Flipping Houses For Dummies

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!

Auteur

Ralph R. Roberts is a master at flipping houses, earning a profit even in the deeply depressed real estate market in Metro Detroit, Michigan. He is the award-winning author of several books, including Foreclosure Investing For Dummies.

Joe Kraynak is a freelance author and writing consultant who has written and coauthored numerous books on a wide range of topics. He is a valued partner and advisor to many For Dummies authors.

Résumé
Buy it, fix it, flip it! Are you a wanna-be flipper looking to get the property, get the job done, and get outall 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!

Contenu
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: Calculatin...