5000 dollar profit on flip and I'm upset!
So, I just closed on the sale of my 4th flip house in the last 2 years and I made 5000 dollars. I was thinking it would be a quick 10-20k profit and after it was all said and done, I find myself reflecting on a few mistakes made along the way!
First...I was so eager to get my cash working for me, I settled for a good...but not great deal. I thought was that it would be quick and straight forward with a small margin so why not go for it.
I now realize that I made two mistakes with this investment. First, I undervalued the opportunity cost. I sat by and watched a couple of better deals pass by without any cash in hand because of the money I had wrapped up in this deal. Second, I think that I lost sight of my goals. Only making 5,000 dollars feels like a defeat but it made me realize that I need to develop a laser focus on what I hope to accomplish. Basically, this made me realize that I need to define my goals a bit more clearly...anybody else felt like a failure after making 5k? I regularly hear that you WILL lose money on a deal in this business if you stick with it long enough...I hope to avoid that!
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You already stated you made 2 realizations, so I wouldn't call this flip a failure. Unfortunately many people in this business have had to lose tens of thousands of dollars to come to the same conclusions. Making $5k is a small price to pay...