Flipping Properties: Generate Instant Cash Profits in Real Estate

by Robert Dahlstrom and William Bronchick

Book Overview

Outlines a process for generating cash flow, with or without a good credit record, a large sum of cash, or a real estate license, for both experienced investors and beginners. Gives background on real estate transactions, then offers strategies for finding and buying bargain properties and reselling

• Format: Paperback
• Language: English
• ISBN: 0793144914
• ISBN13: 9780793144914
• Release Date: June 2001
• Publisher: Dearborn Trade
• Length: 214 Pages
• Weight: 0.85 lbs.
• Dimensions: 0.4" x 7.4" x 9.0"

Customer Reviews

Best Bang for the Buck!

This book reads very well and contains a lot of practical ideas. I have been investing in real estate for about 10 years and have read a lot of books, most of them hype and fluff. You won't find anything but solid, good advice here, despite the "instant riches" hype in the title.The book starts out by covering the difference between legal and illegal flipping, an issue commonly misunderstood by real estate brokers and lenders. It then goes on to cover real estate law, finding motivated sellers, drafting contracts, negotiating, estimating rehabs, and funding deals. It wraps up with a nice chapter on the real estate business, going full-time vs. part-time, etc. Lot of bang for the buck. I've done quite a bit of flipping of properties, and this book really hits the highlights of the process right on the mark. Keep in mind that some lenders (particularly FHA) are not as cooperative in lending on properties that have been flipped recently. This is backlash on the dark side of the business, the fraudulent activities of a few bad seeds. This book, however, will keep on you on the straight and narrow - definitely a must read.

Highly recommended for beginning investors!

I am an experienced real estate broker, and I was looking for a good text to recommend to my beginning investor clients - this is it! The book reads very well, considering the vast amount of technical information about deeds, contracts, escrow, title, etc. No hype in this book, just practical, ethical information about the "quick turn" real estate business. Some very good sample forms are included in the appendix as well. If you are getting started as an investor, this one should be on your list of MUST-READ books!

From the book to the bank in 40 days!!!!

I have been investing in real estate since 1977 and for the most part have fixed up run down properties and then resold them for a profit. I did it the old-fashion way. I have read many books, listened to dozens of tapes, and attended numerous seminars trying to learn new and innovative techniques that would allow me to take my investing and my net worth to the next level and at the same time take some of the toll off my body. There are dozens of tips in this book and each one can save an investor at least 100 times the cost of the book. In the past I have worked foreclosures, lease-options, and estate sales at the courthouse steps just to name some of them. But the technique I found in this book that has changed my approach to investing is to take over the property "subject to" and then sell on a installment land contract. I get money up front, increased monthly cash flow for the period of time the contract is written for, and then money on the back end when the buyer refinances and puts the loan in his/her own name. I followed the books advice and found a motivated seller about 1/2 hour from my house. I was able to get the seller to tell me exactly what it would take to solve her problems and allow her to go on with her life. I took over the deed "subject to", made up all of her back payments to the lenders on both the first and second mortgages, paid off her well pump, paid for all the new windows she had put in after a hail storm knocked them out, pay for all of the closing costs, and put $20,000 dollars in her pocket. However, as the book said, I had found a buyer immediately for the property at a price that would allow me to do all of the above and still put $24,000 in my pocket. I went from the book to the bank in under 40 days. This book has put me on the path of least resistance to reaching my financial goals. I can now make just as much money or even more on each deal and I don't have to kill myself doing all the fix-up. Now I make the money using this very powerful technique to both acquire and sell the property. I use my mind and my negotiating skills instead of a hammer, crow-bar, and paint brush. If you are new at real estate investing I believe this book will be an invaluable addition to your library and can put you well on the path to increasing your net worth in a very short period of time. This book is not the end all, but it will certainly allow you to hit the ground running. Take the information and forms in this book, and then contact your local real estate broker, tax accountant, and other members of your team to see what if any adjustments must be made in your part of the country to do exactly the same thing I am doing. Just a little research on your part can and will pay for itself many times over. If you are a more experienced investor, this book may help you to achieve the same financial success without the wear and tear on your body. This book is a very good read and I highly recommend it.

This stuff works and I'm living proof!

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."