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 issues that I can’t fix myself. Take, for example, this one fixer-upper I was looking at last week. I was touring the house and didn’t see anything too alarming at first. The kitchen needed new cabinets and the bathroom needed a new sink. But, for the most part, the house looked inhabitable. It even had a working HVAC system. That is something you don’t usually see in these types of houses. I am really glad that it did have an HVAC system though because that showed me a much bigger problem. It turned out that the house has a big termite problem. I didn’t notice it until termites started, quite literally, raining down from the HVAC 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 ductwork and in the ceiling then I am not sure the house can be saved. Not while turning a profit anyway. I didn’t but that house. I also didn’t by the next house I looked at. That one had a lot of water damage from a leaking drip valve in an old air conditioner. However, I did just buy a good fixer-upper. It doesn’t have any major issues. I do need to get an air conditioning and heating install but I know I will still be able to turn a profit.