BRRR and flipping in portland metro area

[Tris Wils]

Hi all, I'm new to real estate investment but I'm excited to get started. I have one rental so far, and soon the home I'm living in now will become my second. I'm interested in trying my hand at a few things, like flipping or BRRR or even hard money lending.

specifically, with flipping and BRRR -- I struggle to understand how the math on those works here. I've now remodeled two homes, one in SW Portland and one in camas, washington. The Washington remodel was done in 2018. Purchase price 600k. Remodel was superficial, and cost around $150k for 3000 sqft, which is $50/sqft, for mid-high end finishes (that was not the most expensive bid I got). After the remodel we approached our realtor about selling, and she thought we'd lose 100k if we sold! The bank agreed. when we refinanced, they thought we had only raised the value by $50k. We decided not to sell and are renting it out now for $3200/mo. Not a very successful flip or successful BRRR. 😥

Second house, just this year, wound up costing closer to $100/sqft. It was more mid range quality finishes. But the remodel was also *mostly* superficial but some other issues came up (moving wall, plumbing, electrical). 

im wondering what a good "successful" flip or BRRR looks like here. I have seen a few flips come on the market, some seem to do really well, others seem to lose money. And I can't make any rhyme or reason of what the right formula looks like.

know an interior designer who just flipped his gorgeous 2500-ish sqft NE portland home for 1.5million. don't know what he put into it. it's a beautiful home, but was surprised he got so much for it, since it was a smaller home and half the square footage was in the basement! 

I watched a bigger pockets video where the guy says he bought a home for 200k, put 40k into it, refinanced 280k back out and rents for 2500/mo. Those numbers sound wayyy too good to be true! Anyone have #s like that in Portland?? 

I also hear a lot that you have to buy a home for the right price, but everything is so expensive. Even the "fixer uppers" are discounted maybe $30/sqft. What am I missing? 

any advice is welcome!!!