No investors is immune, every one has dealt with additional costs due to unexpected repairs in a flip home. Hours of research, project expenses and potential profit, getting contractors and permits lined up and trying to hold onto the wallet. Rookie investors make rookie mistakes; overpaying, underestimating repairs, poor project management, overestimating finished market value and a thousand other things. But even experienced flippers get surprised from time to time.
Here's an example. The residents of this town home ignored routine maintenance for years, it needed extensive renovation. Several neighbors mentioned the residents were hoarders and the prospect of the home being completely renovated was welcomed news.
The preliminary inspection…
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