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Some Deals You Lose Money

Sometimes I lose on these deals and this is one. I lost 💰 on this but learned a valuable lesson. I bought this house in Jan sight unseen for 10k. When I looked at it I immediately knew I made a mistake. The foundation was so uneven you couldn’t walk in the back bedroom, the bathroom was gutted, the roof was bad, all windows needed to be replaced, sheetrock needed replaced in all rooms, everything you could think in terms of repairs this house needed. I thought I could just clean it out and sell as-is like I did with another one down the street. But I was wrong big time. This house just needed too many repairs to make it happen. After being under contract 3 times I finally found a buyer for exactly the amount I paid for it 6 months earlier. But when you subtract the money I spent cleaning it out, mowing the yard and closing costs when I bought and when I sold it, I lost 3k. Not a bad loss and of course Ive lost a lot more on deals in the past, but I’m in this business to make money or learn. I learned that I need to slow down and only close on deals that either I have personally looked it or had someone look at for me. I’m in process of scaling up my business to other cities so I will be looking for partners to help inspect the houses I can’t get to.

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