Flipping Properties: Generate Instant Cash Profits in Real Estate

Flipping Properties: Generate Instant Cash Profits in Real Estate

by William Bronchick, Robert Dahlstrom
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Overview

Flipping Properties: Generate Instant Cash Profits in Real Estate by William Bronchick, Robert Dahlstrom


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.

Product Details

ISBN-13: 9781419535512
Publisher: Kaplan Publishing
Publication date: 04/01/2006
Series: Flipping Properties: Generate Instant CA
Edition description: New Edition
Pages: 272
Product dimensions: 7.25(w) x 9.00(h) x 0.60(d)

About 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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Flipping Properties: Generate Instant Cash Profits in Real Estate 3.3 out of 5 based on 0 ratings. 9 reviews.
Guest More than 1 year ago
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!
Guest More than 1 year ago
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.
Guest More than 1 year ago
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.
Guest More than 1 year ago
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'.
Anonymous More than 1 year ago
Bill Bronchick, of Bronchick Consulting Group, LLC, through his Legalwiz training, and Phuongvi An “Vi” Nguyen, of PVC, Inc., marketed Valois Dynasty, LLC. While acting as managers of the investment, they were seeking $600K to purchase Arkansas apartments.   Bronchick’s 2010 Investment Summary said “Also involved in the investment and management of the Company will be William Bronchick, … an attorney with 20 years experience. … [His] experience is primarily being used in this transaction to review the legal issues, paperwork and advise the Company.” Bronchick claimed this was the deal of the century and he was investing $100K. After he got the investors’ money, he only contribution $50K, and soon resold his share. He later got 2 new investors to pay $200K into the failing property. His blast email said, “I wanted to let you in on a lucrative apartment deal in Little Rock, AR. It's three buildings totaling 188 units, C class, purchased about 2.4M below appraisal. It needs a turnaround to make it profitable and cash flow, which means it needs money from investors. The game plan is to take it up to 90% occupancy, then sell in about 3-4 years for a big back-end number.” For the first year Bronchick alleged that the entity had an accountant. This was untrue.  Bronchick held 1 annual meeting in 4 years. When members complained he said, “…the operating agreement states that annual meetings are not required, in which case holding any meeting held is a courtesy for the members. The Managers are not interested in extending that courtesy so long as the complaints and attacks continue.” The complaint was asking for a meeting. The Summary said, “The syndicators want 25% of the equity for bringing the deal to the table. Thus, cash on cash return for investors … = 29.74%. The Seller wants an additional $400,000 … thus a cash on cash return for investors is near zero for first two years, then near 30% thereafter.” Also, “Mrs. Nguyen and Bronchick will receive a 25% interest in the Company in exchange for negotiating and syndicating the deal and agreeing to manage and oversee the onsite property manager and the income and the expenses for the Properties.” The Summary said, “Management will enact strict tenant quality and credit review procedures to ensure the Company’s revenues will not be interrupted by tenant default.” “Average Vacancy: 10%” They refused to disclose records for the first 1.5 years which showed actual vacancy increased from 50% to 70+%, and 83% economic vacancy. They didn’t disclose canceled property insurance or a $43,000 delinquent water bill. Their response was “Insurance company inspected the properties in early February. We have received notice that as of April 7th we are cancelled, due to our low occupancy and their assertion that over 50% of our tenants were section 8 tenants. … We are currently uninsured for replacement or loss on the property, but we still have liability and umbrella coverage. …, we hope to resolve it within the next few weeks from new capital infusions.”  While Bronchick cashed out his interest, the property was foreclosed on 12/3/14 with a judgment for @ $4,152,299.   The investors lost their $800,000. Bronchick encouraged the investors to use IRA/ Roth funds. While he markets, “Bill Bronchick’s Bullet Proof Asset Protection System,” Bronchick failed to tell the investors that their lifetime IRA losses couldn’t be used to offset for tax purposes.
Anonymous More than 1 year ago
Guest More than 1 year ago
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.
Guest More than 1 year ago
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.
Guest More than 1 year ago
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.