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Index
TABLE of CONTENTS
FOREWORD
INTRODUCTION: THE allure of real estate
CHAPTER 1:Why Real Estate?
The Ups and Downs of Real Estate
Time
It’s Your Money to Gain or Lose
People Will Always Need Housing
Risk is a Part of the Business
Full-Time Versus Part-time Ventures
CHAPTER 2: What is Flipping?
Dealers
Retailers
Being the Best
Organization
Discipline
Project Management
Detail Oriented
Good Negotiation Skills
Good Communication Skills
Flexibility
Motivation and Stamina
CHAPTER 3: The Players
Lawyers
Brokers and Agents
Accountants
Lenders
Buyers and Sellers
Contractors
Home Inspectors
CHAPTER 4: a legal primer
Mortgages
Deeds
Warranty Deed
Deed of Sale
Quitclaim Deed
Special Deeds
Contracts
Change Orders
Payment Schedule
Timeline for Completion
Taxes
CHAPTER 5: The Issue of Financing
Finding Your Source
Brokers and Direct Lenders
Property Owners
Private Investors
Partnerships
Your Money or Theirs?
Closings
CHAPTER 6: FHA/VA Loans
CHAPTER 7: Finding Property that is Prime for Flipping
Finding an “In”
Identifying Neighborhoods of Opportunity
Scouting
Evaluating Property Potential
Negotiating the Deal
Auction, Bank Owned, Foreclosure, and Owner Selling Properties
Making an Offer
CHAPTER 8: Sell or Hold?
Immediate Transfer—The Art of Being a Dealer
Rehabbing—From Wholesale to Retail
Knowing When to Move On
CHAPTER 9: Renovating Properties
Determine a Budget
“A” Priorities
“B” Priorities
“C” Priorities
Contractor Versus DIY
Creating a Timeline
Taking Ownership of a Property that is Currently Occupied
Rehabbing for the Buyer Market
CHAPTER 10: From Investment to Flip—The Art of Showing and Selling
Agent Versus Private Selling
Should I Market to Investors or Retail Buyers?
Staging Open Houses
Once You Begin Receiving Offers…
SUMMARY: summary of the progression of a property flip
CONCLUSION
REFERENCE LIST
GLOSSARY
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