Unofficial Guide to Flipping Properties

Overview

The inside scoop...for when you want more than the official line!

Perhaps you've seen TV shows on flipping and thought, "I can do that." Maybe you're tempted by the lure of easy profits. There is money to be made by flipping residential properties, but there's risk involved, too. This book helps you get started or improve your flipping skills (and your profits) with info on finding appropriate properties, financing your purchase, making improvements that will pay off, ...

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Overview

The inside scoop...for when you want more than the official line!

Perhaps you've seen TV shows on flipping and thought, "I can do that." Maybe you're tempted by the lure of easy profits. There is money to be made by flipping residential properties, but there's risk involved, too. This book helps you get started or improve your flipping skills (and your profits) with info on finding appropriate properties, financing your purchase, making improvements that will pay off, negotiating with contractors, and more. Whether you're interested in undertaking only cosmetic improvements or in totally gutting a property, this guide helps you with everything from choosing and redoing the right house or condo to selling it for maximum profit. With tips from experienced flippers, it includes:

Vital Information on finding and financing the right property

Insider Secrets on using and leveraging someone else's money

Money-Saving Techniques such as refacing or painting cabinets and updating the hardware

Time-Saving Tips such as consolidating your purchases (appliances, materials, tools, etc.) at a home improvement center

The Scoop on staging a property inside and out for maximum impact

Expert Advice to help you assess a property's profitability, set and monitor your budget, and more

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Product Details

  • ISBN-13: 9780471799108
  • Publisher: Wiley
  • Publication date: 1/23/2007
  • Series: Unofficial Guides Series , #166
  • Edition number: 1
  • Pages: 312
  • Product dimensions: 5.30 (w) x 8.20 (h) x 0.80 (d)

Meet the Author

PETER A. RICHMOND is a Realtor with Pacific Union Real Estate in Mill Valley, California. He has worked in real estate for 13 years, following a 25-year career in international banking and finance that included assignments to Germany, England, and Pakistan. Peter represents clients in both residential and commercial real estate, working with his wife, Jane, at Pacific Union. He is a member of the Allen F. Hainge Cyberstars and is a recognized expert on the purchase and sale of foreclosed properties.
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Table of Contents

About the Author.

Introduction.

I Initial Decisions.

1 Establishing Your Goals.

Should you flip?

Assessing profitability.

Non-flip real estate investments.

Calculating ROI.

Using someone else’s money.

Just the facts.

2 Doing Your Research.

How’s the market?

Economic considerations.

Looking at demographics.

Government information.

Brain picking.

Just the facts.

3 Deciding What Type of Flip to Do.

Personal concerns.

The three types of flips.

Which type of flip is right for you?

Flipping other properties.

Just the facts.

4 Conversations: Moving Forward.

A conversation with yourself.

Expanding the conversation.

One last check of government activity.

Make the decision.

Just the facts.

5 Setting Your Budget.

Budgeting for your project.

Cost considerations.

Planning for the unexpected.

Potential income tax savings.

Profits: your "take-home."

Just the facts.

II Acquiring the Property.

6 Locating the Right Property.

Condition of the property.

Design and size.

The age factor.

It’s all about location.

Timing is everything.

Searching for properties.

Just the facts.

7 Buying the Property.

Making the offer.

Counteroffers.

Due diligence.

Just the facts.

8 Financing Your Purchase.

Institutional lenders.

Mortgage brokers.

Which method is better?

Seller carry-back.

Self-financing.

Plan financing in advance.

Just the facts.

9 Paperwork and Closing.

Taking title.

Title insurance.

Hazard and liability insurance.

Other closing documents.

Other closing issues.

Just the facts.

III Planning the Flip.

10 Cosmetic Flips.

A few words about permits.

Finding materials.

Paint and paper.

Cabinet refacing.

Appliances.

Light and bright.

Tile and stone.

Curb appeal.

Just the facts.

11 Intermediate Flips.

Kitchens.

Bathroom.

Family/great room.

"Going light."

Just the facts.

12 Total Gut and Remodels.

Permits and entitlements.

Local regulations.

Construction issues.

Interior design details.

External additions.

Recreational extras.

Just the facts.

IV Doing the Work.

13 Picking Your Team.

The professionals.

Contractors.

Working with a partner.

Just the facts.

14 Doing the Construction.

Establish a work schedule.

Empty the house.

Order materials and schedule subcontractor work.

Cosmetic flip schedule.

Intermediate flip schedule.

Total gut schedule.

Unexpected problems.

Progress inspections.

Just the facts.

V Taking It to the Bank.

15 Selling Your Gem.

Pricing expertise.

Market knowledge.

Property marketing expertise.

Just the facts.

16 For Sale by Owner.

Doing a FSBO.

Getting the word out.

Staging the property.

Outside the house.

Just the facts.

17 It’s Done! Final Considerations.

Closing documents.

Tax ramifications.

“Thank you, sir! May I have another?”

Just the facts.

A Glossary.

B Resource Guide.

C Recommended Reading List.

D Words of Wisdom.

E Before and After.

Index.

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