Wanted: house flipping wisdom for REI newbies

[Kristin Powell]

Hey y’all! My husband and I have just put in an offer on our first flip home in Lubbock, Texas! We also own and architectural drafting and design firm and he designs a lot of new builds and remodels and we just thought why not do this for ourselves, too? We’re excited to learn and would COVET and wisdom you want to send our way. What do we NEED to know? How much of the profit from this first flip (praying and hoping we do actually get a return) do we keep for ourselves and how much do we reinvest? If we reinvest - when do you actually start taking a profit? How do you accurately calculate holding costs? We need help in a bad way.

[Kristin Powell]

@Tom Shallcross that is fantastic! Thank you SO much. In retrospect, we should have done this before purchasing the property🤦🏼‍♀️ but we would love to know what we’re up against!