Have you made mistakes?

[badmomma]

Has anyone bought a home to later flip and then found out that the purchase itself was a mistake? I ask this question because I am sure that there are some homes out there that just are worth the effort.

I had once considered buying a place but later changed my mind due to the fact that it had once been a gas station. I was concerned that the law would make me dig up and replace the soil.

I am also thinking that in some cases easements and mineral rights can be a real hinderence. No one wants a home and property that they can't use fully.

The whole purpose of purchasing a home with property is so that you and your family can use it all. Not just a small portion. If you buy a home and later find out that there is gas below the surface but you can't sell it well your going to be mad as heck.

Let me know if anyone has had any issues like the ones mentioned. Even if they aren't in my list it would be good to know anyway. Experience is something best shared than experienced when it comes to fliipping.

[JaredfromIndiana]

I've bought a few flips I wish I wouldn't have. Biggest two problems were:

1. My Realtor gave me TERRIBLE comps on the area (before I got my license). He had the homes priced way too high and I bid too much. Still made money on them but not as much as if I would have known the actual value, I would have bid much less.

2. Unexpected repairs that came up. Always have a miscellaneous expense when you are putting your budget together. I usually allowed $1,500.