Should I focus more on profit or experience doing my first flip?

Question

What should I focus more on during my first flip, huge profit or experience??

Account Closed · Answer

Well, you don't want to lose money.  You'll have to determine how much profit is worth your time.  I wouldn't focus on "huge" profit, because I don't think that's realistic.  I'd focus on a getting a fair profit for your efforts.

Greg Dickerson · Answer

You want to focus on learning the business, your market and costs associated with the rehab, holding and sale. You also need multiple exit strategies. The main thing is to know tire market. If you do this you will make money.

Matt Groth · Answer

You don't have to sacrifice profit to learn. If you make 10k you will look back and say if I had done x, I could have made 20! Earn and learn

Kenneth Garrett · Answer

@Oladele Tomide

Your first flip is usually an educational seminar.  You learn from each one.  I would say use it for the experience and the profit will follow.  The amount of profit is subjective.  You have some investors who would say I won’t do a flip for less $50,000 profit while others will take $20,000.  It’s all relative.  Obviously the $20,000 profit flip we will need to be small projects as the margin is much smaller the $50,000 profit flip.

Keith Toney · Answer

@Sue K. Both profits and experience! You're in business for profits and during every flip you will learn something.

Brian G. · Answer

@Oladele Tomide both!

Jonathan R McLaughlin · Answer

@Oladele Tomide maybe choose a project where the downside risk is less for your first one? you are more likely to succeed if you aren’t swinging for the fences. Smaller house, smaller payment, holding costs, closer distance, known crews and plenty of other things. Making 20k is great if you only risked 20. Risking 200k to make the same money? Not so much.

Mike Dymski · Answer

Learning to lose money is not the objective.  Focus on learning and a fair profit.

Nick Rutkowski · Answer

@Oladele Tomide

Learn then earn. That’s what I was taught.

Colby Hager · Answer

@Oladele Tomide

It’s all about the experience. Who cares if you lose money right??

Not really.  Just focus on making money and the experience will come.

Should I focus more on profit or experience doing my first flip?

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