Newbie flipper: What profit margin should I be shooting for?
I'm a new flipper, but I want to see what the consensus is on what profit margin I should shoot for. I understand as a newbie, you need to start with a slam dunk so to say. I've heard aim for 15% of ARV in profit for new investors but I'm using a HML, which will obviously eat at that margin. Should I look at ROI instead? Or should I wait until I can somehow grab a property with 15% of ARV profit margins, which is proving to be extremely hard to do (I've been looking for my first property for a month in many different sectors). I'm in the DFW area which I know is not doing great margins for flipping property right now as well. Open to all suggestions but my #1 priority is to make money, even if it's not a swath of it, to get my feet wet and gain experience. Just don't want to lose money and get turned off to real estate.