Flipping Houses For Dummies

Description

Title Page; Copyright Page; Table of Contents; Introduction; About This Book; Foolish Assumptions; Icons Used in This Book; Beyond the Book; Where to Go from Here; Part 1 Getting Started with House Flipping; Chapter 1 Brushing Up on the Basics; Grasping the Concept of Flipping; Spotting distressed property; Doing your homework; Making a few minor (or major) alterations; Reselling your rehabbed property; Flipping Legally and Ethically; Flipping illegally; Flipping legally: Buy, fix, and sell; Determining Whether You Have What It Takes to Flip; Devising a Reliable Flipping Strategy. Title Page Copyright Page Table of Contents Introduction About This Book Foolish Assumptions Icons Used in This Book Beyond the Book Where to Go from Here Part 1 Getting Started with House Flipping Chapter 1 Brushing Up on the Basics Grasping the Concept of Flipping Spotting distressed property Doing your homework Making a few minor (or major) alterations Reselling your rehabbed property Flipping Legally and Ethically Flipping illegally Flipping legally: Buy, fix, and sell Determining Whether You Have What It Takes to Flip Devising a Reliable Flipping Strategy. Building an All-Star TeamFinding and Buying a Flippable House Rehabbing Your Fixer-Upper Planning repairs and renovations Applying makeup Tidying up the exterior Focusing on kitchens and bathrooms Making moderate changes Tackling structural enhancements Profiting from Your Venture Chapter 2 Do You Have What It Takes to Flip? Tabulating Your Time Budget For the time-strapped: Part-time flipping All the time in the world: Full-time flipping Delegating time-consuming tasks Shaking Your Piggy Bank Figuring out how much money you need Finding cash to fuel your flip. Taking stock of your financial healthHonestly evaluating your debt tolerance Taking Your Personality Pulse Gathering the Essential Tools of the Trade Chapter 3 Devising an Effective Flipping Strategy Surveying Different Strategies Buy into a hot market Buy low, do nothing, and sell quick Buy low, apply makeup, and sell quick Buy low, renovate, and sell high Buy low, move in, renovate, and sell high Buy, hold, and lease Invest in new construction Focus on a niche market Flip contracts (or do it all on paper) Cook up your own strategy Drawing Up a Detailed Plan in Advance. Plan B: Surviving a Flip That FlopsChapter 4 Building Your Dream Team Teaming Up with a House Hunter -- a Quality Real Estate Agent Recognizing the value of agents Picking an agent with the right stuff Recruiting Moneymen (and Women) Finding financiers Hiring an accountant Obtaining sound investment advice Consulting a Title Company and an Insurance Agent to Cover Your Back Locating a Valuable Appraiser Adding a Real Estate Lawyer to the Roster Lining Up a Home Inspector Hiring Contractors and Subcontractors Tracking down top-notch contractors and subcontractors. Making sure you and your help are on the same pageFinding a handyman and other helpers Chapter 5 Securing the Funds to Fuel Your Flips Recognizing the Importance of Being a Cash Buyer Tapping Your Own Resources for Cash Shaking your piggy bank Unleashing the equity of your current home Cracking open your retirement nest egg Leveraging the Power of Other People's Money Convincing a bank to finance your flips Passing the hat among friends and family Borrowing from a private (hard money) lender Partnering with an investor.