Just finished my first "Flip"
Hey been reading up on this forum for the last two-three months. I am 23 years old working as a Project Construction Manager. I bought my first house just under a year ago that was a 1985 mobile home for 10k. I just sold it today for 13k after owning it for a year. It was originally a gutted shell with no finishes. I put about 2k of new materials into it and 100 hours of time. This house had a lot of first for me. First time installing carpet, vinyl, and replacing a bay window. Definitely nice to have a low risk property for the learning curve.
The few big mistakes would probably be having a big bubble/wave in the kitchen vinyl and losing the title in the move and not finding out till the day of the sale.
Now I figure I made 500 dollars not including the lot fee each month since I was living there so not great but the things I learned where worth all the effort. If I include the money I saved from not renting an apartment this flip saved/made me 3200 dollars to put towards the next investment (thinking about a buy and hold duplex). This will probably happen in a year since I just bought a real house last month that I am working on fixing up that will be my personal long term house for 10 plus years.