[Dummies 01] • Flipping Houses For Dummies · 3rd Edtion, 3rd Edition by Roberts, Ralph R. -- Read -- Imperial Library of Trantor

Index

Cover Title 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 Flipping Legally and Ethically Determining Whether You Have What It Takes to Flip Devising a Reliable Flipping Strategy Building an All-Star Team Finding and Buying a Flippable House Rehabbing Your Fixer-Upper Profiting from Your Venture

Chapter 2: Do You Have What It Takes to Flip?

Tabulating Your Time Budget Shaking Your Piggy Bank Taking Your Personality Pulse Gathering the Essential Tools of the Trade

Chapter 3: Devising an Effective Flipping Strategy

Surveying Different Strategies Drawing Up a Detailed Plan in Advance Plan B: Surviving a Flip That Flops

Chapter 4: Building Your Dream Team

Teaming Up with a House Hunter — a Quality Real Estate Agent Recruiting Moneymen (and Women) 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

Chapter 5: Securing the Funds to Fuel Your Flips

Recognizing the Importance of Being a Cash Buyer Tapping Your Own Resources for Cash Leveraging the Power of Other People’s Money Using Conventional Financing (for Longer-Term Real Estate Deals)

Part 2: House Hunting with an Eye for Flipping

Chapter 6: Scoping Out a Fertile Neighborhood

Pinpointing House Flipping Hot Spots Sizing Up the Local Real Estate Market Comparing Neighborhoods Considering Other Neighborhood Factors

Chapter 7: Hunting for Houses in Your Target Area

Focusing Your Search on Affordability Digging Through Property Listings, Ads, and Publications Mining Special Markets for Dontwanners

Chapter 8: Closing In on Foreclosure Properties

Getting Up to Speed on the Foreclosure Process Brushing Up on Local Rules and Regulations Picking Your Point of Entry into the Foreclosure Process Purchasing Foreclosure Properties Step by Step Advertising to Generate More Leads

Chapter 9: Scoping Out Properties in Special Markets

Acquiring Properties in Probate Scooping Up Bargains in Bankruptcy Finding Government-Owned Properties Buying Properties at Tax Sales

Part 3: Evaluating Properties and Crunching Numbers

Chapter 10: Researching Distressed Properties

Creating a Property Dossier Checking Out the Property Following the Paper Trail

Chapter 11: Inspecting the Property and Estimating Rehab Costs

Packing for Your Inspection Mission Finding the Perfect Candidate for a Quick Makeover Assessing Potential Curbside Appeal Taking a Big Whiff, Inside and Out Inspecting the House for Big-Ticket Items Discovering Some Promising Features Arriving at a Ballpark Figure for Repair and Renovation Costs

Chapter 12: Calculating Your Profit and Maximum Purchase Price

Doing the Math to Ensure a Profitable Flip Estimating a Realistic Resale Value Accounting for Expenses

Chapter 13: The Art of Haggling: Negotiating a Price and Terms

Planting the Seeds for Successful Negotiation Making an Offer They Can Refuse (But Will Consider) Tending to the Details: Inspections, Appraisals, and Walk-Throughs Closing the Deal

Part 4: Fixing Up Your Fixer-Upper

Chapter 14: Prioritizing and Planning Your Renovations

Developing an Eye for Home Improvements Prioritizing Your Projects Delegating Duties Drawing Up a Tentative Budget Coming Up with a Game Plan

Chapter 15: Giving Your Property a Quick Makeover

Sprucing Up the Yard Freshening the Façade Touching Up the Interior

Chapter 16: Perking Up the Curb Appeal

Revitalizing the Landscape Tidying Up the Driveway and Walkways Making Entryways More Inviting Refreshing the Outside Shell of the House Glamming Up the Garage

Chapter 17: Dazzling the Crowds with Updated Kitchens and Baths

Giving Kitchen Cabinets, Countertops, and Sinks a Facelift Modernizing Kitchen Appliances Updating the Bathrooms

Chapter 18: Tackling Moderate Makeovers

Installing Replacement Windows Replacing Drab, Weathered Doors Putting on Your Own Floor Show

Chapter 19: Reconfiguring Spaces and Other Structural Overhauls

Attending to Essential Structure and Infrastructure Repairs Fiddling with the Floor Plan … or Not Identifying Load-Bearing Walls Maximizing the Use of Existing Space Building New Rooms from Scratch Adding a Deck or Patio

Part 5: Cashing In: Realizing Your Profit

Chapter 20: Considering Your Options: Cash or Cash Flow?

Setting a Goal: Cash or Cash Flow Cashing Out: Selling the Property Exploring Cash-Flow Possibilities

Chapter 21: Marketing Your Home

Harnessing the Power of a Real Estate Agent to Market and Sell Your House Setting an Attractive Asking Price Staging a Successful Showing Offering to Help Secure Attractive Financing Becoming a Real Estate Marketing Maven

Chapter 22: Negotiating the Sale to Maximize Your Profit

Comparing Seemingly Similar Offers Mastering the Art of Counteroffers Shuffling Papers and Other Legal Stuff at Closing

Chapter 23: Trudging through Some Taxing Issues

Estimating the Tax Man’s Take from Your Flipping Profits Maximizing Tax Savings from the Sale of Your Principal Residence Slashing Your Capital Gains through Careful Deductions Deferring Taxes: Rolling Your Gains into Your Next Purchase Selling Your Home at a Loss (Ouch!) Paying Income Tax: When Flipping Houses Becomes Your Occupation

Part 6: The Part of Tens

Chapter 24: Ten Ways to Find Dontwanners

Cruising the Neighborhood Teaming Up with a Great Real Estate Agent Checking Classified Ads and Online Listings Skimming Foreclosure Notices Monitoring Tax Sales Scoping Out Bank-Owned Properties Probing Probate Properties Digging Up Houses in Bankruptcy Sifting through the Government’s Stash Networking and Advertising for Leads

Chapter 25: Ten Signs of a Great House Flipping Opportunity

The Location Is an Obvious Hot Spot Nobody’s Home The “For Sale By Owner” Ad Is Shrinking The Seller Is Highly Motivated to Be Freed from the Burden of Ownership The House Is Ugly Outside The House Is Ugly Inside The Decor Is Outdated The House Has Character The House Has Undeveloped Living Space The Property Backs Up to Nothing

Chapter 26: Ten House Flipping Blunders

Falling for a Scam Speculating on the Housing Market Waffling on an Obviously Good Deal Backing Yourself into a Contractual Corner Failing to Inspect the Property before Closing on It Assuming the Title Is Clear Underestimating the Cost of Repairs and Renovations Doing Shoddy Work to Save Money Over-Improving a Property Forgetting to Pay the Taxes

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