If you are a serious real estate investor and want to learnthe pros and cons of quick sale property profits, there is no better book than”Flipping Properties, Second Edition,” by William Bronchick, Esq. andRobert Dahlstrom. These experienced investors reveal what they have learnedover 15 years of real estate “quick flip” investing by purchasing ata bargain price, cosmetically fixing up property, and flipping for a fastprofit.
Three key principles the authors explain, which every realestate buyer can profit from using, are (1) talk only with motivated sellers,(2) persistence pays, and (3) treat real estate as a business. In addition,they emphasize the pros and cons of becoming a full-time property”flipper” or keeping your “day job” and occasionallyflipping properties.
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The authors even offer advice about taking real estateseminars. “Be leery of both very cheap and very expensive seminars,”they write. “If the seminar is free, it’s because the promoter wants tosell you something?If the event is more than $1,000 per day, you should also beconcerned,” the authors warn.
As with the earlier edition of this excellent book, thesecond edition offers a detailed survey of the business of flipping houses. Thebook highlights what to look for, how to find properties offering fast resaleprofit opportunities in virtually any local market, and specific steps to taketo earn fast flip resale profits.
However, the book is not without a major flaw. AlthoughBronchick and Dahlstrom have many years of experience flipping properties,throughout the book there is not one personal example of what they did right orwrong applying the flip techniques they explain. Without specific examples,this book is weaker than it should be.
The book’s best chapter explains “The concept offlipping properties.” It explains the three possible roles a reader mightplay. One is the “scout” who finds potential flipper properties andrefers them to a local investor who pays a referral fee when a successfulpurchase results.
Another role a “flipper” might play is the”dealer” who locates deals and actually contracts to buy a propertybut then assigns that purchase contract to an ultimate buyer, such as a”retailer.”
The retailer flipper buys the property from a dealer, or asthe result of a scout’s effort, changes the property from an ugly duckling intoa beautiful swan, and then resells for a substantial profit.
When I reviewed the first edition of this book, it was thepioneer in the field of explaining the benefits of flipping properties. Sincethen, there have been many other books written about flipping properties forprofit.
Unfortunately, the second edition of this book has not keptup with the competition. Although it remains an excellent book, it needscurrent real-life examples of property flip profits in today’s market place.
Chapter topics include: “The Concept of FlippingProperties”; “The Mechanics of Real Estate Transactions”;”Proven Ways to Find the Deals”; “The Art of Negotiating theDeal”; “Putting it in Writing”; “Finding Money to Buy theProperties”; “The Closing Process”; “Rehabs–The BigBucks”; “Presenting Your Masterpiece”; “LiabilityIssues”; “Tax Issues”; and “Starting and Succeeding in theFlipping Business.”
If you want to earn fast real estate profits, reading thisbook is a great place to start. It explains virtually all the important topics,especially the tax aspects of fast-flip properties. However, the book cries outfor real-life examples to show the theories actually work. On my scale of oneto 10, this book rates a solid 10.
“Flipping Properties, Second Edition,” byWilliamBronchick, Esq. and Robert Dahlstrom (Kaplan Publishing, Chicago), 2006,$18.95, 202 pages; available in stock or by special order at local bookstores,public libraries, and www.Amazon.com.
(For more information on Bob Bruss publications, visit his
Real Estate Center).
Copyright 2006 Inman News