My first flip gone wrong

Property is not all roses. There are many bumps on the journey, one of the first ones for me was when I set to do my first flip. A run-down detached cottage to be renovated and sold on the open market.

What went wrong?

Location, location, location. I bought in the wrong area. First time buyer demand was not strong and I did not read the correct signals at the time.

Bad timing. The property went on the market at the same time as the UK referendum. New buyer enquiries froze leaving the property too long on the market.

Unforeseen issues. Japanese knotweed was found (thankfully) outside the boundary of the property and we had to put additional money in for unforeseen remedial work.

Lessons

Cut your losses short – If you are not getting the results you want, take the loss and move on quickly.⁣

If it doesn’t sell, rent! The beauty of property and having 2 exits.⁣

Property is not easy, and you certainly need to know what you are doing and get the right training. ⁣

Japanese knotweed should have a whole separate post - learn to watch out for this aggressive plant.

I put together a (free) guide on how I started investing in property here: https://itsimple.lpages.co/free-e-book/