Flipping Houses For Dummies
3rd Edition
Published on 23. June 2017
Book
Paperback/Softback
384 pages
978-1-119-36307-1 (ISBN)
Description
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!
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!
More details
Other editions
New editions
Ralph R. Roberts | Joseph Kraynak
Flipping Houses For Dummies
Book
04/2022
Wiley
€29.00
Shipment within 15-20 days
Additional editions
Ralph R. Roberts | Joseph Kraynak
Flipping Houses For Dummies
E-Book
03/2017
3rd Edition
Standards Information Network
€17.99
Available for download
Ralph R. Roberts | Joseph Kraynak
Flipping Houses For Dummies
E-Book
03/2017
3rd Edition
Standards Information Network
€17.99
Available for download
Previous edition
Book
01/2014
Wiley
€41.03
Article exhausted; check for reprint
Persons
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.
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.
Content
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 Facade 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
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 Facade 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