My first “official” flip was a flop because I didn’t know how to flip houses.
It was 2000 sq ft home built in the 1920s that needed just about everything done to it. Roof, plumbing, electrical, paint, flooring, kitchen, bath, everything. I spent almost nine months, every day, sweating at the site, doing nearly all the work myself with my wife. I more-than-doubled my estimated repairs and tripled my time, and my dreams of a $50,000+ profit began to fade very quickly. In the end, the market had begun to plummet and I couldn’t sell. The house is now in my rental pool which provides nice monthly passive income through the cash flow; but the flip was a flop.
I tell you this story because I don’t want you to go through the same thing.
That’s why today BiggerPockets is excited to launch the book that I wish I had read when I first got started – The Book on Flipping Houses.
How to Estimate Rehab Costs!
Estimating rehab costs accurately can make or break your real estate business, and it takes years of experience for even the best rehabbers to master the art. However, you can expose yourself to less risk and get more accurate with your projections by learning how the pros think when estimating construction costs.
Learn How to Flip Houses from THE Book on Flipping Houses
The Book on Flipping Houses, written by fix-and-flipper (and avid BiggerPockets contributor) J Scott from 123Flip.com and published by BiggerPockets Publishing, contains more than 300 pages of detailed, step-by-step flipping knowledge perfect for both the complete newbie or seasoned pro looking to build a killer house flipping business.
The Book contains an immense amount of detail into the ins and outs of the flipping business, including how to:
- Create a renovation plan, budget, and schedule
- Find financing, even with little cash and poor credit
- Find markets with great opportunity for profit
- Accurately analyze deals in minutes
- Make strong offers that beat the competition
- Find and manage the best contractors
- Remodel a home for maximum resale value
Whether you are an experienced renovator or just starting out, The Book on Flipping Houses will teach you everything you need to know to build a profitable, efficient house flipping business. As I said before – it’s the book I wish I had read when starting out.
A Free Bonus Book For More than Just House Flippers
In additional to The Book on Flipping Houses, we are actually releasing a second complete book for FREE to accompany the other. This book is about more than just flipping – but it can be helpful for every single real estate investor out there. If you ever need to hire any job out – this book can help save you money.
Unless you are an experienced contractor, one of the most difficult tasks for any new house flipper or real estate investor is the process of estimating repairs. Without a doubt, most house flip failures (including my own) are a direct result of underestimating the cost of repairs as well as the time frame required to complete them. To help you overcome this obstacle, as an added bonus to The Book on Flipping Houses, BiggerPockets and J Scott are giving away another book for FREE: The Book on Estimating Rehab Costs.
In The Book on Estimating Rehab Costs, J Scott goes inside the flipping process and shows you not only the cost ranges and details associated with each and every aspect of the flip, but also the framework and methodology for estimating rehab costs. You’ll learn how to accurately estimate all the costs you are likely to face while flipping a home as well as what upgrade options you have to provide the biggest bang for your buck. This valuable resource will be your guide to staying on budget, managing contractor pricing, and ensuring a timely profit.
In this book, you’ll learn:
- The 25 Major Renovation Components
- The 150+ Most Common Repairs You’ll Encounter
- How to Create a Detailed Scope of Work for Your Rehab
- How to Determine Which Contractors to Use for Which Repairs
- How to Interview Contractors When Getting Bids
- How to Assess Big Problems like Mold and Termites
- And Much, Much More…
I don’t believe you need to be a carpenter to flip houses (in fact, I think it would better if you weren’t!) – but you do need to understand the fundamentals to pricing to ensure your flip produces the income you desire. The Book on Estimating Rehab Costs gives you all the tools you need to accurately estimate the repairs needed on your flip and will be your closest friend during your next renovation project.
In addition, J also has included some great additional resources to help you get going, including:
? Scope of Work and Estimation Worksheet
? Rehab Analysis Worksheet
? Sample Flipping Chart of Accounts for Quickbooks
? Form W-9
? Independent Contractors Agreement
? Appraisal Package
? Inspection Checklist
? Lien Waiver
This package of two books and all those extra resources will give you everything you need to start successfully flipping houses today!
How to Get Both Books Today
The books are available in both PDF form and physical paperback form, for your convenience and reading preference.
BiggerPockets could have released these books in typical guru-fashion, with a high price tag (ending in a 7, of course!) but we wanted to stick with the belief that education should be affordable. You can actually download both these books today for just $29 or for $49 get both the PDF copies AND the physical books (mailed on or about April 8th, 2013.)
Furthermore – BiggerPockets fully stands behind the quality of The Book on Flipping Houses and The Book on Estimating Rehab Costs. We are so confident in the value these books provide that if for any reason you are unsatisfied with your purchase, we offer a 100%, no questions asked money back guarantee. We are that sure you will love these books.
If you want to order a copy of both books or just want to learn more about it – click the big button below!
Have you read The Books yet?