Customer Reviews

Buy It, Fix It, Sell It...PROFIT

5 star:		(39)
4 star:		(8)
3 star:		(2)
2 star:		(1)
1 star:		(1)

 

 

As other reviewers have said, this is written for the layman. Maps the flipping process out and tells you how to do it in easy to understand language. A great starter book. Covers what to look for, working with an R.E. agent, appraisals, foreclosures, purchasing for cash(and how to get it), using private morgage lenders(the hard stuff!),negotiating, inspection, renovation, hiring contractors, and how to sell quickly for top dollar. The final chapter delves into some more advanced strategies. I'm just now getting into "flipping" books and this is one of the best.

Meyers wrote this book in 1998 but apparently decided to ignore the tax liability of flipping houses. The 1997 Tax Act will have a serious impact on anyone who follows Meyers method of getting in and getting out as quickly as possible. Ignoring the possible 39% taxes a short term flipper has to fork over makes Myers examples too rosey. The book does give great ideas as to where to look for bargins and how to obtain financing. This book is not meant for anyone who buys and holds but only for those who buy and sell. Flippers beware...pay attention to your tax situation. Read Irwin's guide to the 1997 Tax Act.

I read "Flipping Properties" by William Bronchik and Robert Dahlstrom and I wish I hadn't even read it, let alone bought it. This book by Kevin Meyers is much, much, much better for beginning investors. It tells you what you need to know without delving into a bunch of pretentious real estate legal and technical jargon that's only designed to confuse and intimidate the reader like Bronchik and Dahlstrom's book. Also, this writer actually knows how to write linear paragraphs which is something those other two clowns could really use a lesson in. I highly recommend this book for the beginner who wants to generate some instant cash profits in real estate. If you read Bronchik and Dahlstrom's book and you don't know much about real estate, you're gonna get to the end of it thinking "I'll never be able to do this." Instead, read this book by Meyers. It's better, it's written better, it's more readable, it's more comprehendible, it's everything that other piece o' crap isn't. Get it.

If your interested in reading an instructional book that putsall the pieces of the puzzle together concerning the process ofrehabbing properties, then this is the book for you. This book is a must for yo ur library if your in the business of fixing up properties full - time, part - time, or just plain interested in getting started. Kevin Myers does an excellent job of explaining the entire rehabbing process from start to finish. These are just some of the topics he covers in his book: outlining a plan for success, working with your real estate agent, where to get the money to get started, street smart negotiating , and several more comprehensive topics that will surely set you on a path towards success. This is by far the best instructional book I have read to date concerning the process of rehabbing properties. I highly recommend it!

Anyone spending the enormous amount of money needed to buy property can't frown at $13 for a reference book, if they can glean anything from the book. This guy definitely isn't a writer but the book did contain some good tips. Do yourself a favor and make sure you buy the newest addition - I picked up the '97 and it was extremely dated. My other issue with this book is he uses examples with very unrealistic dollar figures, even if adjusted for inflation. Do you think you're going to buy a $100,000 "handyman special" and renovate it until it's in "doll house/sparkling condition", with that renovation to include a new roof, updated baths, complete kitchen remodel, paint, carpet and landscaping...all for $9,000? Good luck. The roof alone could cost that much and certainly the kitchen is going to run more than $1800 if you're replacing cabinets; even if you were to buy the cheapest of the cheap materials and do the work yourself, in which case the end result would look cheap. To his credit, he harps on the fact that you need to do your homework and estimate all the rehab costs to build them into your offer price - but if you're new to this don't get sticker shock when your estimates for all the above items come in more in the $25,000 neighborhood. One thing I tend to disagree with is his contention that you shouldn't even consider doing the work yourself. If you're starting out and building relationships with subcontractors I think an advanced do-it-yourselfer can do almost anything, you have so many resources available to you with Home Depot, TV and the internet. The key would be getting things done quickly, so maybe farming out the time consuming and dangerous work is okay, but you can do the other stuff yourself much cheaper. Of course, after a few houses and once you've got a HVAC guy you trust, a plumber and electrician you trust and possibly drywall and paint guys you trust, you might take the advice of the book and spend your time looking for the next house.

I did find this book useful enough that I'll be buying the 2003 edition today, you just need to look at it as another resource and not the rehabber bible.

About the book; It reads easy and is easy to follow. Kevin gives as complete information in a 'how-to' format as possible in a book of this nature. Bottom line the book is worth the money. Just don't be fooled into thinking "it's the only one you'll ever need."
About the concepts; For sure if you are considering real estate investing, read as much about the subject as you can. Consider all the the different types of investments and find one that 'fits' your personality prior to 'plunking-down' your hard earned cash to a property owner. 'Flipping' is not as easy to do as Kevin might have you think. The faint at heart need not attempt this style of investment. The IRS can be very 'sticky' about investments and 'dealer' status.

I've read dozens of real estate investment books and very few live up to their expectations. Kevin's book is the exception. Well written in easy to understand language with enough detail to actually get started and achieve success. I would highly recommend this book for anyone who wants to enter this area of real estate investment.

I was left with not much money after my divorce. While cleaning the books shelfs out I found Mr Myers book (My ex had bought it!)
I read this book one night and then re-read it. I said I can do this! I followed Mr. Myers tables, formulas and bought a house on paper only(I was nervous). I realize this could work. Then I took the money I did get from the divorce and bought a rehab. I am a school teacher so I moved in June and had the house finished before school started in August. I contracted with different professionals and became their helper. I learned to do things on my own by the time I finished my third rehab. I made $40,000 on my first rehab and increased my profits on the next three. This book changed my life- Thank you, Mr. Myers, for writing a very easy to follow book!

I read and wrote a review of the first edition, which I thought was an absolutely incredible book. I didn't think it could be done better...I was wrong.

Kevin knocks another one out of the ball park with this edition. He still has the fantastic formula in the book for figuring out how much you should pay for a property, but he has added to it and made it even more clear then the first edition. This formula is literally worth its weight in gold to a beginner.

Second he adds an entire chapter on dealing with environmental problems like mold, lead, radon, and abestos. These are critical pieces of information a real estate entrepreneur needs to know, especially the mold issue.

He adds a whole bunch of new information on prospecting for deals and how to locate properties that is even better then his first edition (which was already good).

He discusses how to hire and manage contractors and handyman workers. How to develop contracts and manage the overall project. This chapter is packed with great info like making sure the General Contractor pays the sub contractors and getting him to sign a release of lien so you don't get mechanics liens on the property.

He also fully (and I do mean fully) discusses financing. This includes seller financing and hard money lenders. How to structure the deals, where to look for money, what kinds of problems you may run into etc.

This book is a complete course and includes ALL the information you will need to get into the real estate rehab business. Kevin doesn't leave anything out and there is nothing vague about his information, it is detailed, accurate, and complete.

Invest in this book before buying any other book or course in real estate. If you you are at all interested in real estate investing, specially rehab and selling, then get this book it is worth every penny.

My spouse and I plan to start investing in real estate, both rehabbing and holding to rent. I the past six weeks I have read at least 10 books on the subject. This is the best by far!!! Mr. Meyers explains things in an easily understood way for us novice investors and takes you through the rehab process step-by-step. Definitely a good buy!!