Flipping Houses For Dummies For Dummies Business and Personal Finance
“This book is designed for realty investors who want to profit from buying below market, making cosmetic improvements to add value, and then quickly reselling. But real estate agents and home buyers should also study it because of the valuable insights offered by a longtime, very successful real estate broker. On my scale of one to 10, this superb book rates an off-the-chart 12.”
—Robert Bruss
You’ve probably seen TV shows like Flip This House and Flip That House, in which Real estate investors buy, renovate, and sell a house in a matter of weeks for tens of thousands of dollars in profit. They make flipping houses look so easy that you want to jump out of your recliner (during the next commercial, of course), run down the street, find a house for sale, flip it for a 50 percent profit, and run back home to continue watching the show.
I, Ralph Roberts, have flipped hundreds of houses, and it’s never as easy as it looks on TV. People don’t generally line up at your front door begging you to buy their house for 30-50 percent below market value. Renovation expenses always exceed estimates. And you can’t always sell a house for what you think it’s worth.
Flipping houses for a profit requires time, money, and what I like to call sticktoitism—dogged determination in the face of overwhelming uncertainty.
Not just another house flipping book
You can find plenty of books about flipping houses that claim “anyone can do it” and make flipping look easy and risk-free. Flipping Houses For Dummies takes a different approach—honesty. We don’t claim that flipping houses is “easy” or “simple” or “risk-free,” because, quite frankly, it isn’t.
Flipping Houses For Dummies reveals 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 that those who wish to pursue house flipping need in order to minimize risk and maximize potential profits in a very competitive market. Did you know?
Most books on flipping houses gloss over the key factors that that make or break the novice house flipper. These are the very items we focus on in Flipping Houses For Dummies. For example, did you know:
- You should secure financing before you look at houses.
- As a flipper, you want dontwanners—houses that the owners obviously don’t want.
- You make your profit when you buy the property. You realize your profit when you sell.
- Always plan on earning at least 20 percent after your total investment—purchase price, repairs and renovations, real estate agent commissions, and holding costs (monthly mortgage payments, insurance, property taxes, and utilities).
-
Working with a top-notch real estate agent can save you thousands of dollars more than what you pay in commissions.
- You should choose a limited geographical area to work and then become an expert on the houses and property values in that area.
- Your goal when renovating a home should be to bring the property up to market standards, not exceed them.
A flipping book for real people
Flipping Houses For Dummies speaks to the mom and pop investor, steering you clear of the gray areas, which tend to carry high-risks and low-returns, into safer, more potentially profitable areas. We encourage you invest in your comfort zone and take on bigger, riskier projects with higher profit potential only when you’re ready.
In Flipping Houses For Dummies we stress that the first flip is the most important one, and we take the guesswork out of the first transaction, to lead you through a positive first experience on which to build a promising real estate investment portfolio.
Flipping Houses For Dummies provides plenty of examples of successful and not-so-successful property flips, presenting the total investment (in time and money), the work involved, and the net profit. Before-and-after photos visually illustrate the positive transformations from run-down-shacks to showcase homes.
User Ratings and Reviews
5 Stars Comprehensive!!
This book covers absolutely EVERYTHING involved in flipping houses. It doesn’t leave one topic out. It even talks about all the negatives. Topics are covered very well, even has a cheat sheet to take with you!
4 Stars Not the greatest flipping book ever, but good
One reviewer, who is a realtor, wrote that this book was the greatest ever. It’s not, but it is a good book worth owning. Particularily explaining the things to look for when inspecting the property, rehabbing, developing your farm area, and selling your flip. I did learn several things.
There are several things that I’d never recommend that the author expouses and eventually a reader after years of flipping experience will learn. One example is using realtors on the acquiring end. Maybe that’s why the reviewer labeled the book the greatest ever. That said the advice given overall is probably good for the novice flipper. No book can keep you from losing money, and realize that most first-time flippers either lose money or make so little that the endeavor was not worth their time of investment. If you don’t believe me, just watch the TV shows on flipping. Just understand that they are better ways to find and buy properties, and eventually you’ll learn them if you invest in real estate long enough. The advice not to go FSBO is very wise, and I’m not a realtor.
5 Stars Great Book for Total Beginners!
I bought this book for my boyfriend, who knows/knew nothing about flipping, but has a strong interest in learning about the business. He raved about the book! Said it was easy to read and that he learned a lot, he is now on to reading a more advanced book on the topic.
4 Stars Flipping Houses for Dummies
I have not finished the book yet, but so far it is an easy read. I would reccomend it.
5 Stars flipping houses for dummies
This book was worth the money! It’s easy to read, makes sense and was obviously written by someone who has had experience in flipping houses.
It makes it clear that it isn’t an easy money job but one that takes takes a lot of study and research to be successful at. Joe Baranska, Apopka, Fl
Related Websites -
Finally! The real gamblers in real estate ... FreeMoneyFinance commented yesterday on a CNN Money article: Homes: Cashing Out Might Freeze You Out A lot of homeowners, seeing a nice rise in the price of their homes and a stratospheric market, think about (gasp!) selling their homes and getting back in later when the market cools down. Not...... - Review of Millionaire By Thirty Douglas Andrew’s book reads like a rejected first draft of Rich Dad, Poor Dad and right off the bat, it’s kitschy premise (ripped right from the above book) falls more than a little flat. In order to illustrate his points, the author relies on his sons and their imaginary......
-
Keeping Your Money Safe in Economic Turmoil While many are reacting to the news of bank failures and bailouts badly, there are a few people that are taking the time to assess the situation and figure out what they can do to stay on top, and keep their money safe. Panic is an ugly thing, especially when...... - Riskiest Real Estate Markets In The US A lot of people are wondering where to invest in order to catch the next real estate boom. I don't have a ready answer for that, but Forbes magazine was nice enough to tell us where the riskiest markets are. 1. Miami, Fla. Due in part to escalating insurance costs,......
-
The Mortgage Crisis and Investments in Real Estate According to regional and state real estate analysts, the factors which previously fueled the housing boom of the last few years are easy to explain. The factors that fueled this boom in the real instate industry ranged significantly, including: - Interest rates that were historically low. - Flight-Risk Safety Investments......
You must log in to post a comment.