$27k on my first flip!
It was a year ago that I closed on my first flip. The night before I closed, I almost walked out on a $4,900 deposit because I got scared. Thankfully, my step father was good enough to walk through with me and calm my nerves. He basically said that even if I break even, the education will have been worth it.
I was pretty picky about the way the house turned out. I had issues I needed corrected. I had my contractor stress about money (Had this with 3 different GC's on 3 separate rehabs). The rehab ran over by 2-3 weeks.
In the end, I had two full price offers on the house before it was completely finished. I sold it a few days after the 90 day seasoning period required by Fannie Mae.
I secured a recommendation letter from the buyer.
I made $27k after all closing, holding and selling costs. That was a true net number.
I read a lot, listened a lot and spent a lot on my education. I can't imagine where my real estate dreams would be if I walked out on that first deal!
Since, I've purchased 5 more properties while I work full time.
What I learned: Educate yourself but more importantly, ACT!
Thanks for reading.