Does Easy Money With Real Estate Exists and How to do Risk Management - Sara Aviv - Post 3+4

Does Easy Money With Real Estate Exists and How to do Risk Management  - Sara Aviv - Entrepreneur of the Week - Post 3+4

#EntrepreneuroftheWeek #RealEstate #Flips #BuyAndHold #BRRRR #Mortgage #Investors #RiskManagement #NewConstruction #Loans #Banks #Covid19 #Corona #RiskManagement #EasyMonty

I do not believe in the term "easy money", I believe that success is the result of determination, perseverance, faith, thoroughness and more, some will call it "hard work".

Being an entrepreneur requires a variety of abilities and mental strengths, there is no room for falls and naps after failure, however there is plenty of room for learning lessons, improving methods, self-motivation, coping with multiple tasks and getting back on your feet fast, when I think about it, a bit like parenting ????
 
In a previous post I showed you a flip that got tangled up and today I want to show you an example of a flip that went easier.

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Risk Management.
In every transaction things can happen that we did not expect in Excel and even if we added a cost line to the unexpected it still sucks terribly that it happens, prolongs the duration of the project and equal time for money.
Here is an example of the least successful deal, and almost as long as this post ????

In August 2020, I and 2 other investors and I purchased a charming country property that needed renovation in a town near Pittsburgh Pennsylvania.
A foreclosure transaction purchased from the bank in one of the five most sought-after school districts.
Risk # 1- We had a few COMPS, something like 3-4, and not all of them were a perfect match for the parameters: property size, number of rooms, year of construction, garage and number of parking in it, basement and land area.
Everything else required an upgrade: electricity, plumbing, air conditioning systems, flooring, kitchen and bathrooms.
From the moment the offer was received, the clock started ticking and we must act quickly:
Do inspection

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