The Everything Guide to Flipping Houses
An All-Inclusive Guide to Buying, Renovating, Selling
1st Edition
Published on 12. December 2014
304 pages
978-1-4405-8379-7 (ISBN)
Description
Expert advice to find, fix, and flip any residential property!
Are you ready to capitalize on the rising real estate market and get in on the red-hot house flipping scene? You need a step-by-step guide to evaluate property, avoid rookie mistakes, and build a profitable, successful business. In The Everything Guide to Flipping Houses, successful house flipper Melanie Williamson walks you through the opportunities, the risks, the work involved, and the potential for real profits in flipping real estate. She teaches you to:
Are you ready to capitalize on the rising real estate market and get in on the red-hot house flipping scene? You need a step-by-step guide to evaluate property, avoid rookie mistakes, and build a profitable, successful business. In The Everything Guide to Flipping Houses, successful house flipper Melanie Williamson walks you through the opportunities, the risks, the work involved, and the potential for real profits in flipping real estate. She teaches you to:
- Assess properties, work with contractors, and manage renovations
- Handle legal and tax regulations
- Flip multiple houses at one time
- Use green renovation options to keep costs low
- Select the right banks, investors, and real estate agents
- Choose marketing strategies that guarantee sales
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Melanie Williamson
The Everything Guide To Flipping Houses
An All-Inclusive Guide to Buying, Renovating, Selling
Book
01/2015
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€18.50
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Person
Melanie Williamson is a successful house flipper, real estate professional, and writer. A member of the Lake Erie Landlord Association, Melanie has worked on twelve successful flips. The year after graduating from college, she successfully flipped her first house on her own, using the profits to pay off her student loan debt. Melanie's articles have appeared on several websites, including Angie's List, Realty Trust Services, and Education.com. She lives in Vermilion, OH.
Content
- Intro
- Title Page
- Dedication
- Table of Contents
- Top Ten Advantages of House Flipping
- Introduction
- 01 What Is House Flipping?
- The Basic Essentials You Need to Know
- Identifying the Current Housing Market
- Short- and Long-Term Benefits
- Common Risks You Must Consider
- Four Most Common Mistakes People Make
- Recognizing Your Potential in Flipping
- 02 Getting Started
- Understanding the Flipping Process
- Establishing Realistic Expectations
- Crafting Achievable Goals
- Making a Business Plan
- Setting Project Parameters
- Creating a Timeline
- 03 Securing Project Funding
- Estimating Costs
- Creating a Budget
- Bank Financing
- Working with an Investor
- Funding the Flip Without an Investor
- Calculating Potential Profit
- Assessing Financial Risks
- 04 Developing Relationships in the Business
- Doing Your Research
- How to Choose People to Work With
- Making Connections for Long-Term Benefits
- Real Estate Agents
- Banks and Investors
- Contractors
- Supply Companies
- Inspectors and Appraisers
- City Officials
- 05 Finding a Property
- Choosing the Best Market for You
- What to Look for in Your Search
- Assessing a Property
- Home Inspections
- Working with an Agent
- Buying "As-Is"
- 06 Conducting an Exterior Inspection
- Preparing for an Exterior Inspection
- Roof
- Garage
- Exterior Paved Areas
- Outdoor Structures
- Landscape
- Exterior Doors and Windows
- Walls
- Energy Considerations
- 07 Conducting an Interior Inspection
- Preparing for an Interior Inspection
- Windows and Doors
- Walls, Ceilings, and Floors
- Specific Rooms Throughout the House
- House Utilities
- Environmental Concerns
- Energy Considerations
- Insects and Rot
- 08 Buying a Property
- Negotiating a Price
- Common Negotiating Mistakes
- Discussing Terms
- Types of Sales
- 09 Types of Renovations to Consider
- Deciding What Needs to Be Renovated
- Utilities
- Cosmetic Repairs
- Landscaping
- Outbuildings
- Appliances
- 10 The Renovation Process
- Major Renovations versus Cosmetic Renovations
- Renovating with a Buyer in Mind
- Where to Start
- Working with Contractors
- What to Do Yourself
- The Importance of Documentation
- Ways to Save Money Without Cutting Corners
- 11 Green Options in Renovations
- What Does It Mean to Be Green?
- Recycling and Repurposing
- Eco-Friendly Exteriors
- Roofing and Solar Panels
- HVAC
- Water Heating Systems
- Green Flooring Options
- Other Green Renovation Options
- Sorting Through Your Options
- 12 Working with a Realtor
- Understanding the Selling Process
- Targeting Your Market
- The Cost of a Realtor
- Closing Costs to Consider
- Evaluating Offers
- Having a Plan B
- 13 Selling Without a Realtor
- Know the Risks Before You Sell
- Learning How to Set a Price
- The Importance of Marketing
- Working with Landlords and Other Property Investors
- How to Sell a House Step-by-Step
- FSBO Services
- 14 Preparing to Stage the House
- What Is Staging?
- Doing Your Research
- Know What Home Buyers Really Look For
- Preparing to Stage a Home
- Decorating the House
- Curb Appeal?
- What Not to Do When Staging
- 15 Staging Room by Room
- Exterior
- Entryway
- Public Spaces
- Private Spaces
- Utility Spaces
- Unfinished Spaces
- Outdoor Entertainment Spaces
- 16 Marketing Your House to Sell
- Strategies That Work
- Strategies to Avoid
- Creating Your Own Website
- Internet Marketing
- Creating Marketing Material
- Open Houses and Showings
- Developing a Practical Strategy
- 17 Managing Multiple Flips
- Considering Locations
- Negotiating Several Contracts
- Organizing Multiple Timelines
- Supervising Multiple Budgets
- Recording and Paying Taxes
- Knowing When You Need Extra Help
- Creating a Brand
- Managing an Office
- 18 House Flipping Tax Requirements
- Paying Property Taxes on Flipped Real Estate
- Working with an Accountant
- How House Flipping Affects Income Taxes
- The Real Costs of Doing Business
- 19 Legal Regulations
- Legalities of Buying and Selling
- FHA Anti-Flipping Regulations
- Local Regulations to Consider
- Building Permits
- Partnership and Investor Contracts
- Disclosure Statements
- Beware of Housing Scams and Mortgage Fraud
- 20 Facing Risks Head-On
- Planning for Major Expenses or Renovations
- Unexpected Repairs
- Unforeseen Expenses
- Contractor Fails and Mistakes
- Vandalism and Theft
- Other Potential Risks
- When Your House Does Not Sell Quickly
- Appendix A: Staging Checklist
- Appendix B: Inspection Checklist
- Acknowledgments
- Copyright
