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Flipping Houses For Dummies

Flipping Houses For Dummies

          
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About the Book

Buy it, fix it, flip it! Are you a wanna-be flipper looking to get the property, get the job done, and get out—all while maximizing your profit? Not just another house-flipping book, this hands-on guide shows you how to roll up your sleeves and find the perfect property, secure a mortgage, negotiate with condo associations, increase curb appeal, and much more. Flipping a house is more than just buying, updating, and selling. To be successful, you have to be a bit fearless, highly organized, and, at times, creative. This new edition of Flipping Houses For Dummies gives you practical guidance on the risks and rewards of flipping properties; helps you determine whether you have the time, energy, cash, and other resources to be successful; and then conveys the expert knowledge you need to succeed in a very competitive market. Find, fix, and sell houses for profit Score bank-owned and foreclosed properties Identify the best improvements for maximum ROI Get quick makeover solutions If you're ready for hard work and big profits, start flipping!

Table of Contents:
Introduction 1 About This Book 1 Foolish Assumptions 2 Icons Used in This Book 3 Beyond the Book 4 Where to Go from Here 4 Part 1: Getting Started with House Flipping 5 Chapter 1: Brushing Up on the Basics 7 Grasping the Concept of Flipping 7 Flipping Legally and Ethically 9 Determining Whether You Have What It Takes to Flip 11 Devising a Reliable Flipping Strategy 12 Building an All-Star Team 12 Finding and Buying a Flippable House 13 Rehabbing Your Fixer-Upper 14 Profiting from Your Venture 16 Chapter 2: Do You Have What It Takes to Flip? 17 Tabulating Your Time Budget 18 Shaking Your Piggy Bank 21 Taking Your Personality Pulse 24 Gathering the Essential Tools of the Trade 26 Chapter 3: Devising an Effective Flipping Strategy 29 Surveying Different Strategies 29 Drawing Up a Detailed Plan in Advance 36 Plan B: Surviving a Flip That Flops 38 Chapter 4: Building Your Dream Team 39 Teaming Up with a House Hunter — a Quality Real Estate Agent 40 Recruiting Moneymen (and Women) 44 Consulting a Title Company and an Insurance Agent to Cover Your Back 47 Locating a Valuable Appraiser 48 Adding a Real Estate Lawyer to the Roster 49 Lining Up a Home Inspector 50 Hiring Contractors and Subcontractors 52 Chapter 5: Securing the Funds to Fuel Your Flips 57 Recognizing the Importance of Being a Cash Buyer 57 Tapping Your Own Resources for Cash 58 Leveraging the Power of Other People’s Money 63 Using Conventional Financing (for Longer-Term Real Estate Deals) 68 Part 2: House Hunting with an Eye for Flipping 77 Chapter 6: Scoping Out a Fertile Neighborhood 79 Pinpointing House Flipping Hot Spots 80 Sizing Up the Local Real Estate Market 83 Comparing Neighborhoods 85 Considering Other Neighborhood Factors 87 Chapter 7: Hunting for Houses in Your Target Area 93 Focusing Your Search on Affordability 93 Digging Through Property Listings, Ads, and Publications 95 Mining Special Markets for Dontwanners 102 Chapter 8: Closing In on Foreclosure Properties 105 Getting Up to Speed on the Foreclosure Process 106 Brushing Up on Local Rules and Regulations 107 Picking Your Point of Entry into the Foreclosure Process 110 Purchasing Foreclosure Properties Step by Step 120 Advertising to Generate More Leads 126 Chapter 9: Scoping Out Properties in Special Markets 127 Acquiring Properties in Probate 127 Scooping Up Bargains in Bankruptcy 131 Finding Government-Owned Properties 137 Buying Properties at Tax Sales 140 Part 3: Evaluating Properties and Crunching Numbers 141 Chapter 10: Researching Distressed Properties 143 Creating a Property Dossier 144 Checking Out the Property 145 Following the Paper Trail 148 Chapter 11: Inspecting the Property and Estimating Rehab Costs 161 Packing for Your Inspection Mission 162 Finding the Perfect Candidate for a Quick Makeover 165 Assessing Potential Curbside Appeal 166 Taking a Big Whiff, Inside and Out 168 Inspecting the House for Big-Ticket Items 168 Discovering Some Promising Features 173 Arriving at a Ballpark Figure for Repair and Renovation Costs 176 Chapter 12: Calculating Your Profit and Maximum Purchase Price 177 Doing the Math to Ensure a Profitable Flip 177 Estimating a Realistic Resale Value 180 Accounting for Expenses 181 Chapter 13: The Art of Haggling: Negotiating a Price and Terms 189 Planting the Seeds for Successful Negotiation 190 Making an Offer They Can Refuse (But Will Consider) 191 Tending to the Details: Inspections, Appraisals, and Walk-Throughs 196 Closing the Deal 200 Part 4: Fixing Up Your Fixer-Upper 201 Chapter 14: Prioritizing and Planning Your Renovations 203 Developing an Eye for Home Improvements 204 Prioritizing Your Projects 205 Delegating Duties 208 Drawing Up a Tentative Budget 211 Coming Up with a Game Plan 213 Chapter 15: Giving Your Property a Quick Makeover 217 Sprucing Up the Yard 217 Freshening the Façade 220 Touching Up the Interior 222 Chapter 16: Perking Up the Curb Appeal 229 Revitalizing the Landscape 230 Tidying Up the Driveway and Walkways 235 Making Entryways More Inviting 237 Refreshing the Outside Shell of the House 239 Glamming Up the Garage 242 Chapter 17: Dazzling the Crowds with Updated Kitchens and Baths 245 Giving Kitchen Cabinets, Countertops, and Sinks a Facelift 246 Modernizing Kitchen Appliances 250 Updating the Bathrooms 253 Chapter 18: Tackling Moderate Makeovers 261 Installing Replacement Windows 261 Replacing Drab, Weathered Doors 265 Putting on Your Own Floor Show 269 Chapter 19: Reconfiguring Spaces and Other Structural Overhauls 273 Attending to Essential Structure and Infrastructure Repairs 274 Fiddling with the Floor Plan  or Not 274 Identifying Load-Bearing Walls 275 Maximizing the Use of Existing Space 277 Building New Rooms from Scratch 282 Adding a Deck or Patio 283 Part 5: Cashing In: Realizing Your Profit 285 Chapter 20: Considering Your Options: Cash or Cash Flow? 287 Setting a Goal: Cash or Cash Flow 287 Cashing Out: Selling the Property 288 Exploring Cash-Flow Possibilities 290 Chapter 21: Marketing Your Home 297 Harnessing the Power of a Real Estate Agent to Market and Sell Your House 298 Setting an Attractive Asking Price 301 Staging a Successful Showing 303 Offering to Help Secure Attractive Financing 304 Becoming a Real Estate Marketing Maven 305 Chapter 22: Negotiating the Sale to Maximize Your Profit 311 Comparing Seemingly Similar Offers 312 Mastering the Art of Counteroffers 317 Shuffling Papers and Other Legal Stuff at Closing 320 Chapter 23: Trudging through Some Taxing Issues 323 Estimating the Tax Man’s Take from Your Flipping Profits 324 Maximizing Tax Savings from the Sale of Your Principal Residence 325 Slashing Your Capital Gains through Careful Deductions 329 Deferring Taxes: Rolling Your Gains into Your Next Purchase 330 Selling Your Home at a Loss (Ouch!) 331 Paying Income Tax: When Flipping Houses Becomes Your Occupation 331 Part 6: The Part of Tens 333 Chapter 24: Ten Ways to Find Dontwanners 335 Cruising the Neighborhood 335 Teaming Up with a Great Real Estate Agent 336 Checking Classified Ads and Online Listings 336 Skimming Foreclosure Notices 337 Monitoring Tax Sales 337 Scoping Out Bank-Owned Properties 338 Probing Probate Properties 338 Digging Up Houses in Bankruptcy 339 Sifting through the Government’s Stash 339 Networking and Advertising for Leads 340 Chapter 25: Ten Signs of a Great House Flipping Opportunity 341 The Location Is an Obvious Hot Spot 341 Nobody’s Home 342 The “For Sale By Owner” Ad Is Shrinking 342 The Seller Is Highly Motivated to Be Freed from the Burden of Ownership 342 The House Is Ugly Outside 343 The House Is Ugly Inside 343 The Decor Is Outdated 344 The House Has Character 344 The House Has Undeveloped Living Space 344 The Property Backs Up to Nothing 344 Chapter 26: Ten House Flipping Blunders 345 Falling for a Scam 345 Speculating on the Housing Market 346 Waffling on an Obviously Good Deal 346 Backing Yourself into a Contractual Corner 346 Failing to Inspect the Property before Closing on It 347 Assuming the Title Is Clear 347 Underestimating the Cost of Repairs and Renovations 348 Doing Shoddy Work to Save Money 348 Over-Improving a Property 348 Forgetting to Pay the Taxes 349 Index 351


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Product Details
  • ISBN-13: 9781119363071
  • Publisher: John Wiley & Sons Inc
  • Publisher Imprint: For Dummies
  • Edition: 0003-
  • Language: English
  • Returnable: N
  • Spine Width: 28 mm
  • Width: 188 mm
  • ISBN-10: 1119363071
  • Publisher Date: 23 Jun 2017
  • Binding: Paperback
  • Height: 234 mm
  • No of Pages: 384
  • Series Title: For Dummies (Lifestyle)
  • Weight: 499 gr


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