Flipping Properties: Generate Instant Cash Profits in Real Estate

Overview

Real estate investing has historically been one of the most consistent ways to achieve great wealth. Focusing on proven strategies for buying and selling properties quickly, (also called “flipping,”) Flipping Properties offers would-be investors the details on how to generate cash from this popular real estate investment method. The authors outline a step-by-step process for generating cash flow, with or without a stellar credit record, large sums of cash, or a real estate license. Guidelines help tailor a ...
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2001 Trade paperback New. No dust jacket as issued. (1-09) Trade Paperback is brand new in Near Mint condition with remains of store sticker top right corner. Trade paperback ... (US). Glued binding. 214 p. Flipping Properties: Generate Instant Cash Profits in Real Estate. Audience: General/trade. Read more Show Less

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Overview

Real estate investing has historically been one of the most consistent ways to achieve great wealth. Focusing on proven strategies for buying and selling properties quickly, (also called “flipping,”) Flipping Properties offers would-be investors the details on how to generate cash from this popular real estate investment method. The authors outline a step-by-step process for generating cash flow, with or without a stellar credit record, large sums of cash, or a real estate license. Guidelines help tailor a practical investing game plan for both experienced investors as well as beginners. To make a solid start, the authors reveal the essential elements of real estate transactions as well as the basics of what makes “flipping” such an appealing way to invest in real estate. Covering pre-purchase through closing and beyond, Flipping Properties is a complete reference that also includes legal forms, sample contracts, hands-on checklists and sample advertising and marketing materials designed to get properties to sell. At the heart are practical strategies to buy bargain properties, then rapidly resell them for cash profit. “http://www.editeur.org/onix/1.2/onix-international.dtd”> 01 Dearborn Trade Publishing
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Editorial Reviews

Booknews
Outlines a process for generating cash flow, with or without a good credit record, a large sum of cash, or a real estate license, for both experienced investors and beginners. Gives background on real estate transactions, then offers strategies for finding and buying bargain properties and reselling them for cash profit. Includes legal forms, sample contracts, checklists, and sample advertising and marketing materials designed to make properties sell. Bronchick is president of the Colorado Association of Real Estate Investors. Dahlstrom is an investor and real estate broker. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

  • ISBN-13: 9780793144914
  • Publisher: Kaplan Publishing
  • Publication date: 6/28/2001
  • Edition description: New Edition
  • Pages: 224
  • Product dimensions: 7.36 (w) x 9.02 (h) x 0.44 (d)

Meet the Author

William Bronchick, Esq., is a nationally known attorney, author, entrepreneur, and speaker. He has spoken to tens of thousands of people at seminars and conventions nationwide, including the “Get Motivated” Tour and the Learning Annex Real Estate Expo. Bronchick has been featured in countless media outlets, including CNBC’s Power Lunch, Investor’s Business Daily, USA Today, XM Satellite Radio, the Los Angeles Times, and has served as the President of the Colorado Association of Real Estate Investors since 1994.

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Table of Contents

Introduction ix
Traditional Approach to Real Estate Investing ix
The Speculator's Approach x
The "Nothing-Down" Approach x
The Way Things Are in the Real World xi
What to Expect from This Book xi
What's New about This Book? xii
1 The Concept of Flipping Properties 1
The Flipper 2
Different Types of Flippers 2
Find the Back Door First 7
Join an Investment Club 8
Run a Classified Ad 8
Selling Properties Retail 9
Getting Rid of Difficult Properties 10
Minimize Your Loss 11
Key Points to Remember 12
2 The Mechanics of Real Estate Transactions 13
The Deed 13
Types of Deeds 14
Elements of the Deed 15
Delivery 18
Recording Documents 18
Notes and Mortgages 19
Priority of Liens 20
The Basic Loan Transaction 21
Typical Owner-Carry Transaction 21
Assumable versus Nonassumable Mortgages 22
The Due-on-Sale Clause 23
The Double Closing 24
Title Seasoning 26
FHA Antiflipping Regulations 27
Deed Restrictions 28
Assignment of Contract 28
Key Points to Remember 30
3 Proven Ways to Find the Deals 31
Find Motivated Sellers 32
Use the Newspaper 33
Real Estate Agents 37
Mortgage Brokers 41
Bank-Owned Properties 42
Farming the Neighborhoods 42
Promote Yourself 45
Probate Estates 47
Getting Referrals 48
Foreclosure Properties 50
Getting Paid Not to Buy 54
Government-Owned Properties 55
Key Points to Remember 56
4 Analyzing a Good Deal 57
Pick the Right Neighborhoods 57
Pick the Right Kind of Houses 58
Establish Value 59
What Is a Good Deal? 63
Key Points to Remember 67
5 The Art of Negotiating the Deal 69
Deal Only with Motivated Sellers 69
Price Isn't Everything 72
Dealing with Real Estate Agents 74
Key Points to Remember 77
6 Putting it in Writing 79
Basic Contract Principles 79
Basic Legal Requirements of a Real Estate Contract 81
Earnest Money 82
Contingencies 84
Breach of Contract 86
Buyer's Remedies for Breach 86
Seller's Remedies for Buyer's Breach 88
Drafting the Offer 89
Key Points to Remember 97
7 Finding Money to Buy the Properties 99
Good Credit Is a Plus, Not a Necessity 100
Using Your Own Cash 100
Using Other People's Money 101
Borrowing Money 102
Bringing in Partners 106
Have the Seller Finance the Purchase 108
Key Points to Remember 111
8 The Closing Process 113
The Property Inspection 113
Title and Searches 114
Existing Mortgages and Liens 117
The Closing 119
Key Points to Remember 120
9 Rehabs-The Big Bucks 121
Is the Rehab Business for You? 121
Estimating Repairs 123
What Should You Fix? 127
Repairs on the Inside 131
Repairs on the Outside 137
Planning the Renovation Process 141
The Rehabber's Toolkit 144
Key Points to Remember 146
10 Presenting Your Masterpiece 147
Compare Your House to Neighboring Ones 148
Getting the Exterior Ready 149
Getting the Interior Ready 150
Take an Extra Week to Get It Ready 157
Key Points to Remember 158
11 Success in a Changing Market 159
What Is the Ideal Market for Flipping? 160
Balanced Markets 164
Exit Strategies 165
The Great Debate: Flipping versus Holding 168
What's Right for You? 171
Key Points to Remember 172
12 Liability Issues 173
Know the Law 174
Carry Lots of Insurance 174
Never Do Business in Your Own Name 175
Don't Put Real Estate in Your Own Name 177
Doing Business with Partners 178
Key Points to Remember 179
13 Tax Issues Involved in Flipping Properties 181
Basic Taxation Rules of Real Estate Transactions 181
The Real Estate Dealer Issue 184
Independent Contractor Liability 187
Keeping Good Records 188
Key Points to Remember 189
14 Starting and Succeeding in the Flipping Business 191
Surround Yourself with Like-Minded People 191
Build a Team 192
Only Talk to Motivated Sellers 195
Be Persistent 195
Treat Real Estate as a Business 196
Should You Invest in Real Estate Full-Time? 197
Keep Up Your Education 199
Key Points to Remember 202
Appendix A Good Deal Checklist 203
Appendix B Sample Ads 205
Appendix C Sample Forms 211
Appendix D State-by-State Foreclosure Guide 232
Appendix E Internet Resources 236
Glossary 238
Index 252
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Sort by: Showing all of 9 Customer Reviews
  • Anonymous

    Posted May 4, 2004

    The book that got me started in real estate

    This book got me started in real estate investing. It is a must for any beginning investor, covering the whole gambit: flipping ('quick-turning') real estate, rehabs, negotiating, writing contracts, dealing with realtors, setting up a game plan, finding other investors to work with, etc. It comes with some real good sample contracts, which, from my attorney background, I must say are quite good! Syndicated Columnist Robert Bruss, also an attorney, gave this book a '12' on a 10 scale. I have since read some of Mr. Bronchick's other books and they all cover the important details and legal aspects of real estate better than any other books. As an attorney, I often notice that these details are often glossed over in other books which are loaded with theory. You won't be disappointed with Bronchick's books - they are loaded with content! It's good to see there's a real estate attorney out there covering people's bottom line!

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted July 21, 2003

    Now I Get It

    I have read a lot of real estate investing books some costing well over a hundred dollars, Then I read Flipping Properties, now I know what those other books where talking about.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted September 9, 2002

    Great beginner's book - loaded with "meat"

    This is a very refreshing alternative to the usual "get rich quick" theme. Rather than promising riches, the book offers real "meat and potatoes", not fluff. The author goes into detail about real estate transactions, including legal angles and practical issues. I would highly recommend this book for any beginner investor.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted August 20, 2001

    Invaluable advice for real estate investors

    The authors do not discourage rental properties, but approach real estate investing like a business, which requires maintaining a good cash reserve. This is smart advice! This book is very well written! It is easy to read, but offers plenty of enough 'meat'.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted March 13, 2004

    Stay Away

    Ignore everything you just heard about property flipping, it's illegal. Refer to HUD's anti-property flipping rule in 2003. What the author isn't telling you is that true property flipping often involves an inflated appraisal, the home is stripped of its equity by the original investor, and the prices are severely inflated. We're talking tens of thousands of dollars over a period of months. The unsuspecting buyer of this property is left with a large mortgage payment on a property that's severely overvalued.

    0 out of 1 people found this review helpful.

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  • Anonymous

    Posted September 9, 2003

    Lacking information

    Remember in school when your homework paper was due but it was just too short, so you used oversized bolded headings and triple spaced it. Well that is what this author did. I don't need big font to make a book look full of information. I want detailed solid information. I would not refer this book to any partner investors. I expected more. The information was not detailed, explicit, or a great source of 'flipping properties'. However, there are very good ideas, their approach is interesting, and they do provide a good 'dicitionary term' approach for a novice investor. If this is one of your first books-it works. However, there are other titles out there with relatively the same info that are more comprehensive.

    0 out of 1 people found this review helpful.

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  • Anonymous

    Posted August 23, 2003

    don't let title mislead you

    I bought this book expecting the contents to be about the title 'flipping properties'. Little did I know it just another beginners how-to book. Same info you can find reading other books. The only thing thing that pertain to the title was the first couple of chapters defined what flipping properties was (which could've been found on the net), a total waste of money. It doesn't go into depth on the subject, or use much real life examples.

    0 out of 1 people found this review helpful.

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    Posted February 15, 2012

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