Flipping Properties : Generate Instant Cash Profits in Real Estate Book

	Introduction	ix
	Traditional Approach to Real Estate Investing	ix
	The Speculator's Approach	x
	The "Nothing-Down" Approach	x
	The Way Things Are in the Real World	xi
	What to Expect from This Book	xi
	What's New about This Book?	xii
1	The Concept of Flipping Properties	1
	The Flipper	2
	Different Types of Flippers	2
	Find the Back Door First	7
	Join an Investment Club	8
	Run a Classified Ad	8
	Selling Properties Retail	9
	Getting Rid of Difficult Properties	10
	Minimize Your Loss	11
	Key Points to Remember	12
2	The Mechanics of Real Estate Transactions	13
	The Deed	13
	Types of Deeds	14
	Elements of the Deed	15
	Delivery	18
	Recording Documents	18
	Notes and Mortgages	19
	Priority of Liens	20
	The Basic Loan Transaction	21
	Typical Owner-Carry Transaction	21
	Assumable versus Nonassumable Mortgages	22
	The Due-on-Sale Clause	23
	The Double Closing	24
	Title Seasoning	26
	FHA Antiflipping Regulations	27
	Deed Restrictions	28
	Assignment of Contract	28
	Key Points to Remember	30
3	Proven Ways to Find the Deals	31
	Find Motivated Sellers	32
	Use the Newspaper	33
	Real Estate Agents	37
	Mortgage Brokers	41
	Bank-Owned Properties	42
	Farming the Neighborhoods	42
	Promote Yourself	45
	Probate Estates	47
	Getting Referrals	48
	Foreclosure Properties	50
	Getting Paid Not to Buy	54
	Government-Owned Properties	55
	Key Points to Remember	56
4	Analyzing a Good Deal	57
	Pick the Right Neighborhoods	57
	Pick the Right Kind of Houses	58
	Establish Value	59
	What Is a Good Deal?	63
	Key Points to Remember	67
5	The Art of Negotiating the Deal	69
	Deal Only with Motivated Sellers	69
	Price Isn't Everything	72
	Dealing with Real Estate Agents	74
	Key Points to Remember	77
6	Putting it in Writing	79
	Basic Contract Principles	79
	Basic Legal Requirements of a Real Estate Contract	81
	Earnest Money	82
	Contingencies	84
	Breach of Contract	86
	Buyer's Remedies for Breach	86
	Seller's Remedies for Buyer's Breach	88
	Drafting the Offer	89
	Key Points to Remember	97
7	Finding Money to Buy the Properties	99
	Good Credit Is a Plus, Not a Necessity	100
	Using Your Own Cash	100
	Using Other People's Money	101
	Borrowing Money	102
	Bringing in Partners	106
	Have the Seller Finance the Purchase	108
	Key Points to Remember	111
8	The Closing Process	113
	The Property Inspection	113
	Title and Searches	114
	Existing Mortgages and Liens	117
	The Closing	119
	Key Points to Remember	120
9	Rehabs-The Big Bucks	121
	Is the Rehab Business for You?	121
	Estimating Repairs	123
	What Should You Fix?	127
	Repairs on the Inside	131
	Repairs on the Outside	137
	Planning the Renovation Process	141
	The Rehabber's Toolkit	144
	Key Points to Remember	146
10	Presenting Your Masterpiece	147
	Compare Your House to Neighboring Ones	148
	Getting the Exterior Ready	149
	Getting the Interior Ready	150
	Take an Extra Week to Get It Ready	157
	Key Points to Remember	158
11	Success in a Changing Market	159
	What Is the Ideal Market for Flipping?	160
	Balanced Markets	164
	Exit Strategies	165
	The Great Debate: Flipping versus Holding	168
	What's Right for You?	171
	Key Points to Remember	172
12	Liability Issues	173
	Know the Law	174
	Carry Lots of Insurance	174
	Never Do Business in Your Own Name	175
	Don't Put Real Estate in Your Own Name	177
	Doing Business with Partners	178
	Key Points to Remember	179
13	Tax Issues Involved in Flipping Properties	181
	Basic Taxation Rules of Real Estate Transactions	181
	The Real Estate Dealer Issue	184
	Independent Contractor Liability	187
	Keeping Good Records	188
	Key Points to Remember	189
14	Starting and Succeeding in the Flipping Business	191
	Surround Yourself with Like-Minded People	191
	Build a Team	192
	Only Talk to Motivated Sellers	195
	Be Persistent	195
	Treat Real Estate as a Business	196
	Should You Invest in Real Estate Full-Time?	197
	Keep Up Your Education	199
	Key Points to Remember	202
Appendix A	Good Deal Checklist	203
Appendix B	Sample Ads	205
Appendix C	Sample Forms	211
Appendix D	State-by-State Foreclosure Guide	232
Appendix E	Internet Resources	236
	Glossary	238
	Index	252