Key Takeaways
- Systematic prevention across all five pitfall categories is the foundation of profitable flipping.
- The dual exit strategy (flip or rent) eliminates the forced-sale risk that causes the worst losses.
- Document and consistently apply your risk mitigation framework to every project.
- Readiness assessment before each project ensures you are prepared for the challenges ahead.
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Test Your Knowledge
1.What percentage of flips experience renovation cost overruns?
2.How much does a 1% increase in mortgage rates reduce buyer purchasing power?
3.What is the sunk cost fallacy in flip disposition?
4.What is the recommended cash reserve beyond project needs?