Fix It and Flip It: How to Make Money Rehabbing Real Estate for Profit (Paperback)

~ (Author), Katie Hamilton (Author) "How has your 401(k) or IRA performed in the past couple of years?..." (more)
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Editorial Reviews

Product Description

Buying, improving, and reselling single-family homes for profit

Countless investors and do-it-yourselfers are eager to profit from buying, improving, and reselling homes. In Fix It and Flip It, two of America's leading home improvement authorities provide expert advice on how to maximize profit and minimize turnaround time on any remodeling-and-resale project.

Featuring unique, step-by-step project time lines for three types of investment properties, this comprehensive "fixer-upper" guide covers everything from the day-to-day workload to tips on tax issues, financing, and more.

Katie and Gene Hamilton present guidelines for choosing an investment property, leveraging investment dollars, and finding investment money. Readers will find clear explanations of the rehabbing-for-profitprocess and learn how to schedule work for:

• The 60-Day Fast Fix-Up--for quick resale or easy rental
• The Makeover Conversion--A 180-Day Wonder that expands living space and resale value
• The Live In, Fix Up, and Sell Later House--occupied by the investor for one year or more, which features architectural restoration and modernization

From the Back Cover

All about profiting from fixer-upper homes: how to get started, problems to steer clear of, do-it-yourself pointers, and more

Millions of Americans dream of buying a house they can paint, remodel, and resell for a profit. Fix It and Flip It shows you how to move beyond dreaming to become a full-fledged real estate investor. Its proven, step-by-step program will provide you with the know-how you need to locate an undiscovered gem, buy it below market value, rehab it with as little cash outlay as possible, and then sell it for a substantial profit.

This first-time real estate investor's handbook will help get you started with:

• A fast and easy formula for crunching the numbers on a house--and determining if there's a profit to be made
• Valuable timelines for completing two-month, six-month, and one-year-plus rehab projects
• Firsthand accounts of what can go right and wrong when rehabbing an actual property
• Easy improvements guaranteed to provide the greatest return--painting, replacing cabinet hardware, repairing screens, and more
• Tips for locating, contracting with, and paying a quality subcontractor for bigger jobs

Buying and selling fixer-upper real estate continues to be one of the most accessible, low-risk roads to financial independence. Fix It and Flip It provides you with the savvy advice you need to find that first diamond-in-the-rough house--and use it as a stepping-stone to building solid, long-term real estate wealth.

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Product Details

• Paperback: 288 pages
• Publisher: McGraw-Hill; 1 edition (December 22, 2003)
• Language: English
• ISBN-10: 0071421483
• ISBN-13: 978-0071421485
• Product Dimensions: 8.8 x 5.8 x 0.7 inches
• Shipping Weight: 9.6 ounces
• Average Customer Review: 2.7 out of 5 stars  See all reviews (7 customer reviews)
• Amazon.com Sales Rank: #634,181 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

30 of 30 people found the following review helpful:

3.0 out of 5 stars A 30,000 foot overview of the subject, January 2, 2005

By	Zensense (the woodlands, Tx USA) - See all my reviews

This book provides a basic overview of the process for those contemplating real estate investing. Don't expect to find in-depth guidance, but rather simple one or two paragraphs on each of the topics. I literally read the book cover to cover in one day. In my opinion the writers spend too much time describing obvious processes for cleaning a house, etc and not enough time on finance alternatives, risk assessment, etc...

A large portion of the book describes the process of buying, occupying and rehabing a house and then selling it. Therefore, those interested in a higher turnover rate of properties, and those seeking higher rates of return, might be better served by looking elsewhere.

The last few chapters describe a day by day timeline of rehabing properties purchased or occupied under several different scenarios. This section does a great job cutting through the "glamour" of being a real estate investor, and highlights the unappealing aspects of the basic drudgery involved in rehabing a property.

34 of 36 people found the following review helpful:

2.0 out of 5 stars Book is for consumate DIY, July 28, 2004

By	Bookworm - See all my reviews

There are arm full of books in the market place that are better than this book, and yes some that are worse. I'm surprised that the authors have a radio show. Just goes to show you if you're persistent, you can obtain anything in life. There are many authors who would make better radio show hosts, but the activities that they participate in are probably more renumerative.

The book would appeal most to those who for lacks of funds or mindset wish to do all the rehab work themselves and will only acquire a house once every year or two. There are much better ways to make money as a real estate investor of homes and make your time more productive. To that end the book provides some useful guidance on contracting with a contractor, if you elect to go that route, and tips for cleaning up a house. Is the book worth it's price? Depends on your mindset and how much you value the money to buy the book. My suggestion would be to read a library's book first, and then decide if you want to buy it.

18 of 21 people found the following review helpful:

5.0 out of 5 stars This helped us out a lot!, June 3, 2005

By	Heather in WI - See all my reviews

My husband (a carpenter) and I were looking to get into buying houses that needed work, rehabbing them, and re-selling them to make a profit. We checked out am armful of books from the public library -- most of them were mainly on buying property to rehab and rent out. This book was just what we were looking for!

It is very helpful on finding the right property, evaluating the property (we used the "property profile sheet" for all the houses we were seriously intererested in); and making and executing a fix-up plan. We got an accepted offer on our first house yesterday, and I am back on Amazon today to buy the book -- I can't renew it anymore from our library!!!

P.S. I'm updating my review after we sold the house -- we bought the house for $68,000 and sold it for $109,000. When you subtract fix-up and closing costs, our net profit was $20,000. Not bad for eight weeks of work! This book helped a lot!