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 home that has issues that I can’t repair myself. Take, for example, this one fixer-upper I was looking at last week. I was touring the home as well as didn’t see anything too spine-chilling at first. The kitchen needed new cabinets as well as the lavatory needed a new sink. But, for the most part, the home looked inhabitable. It even had a toiling Heating as well as A/C system. That is something you don’t usually see in these types of houses. I am entirely enthusiastic that it did have an Heating as well as A/C system though because that showed me a much larger problem. It turned out that the home 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 bad that the termites are in the ductwork as well as in the ceiling after that my associate and I am not sure the home can be saved. Not while turning a profit anyway. I didn’t but that house. I also didn’t by the next home I looked at. That one had a lot of water harm from a leaking drip valve in an ancient a/c. However, I did just buy a good fixer-upper. It doesn’t have any major issues. I do need to get an air conditioner as well as heating install but I know I will still be able to turn a profit.