Cover image for The complete guide to flipping properties
Title:
The complete guide to flipping properties
Author:
Berges, Steve, 1959-
Personal Author:
Publication Information:
Hoboken, N.J. : J. Wiley, [2004]

©2004
Physical Description:
ix, 229 pages : illustrations ; 23 cm
General Note:
Includes index.
Language:
English
Subject Term:
ISBN:
9780471463313
Format :
Book

Available:*

Library
Call Number
Material Type
Home Location
Status
Central Library HD1375 .B429 2004 Adult Non-Fiction Non-Fiction Area
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Summary

Summary

Fix and flip single-family houses for quick profit--and long-term prosperity

The Complete Guide to Flipping Properties offers proven, straightforward guidance for anyone interested in flipping properties for quick profits. This comprehensive guide to flipping will help any real estate investor design a detailed plan for achieving their financial goals as quickly as possible. Steve Berges, creator of the value play strategy, shows you step by step how to flip properties and lock in profits. With in-depth explanations of every aspect of the art of flipping--from finding properties and closing the deal, to repairing houses and reselling at the best price--this book is the ultimate resource for novice investors and real estate pros alike.

The Complete Guide to Flipping Properties includes:
* Time-tested strategies for flipping
* Ten proven methods for locating great properties
* Property valuation methods--and which one is right for you
* Financial analysis and modeling techniques
* How to create value and maximize your profits
* Seven steps of successful negotiation
* How to close the deal
* Foolproof exit strategies for getting rid of properties
* How to assemble a winning team of professionals
* Three keys to maximizing your potential as a real estate investor


With tips on writing business plans, investing on credit or with OPM (other people's money), and creative financing methods, The Complete Guide to Flipping Properties gives any investor the tools they need to build wealth safely and reliably.


Author Notes

Steve Berges is a real estate investment professional with over twenty-five years experience


Table of Contents

Acknowledgmentsp. ix
Chapter 1 Introductionp. 1
Backgroundp. 2
Real Estate: A Sound Investmentp. 4
Leverage: The OPM Principlep. 6
Economic Housing Outlook for the Next Decadep. 8
Chapter 2 Flipping Properties Definedp. 11
Three Primary Classes of Flippersp. 13
Scoutsp. 13
Dealersp. 15
Retailersp. 17
Using Options To Flip Propertiesp. 19
Clearly Defined Objectivesp. 20
Entry Strategyp. 22
Postentry Strategyp. 23
Exit Strategyp. 23
Chapter 3 The Value Play Strategyp. 25
Buy-and-Hold Strategyp. 26
The Value Play Strategyp. 29
The Value Play Selection Processp. 31
Property Locationp. 33
Price Rangep. 35
Physical Conditionp. 35
Chapter 4 Ten Ways to Locate Propertiesp. 45
Real Estate Agentsp. 45
Classified Advertisingp. 49
Real Estate Publicationsp. 51
Local and National Web Sitesp. 51
Real Estate Investment Clubsp. 54
Bank REOsp. 55
Marketingp. 56
For Sale by Owners (FSBOs)p. 60
Vacant Propertiesp. 61
Foreclosuresp. 62
Chapter 5 Valuation Methodologiesp. 65
How to Know How Much Is Too Muchp. 66
Valuation Methodologiesp. 66
Replacement Cost Approachp. 66
Income Capitalization Approachp. 68
Sales Comparison Approachp. 70
Chapter 6 Financial Analysisp. 73
The Texas Two-Stepp. 73
Multiply Your Efforts by 22p. 82
From Residential to Commercialp. 93
Chapter 7 Seven Steps of Successful Negotiationsp. 111
The Psychology of Negotiatingp. 111
Comprehensive Knowledge of Marketp. 114
Degree of Seller's Motivationp. 115
Backdoor Exitsp. 119
Concessionsp. 121
The Red Herring Techniquep. 122
The Money-Talks Approachp. 123
Chapter 8 Financing and Closing Considerationsp. 127
Conventional Mortgagesp. 127
Mortgage Brokersp. 129
Local Banksp. 130
Lines of Creditp. 131
Owner Financingp. 133
Partnershipsp. 135
Your Business Planp. 136
What Every Borrower Should Know about Credit Scoresp. 137
Underwriting Guidelinesp. 140
The Closing Processp. 142
Chapter 9 Assemble a Winning Team of Professionalsp. 149
Scouts and/or Dealersp. 150
Office Managerp. 151
Property Rehab Managerp. 152
Local Lender or Mortgage Brokerp. 153
Real Estate Attorneyp. 153
Title Companyp. 154
Real Estate Agentsp. 155
Chapter 10 Three Keys to Maximizing Your Potentialp. 157
Postentry Planningp. 157
Doing It Yourself versus Hiring It Outp. 159
Increasing Your Property's Marketabilityp. 163
Preplanningp. 163
Heightening Visibility through the MLSp. 164
Offering a Marketable Productp. 166
Competitive Pricingp. 167
Offering Incentivesp. 167
Summaryp. 168
Chapter 11 The Three Principles of Powerp. 169
The Principle of Visionp. 172
The Principle of Passionp. 178
The Principle of Autonomyp. 180
Appendix A Property Inspection Checklistp. 183
Appendix B Owner and Subcontractor Agreementp. 195
Appendix C Sample Real Estate Formsp. 201
Appendix D Sample Personal Financial Statementp. 219
Appendix E @www.thevalueplay.comp. 223
Appendix F @www.symphony-homes.comp. 225
Indexp. 227

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