First Real Estate Flip Gone Wrong: Lessons From a $100,000 Rehab Overrun

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This episode isn’t about a massive win. It’s about surviving a deal that went sideways and not quitting.

Matt Richardson and Ashley joined Corey to share the reality of their first flip, a deal that looked solid on paper but quickly turned into a crash course in rehab overruns, contractor missteps, shifting lender rules, and refinance delays that pushed them months past their hard money maturity.

Their $47,000 rehab turned into $100,000+, driven by:

• Poorly defined scopes of work
• Surprise subfloor, plumbing, and electrical issues
• A contractor who quoted labor loosely and billed tightly

Once the rehab was done, the market didn’t cooperate. Offers came in $40–60K below asking, and selling would have locked in a loss. Instead of panicking, they pivoted.

Through networking and honest lender communication, they landed on a creative rent-to-own exit:

• $400,000 sale price
• No realtor commissions
• 5-year term at roughly 2 percent interest
• Buyers refinance them out later

What could have been a deal-ending loss turned into a long-term win and a masterclass in resilience.

The biggest takeaway?
👉 One bad deal doesn’t define you. Quitting does.

If you want to connect with Matt or Ashley directly, you can reach them here:
Ashley: [e-mail]
Matt: [e-mail]