Help with first year flipping projections
Situation: I'm strongly considering leaving my full-time teaching job ($20/hr) to flip full time. I have savings to last for several months plus enough to cover a flip gone bad if necessary while I get my feet under me. However, right now, I am a team of one (plus an agent and am working on nailing down hard money lending options, a CPA, and attorney).
I am looking for realistic projections for:
- Net income per flip my first and second years
- How long each flip will take the first and second years
- Time investment required first year and second year-
Background & Education: I'm a high school science and engineering teacher. I've been listening to Bigger Pockets, reading articles, and attending 1-2 real estate meetups a month for a year, networking as much as possible along the way. Listened to Brandon Turner's audiobook on rentals and am working my way through J. Scott's audiobook on Flipping Houses. About to attend a 3-day intensive training on flipping as well. I have a little bit of experience with rehabbing as I helped out my father who was a do-it-yourself landlord.
Personality: Very strong discipline and work ethic, smart, analytical, detail and numbers oriented, currently improving a weakness of time management and getting lost in the details and getting better every day.
The plan:
- Flip as full-time as possible while:
- Flipping one house at a time to start so I don't over-leverage in case something goes wrong
- Hiring out as much work as possible to focus on the big-picture process, plan for the next one, and maximize the pace of flipping, learning, and scaling
- Target C class houses and neighborhoods in Kansas City, MO (maybe 60k-100k ARV to start). I want to maximize net profit over time and am not averse to highly distressed properties if that's what it takes.
- Fill any slower days with substitute teaching to augment income until the pace and scale of flipping picks up
-->Please help me to nail down realistic projections (or a realistic range) for:
- Net income per flip my first and second years given the above plan
- How long each flip will take the first and second years given the above plan
- Personal time investment required first year and second year in order to keep flips lined up, one at a time, and holding contractors accountable. Again, I plan to focus on systems and management and contract out as much as reasonable. (This estimate could be hours per week, or days per month, whatever makes sense to you.)
Separate first and second year projections would be ideal. Thank you all so much in advance to helping me make an educated decision.