First flip with my mentor. Learned a lot, especially about the part nobody talks about enough: the exit. Thoughts?
This was my first flip as an out-of-state investor, working with my mentor who is based in Georgia, and I wanted to share it here and get some honest feedback from people who have been doing this longer.
The property is a 3 bed / 2 bath brick ranch in Decatur, GA. We did a full renovation with updates throughout the interior, including the kitchen, bathrooms, flooring, lighting, and finishes.
Overall, I’m happy with how the renovation came out, but the biggest lesson for me has been learning that the renovation itself is only one part of the deal. Pricing, carrying costs, financing, market conditions, and the exit strategy matter just as much.
I’ve had a good amount of showing activity, roughly 20 showings, but the property has taken longer to move than expected. It was on the market for about 120 days and the listing is currently down while I go through the refinance process. I’m trying to learn as much as I can from this project before doing the next one (if I attempt another one lol).
I’d really appreciate feedback on:
- The renovation/design choices
- Anything you would have done differently
- Where you think we may have over-improved or under-improved
- What you’ve learned from flips that sat longer than expected
- How you approach pricing and exit strategy when the market doesn’t cooperate
Not looking for people to sugarcoat it. I’m genuinely trying to learn from this first flip.
Thank you in advance!