Learning Curves & Growing Pains
So it’s been a few weeks since I’ve written about the flip and there’s a reason for that… it’s over.
After weighing our options and having some hard conversations, Wendy and I ended up choosing to walk away. The next phase of the flip would’ve required making a pretty substantial financial commitment and there were too many red flags for us to continue moving forward.
Long story short, we got into a ‘partnership’ and made 2 key mistakes. We were so blinded by the chance to be involved in a flip (a dream come true) that we dismissed things we shouldn’t have and overlooked some red flags even when trusted confidants warned us. You know people who love and care about you can often see things before you can.
Red Flag #1:
We didn’t (couldn’t) get anything in writing. No contract. No breakdown of responsibilities. No timelines. No nothing. There was a time when a handshake and a look square in the eye is all that was needed to make a deal. We’ve learned those days are long gone! Ha! We now understand, if ain’t in writing, it doesn’t exist! Did we know this before? Of course we did! But when it comes to something you really want, you sometimes make exceptions. Rookie mistake. We leaned on hope and faith and in this case it didn’t pay. While we will always believe in hope and have faith, from now on, we will also always get it in writing too! Live and learn.
Red Flag #2:
We were involved in zero parts of decision-making. This made it feel kinda difficult to feel like we were in a partnership! We were working but weren’t asked input on anything from design selections to contractor numbers, to timelines, we felt like we were benched on the sidelines.
Remember, the flip was already purchased prior to our getting involved, but design was still happening on the fly. We would’ve loved for our ideas to be considered even if we didn’t have the final say. But we weren’t asked and when we offered suggestions we never felt heard. It ultimately felt like a lot of grunt work, a large financial commitment, and zero control. It just wasn’t a good fit. I am chalking it up to growing pains and learning curves.
Lastly, real estate investing is a HUGE wild untamed animal and there are a million and one ways to run a rehab. Perhaps the most crucial lesson we’ll take away is to learn from someone who is running their business in a way we aspire to. What works for some will not work for all, and the faster that’s figured out, the easier the journey to success will be.
At the end of the day, we learned some incredibly valuable lessons over the past couple of months, some harder than others, and I wouldn’t trade them. Although this partnership didn’t work out I am 1000% sure there will be others! I will keep you posted on this part of our crazy journey. I honestly can’t wait to see what’s next.
Many of you responded to our flipping posts with such positivity. I sincerely thank you so much. There’s definitely been times that it hasn’t felt great, but it’s always been an adventure and one that we will definitely take again.
I will keep you all posted when it begins…again 🙂 Bye Charlotte!
Create. Innovate. Decorate!