Cover image for Buy it, fix it, sell it : profit! : [a comprehensive guide to no-sweat money-making home rehab]
Title:
Buy it, fix it, sell it : profit! : [a comprehensive guide to no-sweat money-making home rehab]
Author:
Myers, Kevin C.
Personal Author:
Edition:
[Second edition].
Publication Information:
Chicago : Dearborn Trade, [2003]

©2003
Physical Description:
xii, 298 pages ; 23 cm
General Note:
Includes index.
Language:
English
Electronic Access:
Table of contents http://www.loc.gov/catdir/toc/ecip041/2003006387.html
ISBN:
9780793169382
Format :
Book

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Central Library HD255 .M93 2003 Adult Non-Fiction Central Closed Stacks
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Summary

Summary

Renovating and reselling single-family homes is an income-generating business opportunity available in any area. This text presents insights alongside proven methods for rehabbing and then selling single-family homes as a highly lucrative entrepeneurial venture. Using these techniques, beginning and veteran real estate investors gain in-depth strategies for developing a high-profit, low-overhead business - full-time or part-time. from identifying deal killers to making the right renovations. All new and expanded sections discuss: inspecting the property; dealing with contamination including toxic mould, asbestos, radon, lead paint, groundwater contamination, septic systems and termite infestations; how tax issues affect investments in real estate rehabs; funding pojects using IRA and 401 (k) accounts; and maximizing profits by flipping properties. team that will support the projects, and why not to pick up a hammer, even for those who are handy. Success stories are included to inspire investors and would-be entrepeneurs to take action.


Author Notes

Kevin C. Myers is the president of a diversified group of companies based in Albuquerque, New Mexico. He is involved in real estate investments, appraisal, private mortgage lending, and education


Table of Contents

Prefacep. xi
1. Handyman Properties: A Niche of Opportunityp. 1
Handyman Specials--The Rehab-and-Sell Strategyp. 2
Just the Opposite--The Buy-and-Hold Strategyp. 3
A Blueprint for the Novice Investorp. 4
2. The Real Estate Rehab Business Plan: Outline for Successp. 7
Overview of Investment Strategyp. 8
Finding Target Propertiesp. 9
Determining the Purchase Price of Propertiesp. 10
Buying and Financing Propertiesp. 10
Home Inspections and Estimating Repairsp. 12
Rehab Strategyp. 12
Marketing and Sale of Completed Housesp. 13
Profit Potential of Rehab Projectsp. 14
Cash Investment Requirementsp. 14
Pulling It All Togetherp. 15
Is the Rehab Business Really for You?p. 16
Getting Startedp. 17
3. How to Find Your Real Estate Agentp. 19
Real Estate Agents--Your New Best Friendsp. 19
How to Find Motivated Real Estate Agentsp. 20
The Real Estate Agent Mating Ritualp. 22
The Buyer's Agentp. 23
4. Diamonds in Your Own Backyard: Characteristics of Neighborhoods and Target Fixer-Uppersp. 25
The Number-One Criterion for Selecting Profitable Neighborhoodsp. 26
Older Neighborhoodsp. 27
Just Say No to Expensive Neighborhoodsp. 28
Fixer-Upper Candidates: The Good, the Bad, and the Uglyp. 29
5. Working with Your Agent to Find Bargain Propertiesp. 35
Goldmining for Properties in the MLSp. 35
Dialing for Dollars with FSBOsp. 41
6. The Real Estate Underground: Foreclosures and Bank REOsp. 43
Mortgage or Deed of Trust?p. 44
The Three Foreclosure Marketsp. 45
Bank REO Market--Superstore for the Rehab Investorp. 46
Bank REO Departmentsp. 47
The Secret of Buying Bank REO Propertiesp. 49
Government REOs--Steals and Deals from the Bureaucracyp. 50
HUD's Infamous 203(k) Programp. 52
More Government Giveawaysp. 53
7. Count Your Chickens before They Hatch: Figure Your Profits before You Buyp. 55
Start at the Endp. 55
Maximum Retail Valuep. 56
Go Figure--Calculating the Purchase Pricep. 57
8. The Fine Art of Real Estate Appraisal: Determining Maximum Retail Value after Repairsp. 61
Appraisal 101--The Basic Conceptsp. 62
The Sales Comparison Approachp. 62
Three Criteria for Selecting Comparable Salesp. 63
Adjustments--Correcting for Differencesp. 64
Completing the Appraisalp. 66
As-Repaired versus As-Isp. 67
9. Cash Is King in This Business: Even If You Don't Have Any!p. 69
Nothing Down--Alive and Well, but Differentp. 69
Expose Yourself--Briefly--to High Leveragep. 71
All Cash, All Cash, All Cashp. 72
No Money? No Problem--Here's Where to Get It!p. 73
Jump-Start Your Investing with Partnersp. 77
How to Attract Money like a Magnetp. 78
Other Sources of Money for Dealsp. 79
Is the Existing Loan Assumable?p. 84
Structuring the Deal--Putting It All Togetherp. 85
10. Spotlight on the Private Mortgage Industry: Show Me the Money!p. 89
The Games Bankers Playp. 89
The Little-Known World of Private Mortgage Lendingp. 90
Private Lenders--Who Are These People Any way?p. 91
Take My Money Please! Why Private Lenders Lendp. 92
The Mechanics of a Typical Private Mortgagep. 93
Defaultp. 95
The Private Mortgage Broker--The Person Who Knows Angels!p. 96
Private Mortgage Loan Criteria for Rehab Projectsp. 99
Private Mortgage Terms--Don't Step over Dollars to Pick Up Pennies!p. 102
Private Mortgages Aren't Free--How Much Will It Cost?p. 103
Private Lending Is out of the Closet!p. 104
11. Street-Smart Negotiating: Getting Your Offers Acceptedp. 105
Ugly Houses and Motivated Sellersp. 105
Meet Your Adversary--The Private Ownerp. 106
The Two Most Critical Questions to Ask Every Sellerp. 107
Negotiating from a Position of Strengthp. 108
Real Estate Agents as Potential Roadblocksp. 110
Five Strategies to Get Your Offers Acceptedp. 111
Purchase Agreement Formsp. 112
Using the "Subject to Inspection" Contingencyp. 113
Make Two Offers to Close More Dealsp. 115
Playing the Numbers Game for Fun and Profitp. 116
12. Open Your Eyes and Sharpen Your Pencil: Home Inspections and Estimating Repairsp. 117
The Two-Step Inspection Techniquep. 117
Spend the Time Doing Your Due Diligence Walk-Throughp. 118
Tools of the Tradep. 119
Are the Wrong Things Wrong with the House? The Deal-Killersp. 119
Tune Your Antenna to Look for These Red Flagsp. 120
Inspecting for Routine Repair Itemsp. 123
Seller Disclosure and the "As Is" Ployp. 130
Finding the Right Home Inspection Professionalp. 132
The Art and Science of Estimating Repairsp. 134
Quality of Materials--You Get What You Pay Forp. 142
13. Toxic Real Estate: Dealing with Contamination Issuesp. 145
Asbestos--The Mother of All Contaminatesp. 146
Lead-Based Paint--Not the Problem It Once Wasp. 149
Radon--Ho Hum ... Yawnp. 153
Toxic Mold--A "Growing" Problemp. 157
What to Do about a Wet, Moldy Basementp. 161
Water Wells and Septic Systems--Look Out!p. 164
You've Found a Problem--Now the Question Is, Who Pays?p. 166
14. Kissing Frogs: Renovations That Make You Moneyp. 169
Underimprovement and Overimprovementp. 169
The Basic Renovation Strategyp. 171
Know Who Your Buyer Isp. 171
Two Rooms That Really Count--Kitchen and Bathp. 172
The Basic Renovation Philosophyp. 173
The Myth of Return on Rehab Expendituresp. 175
The C-K-B-Sizzle Approach to Rehabp. 176
The Killer Kitchen for $2,000 or Lessp. 179
Bathrooms to Die Forp. 182
It's the Sizzle That Sellsp. 185
15. OK, I Bought the House--Now What? Getting the Work Donep. 187
Why You Should Never Do the Work Yourselfp. 187
Handyman or General Contractor?p. 188
Developing a Rehab Plan Scope of Workp. 190
How to Find Your General Contractorp. 193
Selecting Your Contractor and Signing the Contractp. 194
Funding Control--Handling the Moneyp. 202
How to Find Your Handymanp. 203
How to Find Your Specialized Subcontractorsp. 205
Six More Tips for Working with Contractorsp. 205
Managing Your Rehab Projectp. 207
16. Getting Paid: Quickly Selling Your House for Top Dollarp. 209
The Six Key Elements of Your Marketing Strategyp. 210
Should I Use a Real Estate Agent or Sell the House Myself?p. 212
How to Select Your Real Estate Agentp. 213
The Three Key Provisions of the Listing Agreementp. 214
Apartment-Dwellers--Your Prime Marketing Targetp. 217
Will You Help with Financing?p. 217
Nonconforming Lenders and Finance Companiesp. 219
Creating an Assumable Loan with a Private Mortgagep. 219
Getting the Buyer to the Closing Tablep. 220
17. Graduate School: Advanced Strategies for Operating a Rehab Business for Maximum Profitp. 223
Profit Potential of the Rehab Businessp. 224
Advanced Techniques for Finding Bargainsp. 224
Getting Rich by Driving Aroundp. 226
College Students as Bumble Beesp. 227
Referral Networkp. 230
Direct Mail--Your Secret Weapon for Successp. 231
Preforeclosure Marketp. 234
Public Auction Market (Trustee's/Sheriff's Sale)p. 236
Putting Together Your Own Dream Teamp. 239
Should I Incorporate My Business?p. 240
Speaking of Income Taxesp. 241
Operating to Maximize Profitsp. 242
Building Your Business and Investing Your Profitsp. 244
Still Not Sure about Doing Rehabs? The Wholesale Alternativep. 247
Momentum--The Secret of Business Successp. 248
18. Success Stories from the Fieldp. 249
Small Town Handyman Makes the Leapp. 250
Finance Companies as a Source of Bargainsp. 251
First-Time California Rehabber Strikes Goldp. 252
Calling All FSBOsp. 253
Appraiser Builds a Rental Empirep. 254
South African Teacher Discovers Rehab Profitsp. 255
Focus on the Finished Productp. 257
First Rehab Project Nets $18,000 Profit in 30 Daysp. 258
Retired Truck Driver Pursues His Dreamp. 259
Car Dealer Goes Full-Time as Investorp. 260
Should I Sell the Contract Wholesale or Rehab?p. 262
A Partnership That Worksp. 264
How to Buy Bank REO Propertiesp. 265
Part-Time Wholesale Entrepreneur Tells His Storyp. 267
Appendix A Investment Opportunity Worksheetp. 271
Appendix B State Foreclosure Informationp. 275
Glossary of Common Real Estate Termsp. 287
Indexp. 295

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