic fixer-upper. It doesn’t have any major problems. I do need to get an air conditioner as well as heating install however I know I will still be able to turn a profit.