How much profit on your 1st flip?
How much did you really earn on your first flip? I bought my first flip for $120k (in hindsight, I probably paid $15k too Much). Resale value is approx $200-215k. I expect renovations to cost $60-70k (I’m padding in extra for worst-case scenarios, I’m conservative like that). Carrying costs are minimal, I bought all cash - no bank interest to worry about. Annual taxes are low. If I break even, should I consider this a success for a first flip? Or should I call it quits? what lessons did you learn on your first flip?