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
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 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!
5 Stars Flipping Houses For Dummies
I would recommend this book as a required reading before you start Flipping houses it has step by step information you need to get started, I would also recommend getting in touch with a Real Estate Agent and sit down and tell them what you have in mind they can give you some great advice, the book also covers Personal Finance and getting finances for your project.
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
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.
Related Websites -
Flip That House Since we downsized our cable TV package we miss some of the good channels like The Learning Channel. While on travel I watched a few episodes of Flip That House, a show that follows real estate investors through their real estate flips. Real life of course differs from TV, but...... - Buying Real Estate or Properties? by Buddy U. Dasher Your home is your caste. However many people do not do a proper job of thorough research on their real estate , vacation property or investment real estate before signing on that bottom line. Prudence pays when it comes to legal, real estate and investment property......
-
Sarasota Realtor Discovers 'Secrets' Of Successful Short Sale Settlement & Finally Resuscitates His Dead Real Estate Business! Sarasota Realtor refuses to be scammed by another ridiculous (sounding) claim of "short sales riches." In a fit of anger, Sarasota Realtor Mike Payne fires off a "hate" email...that backfires on him. ...pleasantly backfires on me. That's right. But wait, I'm getting a head of myself. First, I want you...... - Home Prices to Fall Another 30%: Analyst Who Called Crash Makes Bearish Call on Real Estate Several readers have emailed me over the past few weeks asking my opinion on the current state of the real estate market after my post on mark-to-market accounting practices. The gist of these questions went something like this: Is now the time to buy a house? Have we hit a......
- The Coming Real Estate Crash? Foreclosures Up 79%. In California, that is. I am sure it not as high other places, but a 79% jump in foreclosures is a pretty big jump, wouldn't you say? According to Inside Bay Area, California had 16,273 foreclosure filings in February, up 79 percent from a year ago which does not bode......
You must log in to post a comment.