Whether you are a novice or experienced real estate investor, in “The Complete Guide to Flipping Properties” by Steve Berges you will enjoy learning the details of how to earn profits by “flipping” properties. Just in case you are not familiar with that term, flipping means acquiring either title or the right to buy a property and then quickly reselling at a substantial profit.
The author, both a real estate investor and a home builder, has considerable experience as a real estate entrepreneur. The many examples throughout the book add realism to his explanations of flipping techniques.
Purchase Bob Bruss reports online.
The essence of flipping is the property is acquired at a bargain below-market purchase price, usually fixed up to add considerable value, and then resold within a few months, sometimes even quicker. Berges explains how it is easiest to “flip” houses, but he also explains how to flip other run-down properties, such as apartment buildings.
This easy-to-understand book is written for both beginner and advanced realty investors. It starts by defining the flipping properties strategy, followed by explaining the three primary classes of flippers. The author labels these people as the scouts, dealers and retailers. He then shows how each earns their profits, depending on the amount of their work involved.
But this book is definitely not about buying flipper properties in run-down slum neighborhoods. Instead, it emphasizes the importance of decent locations and even lists methods to determine the best locations for flipping.
The two chapters to which I did not relate well are titled “Valuation Methodologies” and “Financial Analysis.” Perhaps because they are so technical, with heavy emphasis on ratios and numbers, many of the details seem overly complicated and non-essential to calculating flipper profits.
One of the book’s best chapters explains winning negotiation techniques to avoid overpaying for potential flipper property. Berges emphasizes the importance of determining the seller’s true motivation for selling and then satisfying the seller’s primary motive for selling.
The examples in this chapter are especially applicable to explain how to negotiate what is truly important, such as price and terms, but give in on unimportant aspects, such as any personal property to be included in the sales price.
The book concludes with a motivational chapter about power principles: vision, passion and autonomy. Berges uses a non-real estate example of an individual who used these principles to succeed in his business. The strong implication is readers should also apply these principles to their real estate investing strategy.
Chapter topics include “Flipping Properties Defined”; “The Value Play Strategy”; “Ten Ways to Locate Properties”; “Valuation Methodologies”; “Financial Analysis”; “Seven Steps of Successful Negotiations”; “Financing and Closing Considerations”; “Assemble a Winning Team of Professionals”; “Three Keys to Maximizing Your Potential”; and “The Three Principles of Power.”
Finding fault with this well-written book is difficult. It is easy-to-understand, with many personal examples from the author’s flipping experiences to illuminate the topics explained. With emphasis on flipping properties involving a minimum amount of the investor’s personal cash, this is an excellent book for learning quick-cash profit methods. On my scale of one to 10, this well-written book earns a solid 10.
“The Complete Guide to Flipping Properties,” by Steve Berges (John Wiley and Sons, New York), 2004, $19.95, 182 pages; Available in stock or by special order at local bookstores, public libraries and www.amazon.com.
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