When my grandmother passed away, she left me with a hefty inheritance and my ex husband decided that we were going to invest in real estate and flip a home. We had a contractor already lined up, and the week after I got my inheritance, there was an estate auction in our town. We thought that we knew enough to get in and get out and turn a quick profit. That was so not the case! This is my story of how my first and only house flip went very very wrong.
First of all, we purchased the home from an estate auction and we were not allowed inside the property before the purchase. The outside look very nice and well maintained, so we thought that the inside would be the same. We won the auction, of course, and after being handed over the keys, we went inside our new property only to find that it was in horrible condition. It had stained ugly carpet throughout, no upgrades, the bathroom was completely gutted, and we later found out that the home had mold throughout. We tried not to get discouraged and reassured each other that we would get through it and get it done.
The next day we met with our contractor and went over what we wanted to get done and the amount that we had in our budget to accomplish everything on our list. He reassured us that he would have the job done in about one month’s time, and that he would begin the next day. It started out good and for the first couple days it looked like he was going to go through on his promise and he was going to get everything done as soon as possible. About a week after we started the renovation, he began to slack off. He wouldn’t show up until around 10 in the morning, he would take long lunch breaks, and then leave for the day at around 4 in the afternoon. He would make excuses about personal issues or that he was waiting for product to come in, but there were numerous things that he could have been doing in the mean time. Finally he started to not show up on some days, and when we would call him he wouldn’t answer or return our calls until the very next day. My ex husband finally had enough and after we reached our month and a half mark and the job still wasn’t done he and contractor exchanged words. The contractor fought back and he was then fire before the job was even half way through.
About a week after this happened I became ill and I was constantly going to doctor’s appointment and undergoing testing and treatment, and with that being said our hearts just weren’t in it anymore. In the end we put the property back on the market before it was finished and wound up losing money in the process.
My advice for those that are interested in flipping a home in the future be sure that you do your research before hiring a contractor. My ex husband stupidly chose ours because he was the cheapest. Also, unless you have money to lose, don’t purchase a home sight unseen. Lastly, if you can do the work mostly yourself, do it, and don’t deal with contractors that are just going to waste your money and time.
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