Flipping houses 1st Edition by Tim Lenihan, Patricia Burkhart Smith 1465459111 9781465459114

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Product details:

ISBN-10 :  1465459111 

ISBN-13 :  9781465459114

Author:  Tim W. Lenihan, Patricia Burkhart Smith 

Flipping houses can be a dream—or a nightmare. You have to know what you’re doing. Idiot’s Guides: Flipping Houses takes a practical, real world look at the process by presenting the risks and rewards of flipping real estate. This book will help determine if you have the necessary time and cash, and guide you through the process of successfully purchasing, rehabbing, and profiting from their investments. The book includes:   • An in-depth discussion on devising the perfect flipping strategy, including a business plan and timeline, which enables a flipper to take a property from drab and shabby to modern and eye appealing.    • Tips on how to target neighborhoods, properties, and selling markets to find a perfect flip property.    • Easy-to-understand checklists so you can ensure you’ve performed all the Flip Timeline Steps, including legal paperwork, staging the house, inspection, and closing.    • Discussion on finding financial funding and assembling your team of experts.    • Instruction on performing a quick makeover for a quick sale or a more in-depth update to really impress buyers.    • Tips and tricks to negotiation your sale and what to expect at closing.    • Post-Flip financial analysis on determining your profits, taxes to pay, and how flipping affects your income.

Flipping houses 1st Table of contents:

Part 1: Laying a Solid Foundation
1 What Is House Flipping?
House Flipping 101
Why Flip Now?
Favorable Factors
Reverse Migration
Qualifications Needed
Brokers and Realtors
Contractors
Architects, Draftsmen, and Interior Designers
Mortgage Brokers and Bankers
The Value of Sweat Equity
Why Do These Experts Need You?
Risks and Benefits
Income Potential
2 Getting Started Flipping
Who Makes the Best Flippers?
Mapping Your Strengths
Filling the Voids
Types of Business Entities
Sole Proprietorships
Partnerships
LLCs
S Corporations and C Corporations
Setting Up Your Business
Career or Hobby?
Going Solo vs Working with a Partner
Home or Office—Where to Work?
The Importance of Good Equipment
Computers and Tablets
Cellphone
Camera
Office Furnishings
3 Getting Yourself Organized
Organize for Success
Going Digital
Just Clean It Up!
Effective Project Management
Multitasking
Hiring Assistants
Organizational Tools
Estimating
Project Timelines
Budgets
Materials Management
4 Securing Financing
Assessing Risks
The First Rule of Flipping
Risk Mitigation
Estimating Costs
Other Influencing Factors
Gathering Your Ducks
Creating a Project Budget
Project Financing
Using Your Own Money
Banks and Mortgage Companies
Finding and Working with Private Investors
The All-Cash Deal
Other Creative Financing Options
Bridge Loans
Hard Money Loans
Partnerships
Friends and Family
Mix and Match
5 Building Your Flipping Team
Building Successful Partnerships to Increase Profits
Your Investors
Your Realtor
Contractors
Project Manager
Stagers
Building Inspectors: Friends or Foes?
What They Do
Building Inspectors vs Home Inspectors
Figuring Out Who Does What
Hiring a Personal Assistant
6 Planning Your First Flip
Follow the Leaders
Getting Along
Setting Realistic Expectations
Staying on Track
Accurate Scheduling
The Inspection
Laying Out Your Order of Work
A Warning About TV Flipping Programs
Checklists for Success
Target Neighborhoods
Financials, Budget, and Projected Profit
Schedule
Required Permits and Inspections
Contractors
Materials
Possible Pitfalls
When Things Fall Apart
Part 2: Selecting the Right Property to Flip
7 Location, Location, Location
High-Demand Hot Spots
From Cold to Hot and Back Again
The Flipping Cycle
What’s Ripe for Flipping?
Distressed vs Up and Coming
Trending vs Stable
City vs Suburban
Urban vs Rural
Rating Property Potential
Avoiding Money Pits
The Most House for Your Money
8 Finding Houses to Flip
Relying on Your Realtor
How to Monitor MLS Listings
Watching the Classifieds
Distressed and “As-Is” Properties
Obituary Columns
Estate Sales
Looming Foreclosures
Courthouse Auctions
Legal Announcements
Other Techniques
Cruising Neighborhoods
Online Auctions
Rumors and Gossip
Neighborly Chats
Mailings
9 Identifying Your Target Audience
Assessing Demographic Data
Main Buyer Categories
Families with School-Age Children
Trendsetting Newlyweds
Single Parents
Empty Nesters
Retired Couples
Singles, Older or Younger
Amenities, Shopping, and Services
Schools and Churches
Hospitals, Medical Services, Police, Fire, and Rescue Services
Public Transportation
Grocery Stores and Other Shopping
Restaurants, Theaters, and Other Entertainment Venues
Parks, Hike and Bike Trails, Pools, and Sports Facilities
Traffic and Commute Times
Matching Lifestyles to Neighborhoods
Finding, Targeting, and Closing Your Ideal Buyers
10 Foreclosures: Yes or No?
What Is a Foreclosed Property?
How Do I Find Foreclosed Properties?
Working with Your Realtor
Searching the Internet
Other Methods
Buying Pre-Foreclosure Properties
Pre-Foreclosure Defined
How a Pre-Foreclosure Purchase Works
Don’t Believe Everything You See on HGTV
Pros and Cons of Foreclosed Properties
Foreclosure Auctions
Avoiding “Gotchas!” on Distressed Properties
11 Buying Your First Property
Working with Your Realtor and Contractor
Working with Your Investor on Board
Evaluating Profit Potential
Defining a Target Price
Assessing Your Risk Tolerance
Setting Limits on Spending
The Art of the Offer
Getting Ready for Your First Act of Sale
Insurance Coverage
Financial Matters
Getting Your Team Ready
Ordering Materials
12 How Much Are You Willing (and Able) to Do?
Assessing Repair and Renovation Needs
Start on the Outside
Check Out the Inside
Develop a Renovation Plan
Get Multiple Bids
What Materials Will You Use?
Estimating Costs
DIY vs Hiring Professionals
Dividing the Labor
What Can You Actually Do?
What Must You Hire Out?
Part 3: Demolition and Renovation
13 Permit or Perish
What Are Building Codes?
Two Potential Speed Bumps
Design Review Boards
Zoning Compliance
What Permits Are Required?
General Building Permit
Electrical Permit
Plumbing Permit
Mechanical or HVAC Permit
Where to Get Permits
Time Required to Obtain Permits
Costs Required to Obtain Permits
Calling for Inspections
Using a Permit Service
Notice of Violation
Consequences of Unpermitted Work
14 The Quick Makeover
You Still Need Permits!
Assessing What Is Needed
Quick Updates with Big Results
Cleaning Up
Minor Repairs
Paint, Flooring, and Countertops
Plumbing Fixtures
Lighting
New Appliances
Power Washing
Landscaping
Trash Removal
15 The Demolition
Before You Start
It’s About More Than HGTV
Everything Old Is Desirable Again
Insuring Your Project
What Kind of Insurance Do You Need?
What About Homeowner’s Insurance?
Is There Any Way to Save Money on Coverage?
Other Types of Policies
Comprehensive Coverage
Doing the Demolition
All the Right Equipment
Unseen Hazards
Order of Demolition
Weather Watch
Handling Unreliable Crews
Dealing with Demolition Debris
Prepping a Demolished Space for Renovation
16 The Renovation
Selecting Materials and Finishes
Vintage Materials
Smart Ways to Save
Savvy Shopping
Bulk Purchases
Structural Issues
Saving Disastrous Floor Plans
Order of Work
Exterior Repairs
Plumbing
Electrical
Mechanical
Sheetrock/Drywall
Painting
Cabinets and Countertops
Light Fixtures and Switch Plates
Flooring
Tile
Installed Appliances
Trim Carpentry
Scheduling Glitches and Cost Overruns
The Final Cleanup
17 The Power of Curb Appeal
Create a Plan
Landscaping vs Hardscaping
Landscape Architects
Wholesale Nurseries
Inviting Entrances
Front and Backyard Upgrades
Pleasing Patios and Porches
Water Features
Rock Gardens
Soil and Borders
Mulch on This
Gazebos and Sheds
Outdoor Lighting
Upgrading Driveways and Walkways
Fencing and Privacy Screens
Part 4: The Flip
18 To Stage or Not to Stage?
What Does Staging Accomplish?
Building Emotional Connections with Buyers
Emotional vs Logical Buyers
Can I Stage a House Myself?
The Right Stager for Your Project
Assessing Style IQ
Checking Inventory
Scheduling a Stager
Which Rooms Should You Stage?
How Much Does It Cost?
How Long Will It Take?
Is It Worth It?
19 Price and Marketing Strategies
Working with a Realtor to Set Prices
Assessing Market Conditions
Weighing Profit vs Speed of Sale
Marketing Your Flip
The Power of MLS
Photographs That Sell
Networking with Other Realtors
Advertising
Classifieds
On-Site Property Flyers
Craigslist
Broker Ads
Broker and Agent Websites
Emails
Social Media Ads
Postcards
Word of Mouth
Open Houses
Maintaining Listed Property
20 Gathering Offers
You Have an Offer—Now What?
Evaluating a Single Offer
Other Factors Influencing Your Decision
Dealing with Contingencies
All Cash or Financed?
Evaluating Multiple Offers
The Art of Negotiation
Selecting the Right Offer
No Sale? Keep on Marketing!
21 Preparing for the Act of Sale
Your Realtor’s Time to Shine
Seller’s Disclosure
Filling Out the Forms
Take Your Time
Other Paperwork
Inspection Issues
What Happens at a Home Inspection?
Preempt Problems with a Pre-Inspection
The Appraisal
Loan Approval
The Act of Sale
Activating Backup Offers If the Sale Falls Through
22 After the Flip Is Over
Analyzing Your Results
Paying the Piper, and Everyone Else, Too
Why Prompt Payment Matters
Keeping Your Investor(s) Happy
Managing Cash Flow
How Not to Blow Your Money
The Matter of Taxes
Save to Build a Better Future
So How Much Is Really Yours to Spend?
Accountant, Bookkeeper, or Both?
Planning Your Next Flip
To Flip Number Two and Beyond

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Tags: Flipping houses, Tim Lenihan, Patricia Burkhart Smith