Six months after they started work on the house, they were finally ready to sell the property. But, thanks to delays, the sale landed smack in the middle of summer which is just about the worst time to try and sell a house. Every day the house remained unsold meant additional carrying costs (financing, hydro, heat, taxes, insurance, etc.), so waiting for the fall market to hit was financially not an option. As for the neighbour who agreed to split the cost of a beautiful new fence that separated the two properties? Let's just say Susan and her partners are still trying to recoup the neighbours half of the fence. Unfortunately, our "word" no longer is good enough. Get it in writing folks!

It was stressful, time intensive and a lot of work. So, why bother with doing a flip? Well, Susan says they did make a decent profit (about a 10% return on investment in about 8 months). And, she enjoyed the opportunity to be creative and handy! Susan said she loves interior decorating and seeing the fruits of her labour. Turning an ugly duckling into a shimmering Swan is a thing of beauty. It also gave her ideas as to what she would like to do with her own home. And, for those who like shopping - be it for doors, windows, faucets, door knobs or curtains - it's a great excuse to check out all the latest trends at Home Depot, Ikea, or Rona!

Susan gave us 4 Do's and Don'ts of Flipping Real  Estate:

Do's

• Have a detailed, set budget with a healthy contingency;
• Get 3 or more quotes on all jobs;
• Get permits for all work to be completed; and
• Have a detailed partnership agreement from the beginning.

Don'ts

• Don't sell in the Summer or launch on a long weekend;
• Never assume that a carpenter can do drywall taping or plumbing;
• Do not let the trades people pit the owners against one another; and
• Don't get greedy when selling...often the first offer is the best!

It wasn't a bomb, but it was a bigger challenge with a lower pay out than she expected. Will Susan complete another Flip project?

She has every intention to, although it may be a few months or a year until she is ready to jump back into it. Besides her great advice above, she said it is very, VERY important to hire the right people. Just because General Contractor X is cheaper than General Contractor Y doesn't mean you will profit more in the end because you "saved" some cash. The old phrase exists for the housing industry just like anywhere else - you get what you pay for!

*Not her real name. She has asked to remain anonymous, but will answer questions through us if you are interested in learning more.

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