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Find it, fix it, flip it! Make millions in real estate one house at a time

Author: Corbett, Michael Publisher: Plume, 2006.Language: EnglishDescription: 227 p. ; 18 cm.ISBN: 0452286697Type of document: Book
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Europe Campus
New Acquisitions Display
Print HG179 .C67 2006
(Browse shelf)
001157373
Available 001157373
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Find It, Fix It, Flip It! Make Millions in Real Estate One House at a Time! Contents Acknowledgments Introduction xiii xv PART ONE: FIND IT 1 FLIPPING SUCCESS The Essential Guide to Your Financial Future The Home as an Investment--Yesterday and Today The True Cost of Traditional Home Ownership The Strategy of Flipping The Four Paths to Flipping Success My First Los Angeles Flip How Flipping Works Getting Started It's Not About "No Money Down" Some Flipping Inspiration 2 FLIPPING ECONOMICS 101 Why Flipping Works Crunching the Numbers to a Profitable Flip The Profit Calculator Chart Takes the Guesswork Out of Flipping Calculate Your Profit Before You Buy How to Succeed Whether the Market Is Up, Down, or Sideways 1 3 17 vi Contents Getting Your Personal Economics in Order How Much House You Can Afford--How Much Money You Need 3 YOUR FLIPPING DREAM TEAM Your Dream Team Your Realtor How to Find the Perfect Realtor Your Mortgage Broker Your Insurance Agent Your Accountant Your Lawyer Your Contractor or Handyman 4 FIND THE HOUSE WITH THE RIGHT THINGS WRONG Learn to Hunt with Two Sets of Eyes How to Tell the Fixers Apart The Six Levels of Improvements Fix-It Levels Profit Levels The Power of the Profit-Level Upgrades House-Hunting Tips Where to Look: Location, Location, Location How to Look Things You Can Do on Your Own Other Types of House-Hunting Opportunities Flip Properties with Income Potential 5 THE FINANCIAL MODEL FOR SUCCESS: THE PROFIT CALCULATOR T h e F i n a l F l i p p e d P r i c e ( F F P ) -- The Cornerstone of Flipping Breaking the Comps The Secret to FFP: Know Your Market and Your Buyer Know Your Market 32 43 70 Contents vii Know Your Buyer Types of Buyers Estimating Fix-It Costs 101 Estimating Your Fix-It Costs Is a Four-Step Process Purchase Price Purchase Closing Costs Carrying Costs Private Mortgage Interest--PMI The 20 Percent Buffer Carrying Costs Allow You to Live for Free--Like I Did Capital Gains Taxes on Your Profit Calculate the Maximum You Should Pay for the Profit You Want! 6 BECOME A FLIPPING SLEUTH Get the Info You Need to Get the Deal You Want The Inside Scoop--What's Not in the Listing Know Your Seller--Are They Motivated? Ten Questions Home Sellers Don't Want You to Ask Find Out the House's History Chat Up the Neighbors 7 WRITE A WINNING OFFER Deal-Winning Strategies Price How Market Ups and Downs Influence Your Offer Strategies Deposit Down Payment Contingencies Terms Six Things to Include That Won't Bother Your Buyer but Will Benefit You! Presenting the Offer The Letter of Preapproval The "Please Let Me Buy Your House" Letter 97 90 viii Contents Put a Time Limit on Signing When Losing the Deal Can Be a Win--The Backup Position Backup Offer Must-Haves 8 HOW TO SURVIVE ESCROW AND COME OUT A WINNER 111 The Escrow Paperwork Understanding the Process Will Save You Thousands Three-Ring Circus The House Inspection House Inspection Benefits Hiring the Inspector Inspection Target Spots Other Inspections You May Need to Cover Your ... Assets Four Things to Demand Prior to Inspection How Inspection Discoveries Get You a Better Deal Securing Your Mortgage Four Kinds of Available Mortgages The Perfect Flip Mortgage The Perfect Flip Mortgage Versus the Traditional Mortgage Escrow Paperwork How to Save Money on Closing Fees What Is the Estimated Closing Cost Statement? Junk Fees: Ones to Look for--and Get Rid Of Seven Flip Tips for a Smooth Closing PART TWO: FIX IT 9 THE BIG FIX: THE FIX-IT IMPROVEMENT LEVELS Know Your House Cost Versus Return Overcoming the Cost Versus Return Challenge The Six Levels of Improvements 139 141 Contents The Fix-It Levels Serious but Fixable Problems = Profit in Your Pocket System Upgrades Fix-It Essentials The Outside The Interior The Kitchen The Master Bath and Bathrooms Throughout the House 10 THE BIG FIX: THE PROFIT IMPROVEMENT LEVELS Lifestyle Upgrades = Huge Profits Lifestyle Upgrade Winners A Grand Entrance Go with the Flow Make the Kitchen Delicious Let There Be Light Make Room for a View Master the Closets Push the Inside Out--Expanding Your Boundaries Cemented Backyards Undefined Property Lines Creating Privacy Capturing Unused Yard Space Underdeveloped Exterior Structures Unrealized Potential for Additional Income Adding Square Footage--Expand Carefully Upgrading the Neighborhood Designedto-Flip and Dressed-to-Sell 11 YOUR FIX-IT HIT LIST: COSTS AND BUDGETS Your Fix-It Hit List Estimating and Gathering Costs Getting Prices ix 175 192 x Contents Renovation Industry Costing Guides Marshall and Swift Cost Estimates Creating the All-Important Budgets Budget One--The Fix-It Estimated Costs Budget Budget Two--The Fix-It Working Budget Budget Three--The Fix-It Final Budget 12 STARTING THE WORK AND GETTING IT DONE Pick Up the Hammer or Pick Up the Phone General Contractor Subcontractors Individual Tradesman or Handyman Finding the Perfect Contractor Getting the Bids Prepare a Fix-It Hit List for Your Contractor The Eight Must-Haves in a Contractor's Bid Contractor Contracts Completion Dates Change Orders Subcontractors Congratulations: You Are Now the Project Manager Scheduling Is Imperative! 220 PART THREE: FLIP IT! 13 DESIGNED TO FLIP Steal This Look Three Designed-to-Flip Key Principles Light and Lighting Paint and Color Interior Colors Exterior Colors Other Designed-to-Flip Tips 243 245 Contents xi 14 TIME TO CASH OUT!: HOW AND WHEN Taxes and Timing--Your Profit and Uncle Sam Decide When to Sell Before You Buy Five Significant Ways to Maximize Your Profit and Minimize Your Taxes Two-Year Primary-Residence Tax Break Two-Year-Exemption Tax Break Long-Term Versus Short-Term Capital Gains The 1031 Tax-Deferred Exchange 15 FLIPPING THE HOUSE YOU LIVE IN The Good News The Bad News Analyze the House You've Got How to Make More Profit When You Sell Flipping the House You Own Living Through Your Fix-It Phases You're Not Ready to Sell Yet Save It, Store It, Sell It, or Chuck It! Three Steps to Creating Space Organize What's Left 262 268 Organize Kitchen and Bathroom Cabinets Make Your Clothes Closets Look Department-Store Perfect Creating Space in Your Home Creates Space in Your Life 16 DRESSED TO SELL Dressed-to-Sell Components Staging--The Hot New Selling Tool Five Major Staging Benefits Staging the House You Live In The Emotional Edge--How to Get It and Make It Pay Room-by-Room Vignettes Seduce the Senses Is Your Flip "Camera-Ready"? Squeaky Clean Sale Day--Get Ready for This Wild Ride! Show-Prep Checklist 278 xii Contents 17 LET THE SELLING BEGIN 303 For Sale by Owner-- Think Again Setting the Selling Price-- Your "Final" Final Flipped Price The Listing Agreement Getting Your Realtor Ready for Sale The Marketing Game Plan Sales Strategy The Buyers and the Offers How to Analyze Your Offers Backup Offers Surviving the Closing Escrow The Two Selling Escrow Arenas Keeping the Buyer on Track Keeping the Buyer on Schedule Your Seller Escrow Paperwork Delivering the Property 18 CONGRATULATIONS--SOLD! NOW STEP AWAY FROM THE CASH! My Find It, Fix It, Flip It! Experts Internet Resource Guide 323 324 328

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