Profits on first flip

[Dyami Pike]

My business partner and I are looking at getting a SFR to flip in Springfield, MO.

we are trying to decide what a good amount of profit off our first flip would be. Obviously we want the deal to be a home run and make as much off of it as possible, but we don't know what realistic numbers are.

our plan is to get a hard money loan with rehab cost, flip a house in the $60k range and have enough profit to purchase our next flip, hopefully in the $100k price range.

what did you walk away with on your first flip? How long did your flip take? 

$10k in 6 months? $20k in 12 months? Or am I way off and should be closer to $30k in 6 months? 

[Billy Daniel]

It really depends on your goals.  Your first one will be just as much about education and experience as it is about money.  Our last flip netted around $15k and took around 4 months.  We are also fairly experienced.  Define your goals and then go for it!