Are We Going to Lose $75K on this deal??
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The speaker explains that they will lose $75,000 on a rehab project and lists the top five reasons why. The first reason is that they paid too much for the house, based on last year's market prices before the market shifted. The second reason is that they underestimated the rehab costs and ended up spending more than expected. The third reason is that they selected poor quality contractors and did not make enough site visits, resulting in a rushed and subpar rehab. The fourth reason is that they listed the property too high, based on last year's prices without adjusting for the current market. Finally, the holding costs were over $40,000 because the poorly rehabbed property sat on the market for almost a year. However, the speaker notes that they will not lose the full $75,000 because they have decided to rent the property instead.
The speaker explains that they will lose $75,000 on a rehab project and lists the top five reasons w