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Title: Flipping Properties: Generate Instant Cash Profits in Real Estate by William Bronchick, Robert Dahlstrom ISBN: 0-7931-4491-4 Publisher: Dearborn Trade Publishing Pub. Date: July, 2001 Format: Paperback Volumes: 1 List Price(USD): $18.95 |
Average Customer Rating: 4.17 (53 reviews)
Rating: 3
Summary: Mixed reviews on this one...
Comment: I just received Flipping properties two days ago. The good news is that it is a very easy book to read and comprehend. I have already read it cover to cover twice. The book provides some excellent forms and is very good in defining basic Real Estate 101. It gives some good ideas and theories, Gee, it seems a lot of the reviews in RE are very generous.
I see some holes in the theory of "Flipping Properties". The major theme of Bronchick & Dahlstrom is to go out and find (or hire someone, " a scout") a distressed house with a motivated seller, make an offer, approximately 80% of the value of the home, Make a small deposit, ( $500-$1000) ,while promising the current owner they can close within a short period of time. Then, or concurrently, find an investor, ( retailer) to purchase the property and while giving yourself a profit.
This sounds good an very easy to do, but how many people or contacts would you or could you find to finance 80-100K? I am talking about the average person. The only suggestion is joining an investment club? And networking? Great, I am going to front money to trust people on the Internet? Also, even if you can flip the property, why would an investor continue to use your services on a double close? Lastly, the Flipper is required to have an exit strategy . The answer is if the investor backs out, then just purchase the property yourself. Great, I am sure I will get bank funding when I am already holding a note on my house for 300K! The book does not give enough info on how to finance, HUD, foreclosures, Etc, Also, the tiny little adds in newspapers doesn't sit well with me, as you will see.
Overall , the book is interesting, and I believe you can get an idea of the theories behind flipping properties but this book is not the total answer, I am going to take some of the info and combine it with info from other books and financial institutions.
Rating: 5
Summary: This stuff works and I'm living proof!
Comment: I received a copy of this book when I joined my local real estate investment group earlier this year. I read it cover to cover in 2 days, then went out and did exactly what it said in the chapter on marketing.
I put out 1,500 flyers and door hangers with a "We Buy Houses" message, plus a few dozen plastic lawn signs with the same message. Within a month, I received about 15-18 calls and found a real motivated seller in foreclosure. I signed up a deal with the seller and flipped the property to another investor in my local real estate association for a [$$$] profit (I used the contract provided in the book, with a few modifications recommended by my local attorney). The closing process was a little more involved than I imagined, but the basic principles taught in the book are accurate. I am now working on my second deal and should make [$$$] or so when it closes.
If you are looking to get started in real estate, this book will cover all of the basic fundamentals you need. I also recommend Robert Shemin's book, "Secrets of a Millionaire Real Estate Investor."
Rating: 4
Summary: Don't flip out
Comment: Easy to read. Just the sample forms and ads alone are worth the $15 price. You may need to understand the mechanics of real estate investing to follow well. Covers some techniques that only a seasoned investor/dealer would consider but I found the step-by-step to rehab a property and a link to how not to do business under your personal name very helpful. I created a checklist for my project folder so we don't miss anything. The basics work! This book is a good stepping stone to your garden of financial freedom.
I don't see however doing a double closing or convincing a non-delinquent owner to sign over his deed to me. My experience this last year is that I have had to Overbid on properties and have absolutely no contingencies (weasel clauses) just to get a counteroffer. Make a note of the basics and investigate from there. There's no magic, only work. PUSH247
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Title: Buy It, Fix It, Sell It: Profit! by Kevin C. Myers ISBN: 079312610X Publisher: Dearborn Trade Publishing Pub. Date: November, 1997 List Price(USD): $18.95 |
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Title: Investing in Real Estate, Fourth Edition by Andrew McLean, Gary W. Eldred ISBN: 047132339X Publisher: John Wiley & Sons Pub. Date: 21 March, 2003 List Price(USD): $19.95 |
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Title: Keys to Buying Foreclosed and Bargain Homes (Barron's Business Keys) by Jack P. Friedman, Jack C. Harris ISBN: 0764112945 Publisher: Barrons Educational Series Pub. Date: 15 April, 2000 List Price(USD): $7.95 |
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Title: Real Estate Loopholes: Secrets of Successful Real Estate Investing by Diane C.P.A./Sutton Kennedy ISBN: 0446691356 Publisher: Warner Books Pub. Date: 01 April, 2003 List Price(USD): $16.95 |
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Title: How to Make Money Buying Pre Foreclosure Properties Before They Hit the County Courthouse Steps: The Complete Guide to Finding and Buying Pre-Foreclosure Properties by Thomas J. Lucier ISBN: 094534306X Publisher: Special Report Publications, LLC Pub. Date: October, 1993 List Price(USD): $29.95 |
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