In early 2002, just out of college, I bought my first house in North Dallas as a potential flip project. I wanted to go big and convert the modest two bedroom one bath bungalow into a five bedroom three bath two story. This was before all the flipping shows on HGTV, but I just knew there was money to be made.
After renovation addition:
Before renovation:
Five years later my vision would become reality, but not without opposition protest from a few neighbors who formed a group to stop me, my house was even on the local TV news. I would have understood if it was a historic house, but this was the smallest nothing house in the area, and I wanted to improve it and the neighborhood.
I finished up the addition and things were looking great, the housing prices in the area had been going up for years and I was set to make some serious profit in the six figures.
Unfortunately, by the time a realtor had it listed and ready to sell the housing market was beginning to crash. Values were falling faster than I could reduce the price and before I knew it the house was listed at break even, and it still didn’t sell. So onto the rental market it went. I was stuck renting the house for years until the housing market rebounded, at which point I sold it at about break even, but not without a ton of headaches over that time. One tenant stopped paying and damaged the house before leaving, the house was broken into twice and all the appliances stolen.
Looking back I learned many valuable lessons, and went on to flip a number of other houses, which all made a profit.
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