The Everything Guide To Flipping Houses: An All-Inclusive Guide to Buying, Renovating, Selling PDF
Preview The Everything Guide To Flipping Houses: An All-Inclusive Guide to Buying, Renovating, Selling
THE EVERYTHING ® GUIDE TO FLIPPING HOUSES Dear Reader, If you’ve seen shows like Flip This House, Flip Men, or Flipping Out, you may have a growing interest in house flipping. House flipping has become increasingly popular over recent years thanks to a number of factors, including the success of these shows. But these shows only offer a snippet view of the house flipping process. The real flipping process often takes months, from the time you decide to flip the house, until you sign the selling papers and collect your profit. This book will walk you through the entire house flipping process to help you better understand what is involved. You will learn more about the potential benefits house flipping provides, as well as the potential risks involved. House flipping is a reasonable way to earn extra income or to replace your current income. It provides you with better control over your financial future, and it does not require formal educational training. While there is a learning curve to making the most profit off each flip, what you need to know can be learned through research, talking to mentors, and on-the-job training. Melanie Williamson Welcome to the EVERYTHING ® Series! These handy, accessible books give you all you need to tackle a difficult project, gain a new hobby, comprehend a fascinating topic, prepare for an exam, or even brush up on something you learned back in school but have since forgotten. You can choose to read an Everything® book from cover to cover or just pick out the information you want from our four useful boxes: e-questions, e-facts, e-alerts, and e-ssentials. We give you everything you need to know on the subject, but throw in a lot of fun stuff along the way, too. We now have more than 400 Everything® books in print, spanning such wide-ranging categories as weddings, pregnancy, cooking, music instruction, foreign language, crafts, pets, New Age, and so much more. When you’re done reading them all, you can finally say you know Everything®! Answers to common questions Important snippets of information Urgent warnings Quick handy tips ® PUBLISHER Karen Cooper MANAGING EDITOR, EVERYTHING SERIES Lisa Laing COPY CHIEF Casey Ebert ASSISTANT PRODUCTION EDITOR Alex Guarco ACQUISITIONS EDITOR ® Hillary Thompson ASSOCIATE DEVELOPMENT EDITOR Eileen Mullan EVERYTHING SERIES COVER DESIGNER Erin Alexander ® Visit the entire Everything series at www.everything.com THE EVERYTHING ® GUIDE TO FLIPPING HOUSES An all-inclusive guide to: Buying • Renovating • Selling Melanie Williamson Avon, Massachusetts This book is dedicated to the memory of Russ Harkins. He was a masterful house flipper and an amazing dad. Contents Top Ten Advantages of House Flipping Introduction 01 What Is House Flipping? The Basic Essentials You Need to Know Identifying the Current Housing Market Short-and Long-Term Benefits Common Risks You Must Consider Four Most Common Mistakes People Make Recognizing Your Potential in Flipping 02 Getting Started Understanding the Flipping Process Establishing Realistic Expectations Crafting Achievable Goals Making a Business Plan Setting Project Parameters Creating a Timeline 03 Securing Project Funding Estimating Costs Creating a Budget Bank Financing Working with an Investor Funding the Flip Without an Investor Calculating Potential Profit Assessing Financial Risks 04 Developing Relationships in the Business Doing Your Research How to Choose People to Work With Making Connections for Long-Term Benefits Real Estate Agents Banks and Investors Contractors Supply Companies Inspectors and Appraisers City Officials 05 Finding a Property Choosing the Best Market for You What to Look for in Your Search Assessing a Property Home Inspections Working with an Agent Buying “As-Is” 06 Conducting an Exterior Inspection Preparing for an Exterior Inspection Roof Garage Exterior Paved Areas Outdoor Structures Landscape Exterior Doors and Windows Walls Energy Considerations 07 Conducting an Interior Inspection Preparing for an Interior Inspection Windows and Doors Walls, Ceilings, and Floors Specific Rooms Throughout the House House Utilities Environmental Concerns Energy Considerations Insects and Rot 08 Buying a Property Negotiating a Price Common Negotiating Mistakes Discussing Terms Types of Sales 09 Types of Renovations to Consider Deciding What Needs to Be Renovated Utilities Cosmetic Repairs Landscaping Outbuildings Appliances 10 The Renovation Process Major Renovations versus Cosmetic Renovations Renovating with a Buyer in Mind Where to Start Working with Contractors What to Do Yourself The Importance of Documentation Ways to Save Money Without Cutting Corners 11 Green Options in Renovations What Does It Mean to Be Green? Recycling and Repurposing Eco-Friendly Exteriors Roofing and Solar Panels HVAC Water Heating Systems Green Flooring Options Other Green Renovation Options Sorting Through Your Options 12 Working with a Realtor Understanding the Selling Process Targeting Your Market The Cost of a Realtor Closing Costs to Consider Evaluating Offers Having a Plan B 13 Selling Without a Realtor Know the Risks Before You Sell Learning How to Set a Price The Importance of Marketing Working with Landlords and Other Property Investors How to Sell a House Step-by-Step FSBO Services 14 Preparing to Stage the House What Is Staging? Doing Your Research Know What Home Buyers Really Look For Preparing to Stage a Home Decorating the House Curb Appeal? What Not to Do When Staging 15 Staging Room by Room Exterior Entryway Public Spaces Private Spaces Utility Spaces
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