Archives For rehabs

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“The title says it all… this is THE book on flipping houses!”      -Josh Dorkin, Founder and CEO, BiggerPockets.com

Are you ready to leave the 9-5 and get started flipping houses?
The Book on Flipping Houses, written by active real estate fix-and-flipper J Scott, contains more than 300 pages of detailed, step-by-step training perfect for both the complete newbie or seasoned pro looking to build a killer house flipping business.
Whatever your skill level, The Book on Flipping Houses will teach you everything you need to know to build a profitable, efficient house flipping business and start living the life of your dreams.

Key Topics from the Book on Flipping Houses 

House flipping plans

Plan Like a Pro

Learn how to quickly and accurately estimate a potential real estate flip for maximum profitablity. Then, discover the right way to create an accurate plan, schedule, and budget for your project.

Manage the Flip

A real estate flip will only be as successful as your ability to manage the work. Learn the best ways to find, screen, and manage contractors – to stay on budge and on time.

Finance Your Flips

Use this book to learn how to find financing, even if you have little cash or poor credit. Learn how to speak with lenders and position yourself to get the best terms and rates.

Plan rehabs like a pro
manage the flip

$

Anyone Can Do It

 The 25 Major Renovation Components and The 150+ Most Common Repairs You’ll Encounter … with step by step tips for estimating costs even if you know nothing about construction
Anyone can flip houses

Hire Smart

Don’t gamble your success by hiring the wrong guy for the wrong price. Learn how to avoid being ripped off and how to hire the best contractors for your flip.

hiring contractors

Costs and Methodology

Discover the cost ranges and details associated with each and every aspect of the flip, as well as the framework and methodology for estimating rehab costs.
flipping costs and methodology

Key Topics from the Book on Estimating Rehab Costs 

FREE bonus book

Free Bonus Book!

Book on Flipping Houses Cover
Unless you are an experienced contractor, one of the most difficult tasks for a new house flipper is the process of estimating repairs. Without a doubt, most house flip failures 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 pulls back the curtain on 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 discover 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. Whether you are an experienced home renovation specialist or still trying to learn how to screw in a light bulb, this valuable resource will be your guide to staying on budget, managing contractor pricing, and ensuring a timely profit.
Meet Your New Best Friend…
Dev Horn

“The definitive text on Residential Real Estate Investing!… Every real estate investor – whether a novice or pro- should read this book.”

– Dev Horn, WeBuyHouses.com

Joe Delia

“J Scott does a great job and takes a no fluff approach to these books. “

– Joe Delia, Dream Team Properties LLC

Jacob Allen

“A lifetime of knowledge for the price of a book. There’s no fluff, it’s straight to the point… this book is a must read.”

– Jacob Allen, Rives & Associates, LLP.

What Others Are Saying…
About the Author…

J Scott runs a real estate company based in the suburbs of Washington, DC.  He invests in several markets around the county and specializes in both rehabbing distressed houses and building new residential construction.

Along with his wife, J builds and renovates about 20-25 houses per year.  In addition, they consult, manage, stage, list and market properties for other investors, and spend as much time as possible speaking and providing free training at various investor groups and clubs around the country.

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Digital Bonus Material!  

Purchase the Book on Flipping Houses from BiggerPockets.com and in addition the Book on Estimating Rehab Costs, you’ll also get…

Scope of Work and Estimation Worksheet

Sample Flipping Chart of Accounts for Quickbooks

Independent Contractors Agreement Form

Inspection Checklist

Rehab Analysis Worksheet

Appraisal Package

Form W-9

Lien Waiver

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Joshua Dorkin
Brandon Turner

“If you REALLY want to flip houses, you need to read this book.”

– Shane Woods, 2nd Chance Properties

“These are the books I wish I had when I started. I would have saved tens of thousands of dollars!”

– Brandon Turner, Editor at BiggerPockets.com

“The name says it all… this is THE book on flipping houses.”

– Josh Dorkin, CEO of BiggerPockets.com

More of What Others Are Saying…

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Frequently Asked Questions
Who is This Book For? 

The Book on Flipping Houses and The Book on Estimating Rehab Costs were designed for both new and seasoned investors to learn and grow from. This book is perfect for:

  • Anyone looking to get into house flipping
  • Wholesalers looking for help on determining ARV
  • Seasoned investors looking to acquire new skills
  • Anyone looking to “up their game” as a real estate investor
  • You!

No matter what your skill level is, The Book on Flipping Houses and The Book on Estimating Rehab Costs will help you gain skills to flip more houses and earn more income as a house flipper or wholesaler. 

Perhaps the greatest benefit of these books is the focus on the business aspect of the house flipping industry, showing you how to set up systems and processes so you can automate many parts of your business to run with or without your direct involvment. 

How Will This Help Me?

We are so confident that these two books will absolutely blow you away that we offer a 100% no-questions-asked money back guarantee. If these books don’t completely change your life – we will refund your entire purchase amount. But seriously… you are going to love these things.

For a refund request, just send an email to Webmaster@BiggerPockets.com.

What If Want a Refund?

For orders of ten copies or more of the Book on Flipping Houses, email Webmaster@BiggerPockets.com with your request. Significant discounts are given for group orders! 

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J Scott and Carol Scott from the Book on Flipping Houses

Nothing can kill a sale faster than a dated, closed-in kitchen area. Many of today’s buyers see the kitchen as the home’s command center, and not just a place for cooking and eating. They want the kitchen to be many things at once, hence the rise in popularity of what is known as the multifunctional open-concept kitchen.

Read more: 9 Modest Fixes for the Problem Kitchen

If your clients are looking to renovate an existing kitchen, or you need to advise them on building one that’s brand-new, the Washington Post shared some background on how they can design a kitchen space so that it’s functional in many different way.

“Whether you are renovating existing structure or building new, architects fully recognize the need for space that is designed for movement and flow,” says Stephanie Brick, senior designer at Sustainable Design Group, in Gaithersburg, Md. “There are still rules and important elemental guidelines — you do not want to just delete all of the walls on your first floor. But by being selective in the design, materials and professionals you work with, you can easily achieve a space that does not merely react to, but anticipates, your bustling lifestyle.”

The two main considerations when designing a multifunctional space are wall placement and storage. While it may seem like an easy solution to knock down walls, Brick says there are other architectural solutions, like open doorways, that can give a similar effect while keeping the space architecturally interesting.

Being as honest as possible about individual organizational and storage needs is key when creating a multifunctional kitchen. For some owners who want to use the kitchen as a makeshift homework area or as a place to handle their bills, adding storage for these needs will be necessary. If your clients do a lot of cooking and entertaining for large groups, they will want to make sure the kitchen has space and storage to accommodate that process. If the family has small children, the kitchen can be designed with their safety in mind.

Brick has one final piece of advice when designing this type of kitchen space. “Honesty with your architect is key to creating a strong working relationship and delivering an equally beautiful and functional space in your home.”

Source: “How to create a live/work/play space at home,” The Washington Post (June 8, 2016)

via Now Trending: The Multifunctional Kitchen | Realtor Magazine

When I was growing up and about to graduate, I wondered what path to take as I entered the life of leaving mom and dads house and making it on my own. It was always a dream of mine, like everyone to become wealthy and be my own boss. So in my last year in high school, I got into a work for credit program that allowed me to get out of school early and go to work for school credit. I was given a job painting the inside of vacant properties at an apartment complex for a general contracting company. Like all jobs, I started at the bottom of the scale and was a trim man (painting the doors, windows and baseboards with a brush) following behind a spray man. He was a higher paid person and basically ran our crew for the G.C.

This is when my entrepreneur spirit was born. I quickly made friends with this spray man and he eagerly taught me how to paint with an airless paint sprayer. I was then given a raise from $5.00 per hour to $7.00 and they set me up with my own crew. It was here that I started to learn the pricing structure, the estimating techniques and how and where to get deals on materials and cheaper labor. Within a year or so, I started my own painting and remodeling company and began getting contracts to paint and remodel houses and apartments. I found that I was really making quite a bit of money, and little did I know at the time that I was setting a lifelong path of making money through rehabbing properties.

After a few more years in the business, I started to get big commercial jobs like Fidelity National Banks, Publix Distribution Center, MCI, part of the 1996 Atlanta Games etc.

It had become that I no longer could be physically working on the job, I now had to be the general contractor and oversee all aspects of the job myself. My finding was that a general contractor got the contracts, ran the job and labor, handled the materials and pocketed as much as 50% of the money charged for the job. The rest he paid out in labor and materials. What a great concept of making money! I would continue to get the jobs and hire out the labor and pocket huge dollars while other people did the work!!!

Well as I had come full circle in learning the ropes of rehabbing, my brother had bought some books and tapes at a seminar and coaxed me into fixing up the properties that he was buying. We quickly found that the real estate business and the property rehab business was a no brainer and started our real estate investing career by joining forces and a company to buy, fix up and sell properties full time.

By sending in copies of profit checks to the person whose books and tapes my brother had bought, he immediately got us involved in the business of teaching people how to buy, fix up and sell properties making huge profits all over the country. That is what started the teaching aspect of our real estate investing careers over 15 years ago. After buying almost everyone’s books and tapes systems that ever came down the pike, we now had become respected teachers of the trade and for the past seven years have shared the stage with almost all of the well known authors and lecturers on seminar circuits and national conventions. Also for the past seven years we had been contracted by the big names to teach Foreclosure-Rehab Bootcamps to thousands of students nationwide. But my favorite thing that I do is speaking to real estate investment clubs. I remember being involved and listening to real people in the club that had been using the techniques and actually making money in real estate…

No matter what strategy of real estate investing you are doing, wholesale properties, foreclosures or any other, the most common place that people reduce their profits is in the fix up or rehab. Most people do not have the knowledge to estimate damage or cost of repairs. They have to depend on the contractor and hope that the costs and repairs are reasonable and can be done without taking the majority of the expected profits.

Well this is where my expertise is it’s keenest. I over the past 15 years or more have developed a way to teach anyone the in and outs of rehabbing properties for profit. It is possible to lower your rehab costs by 50% to 75% less than the going rates.

You can act as your own general contractor and oversee your own jobs. If you are handy, you will be able to save a lot of money by do it yourself techniques. If you are not, there are several ways that you can hire out subcontractors and semi skilled labor yourself for a great savings in either cash in your pocket or equity in your property. Learning how and where to get contractor discounts is a must for any investor. Being able to do simple estimating on your own proves to be a great way of comparing estimates you get from your contractors. You can save money by pulling your own permits when applicable. Even knowing what day is best to rent equipment from a tool rental yard can save you hundreds of dollars.

Learn to run every property you do by acting as your own general contractor. In most cases not only will it increase your profits thousands of dollars in profit or equity, but you can pay yourself a salary or fee to run the job also. Just remember more money is lost in the fix up of a property than most other factors. So my suggestion is to educate yourself in all aspects of the fix up of properties. It is an absolute must for seasoned or new investors alike. This can increase the profit in any property from hundreds to thousands of dollars.  Every rehab technique that is a cost cutter puts cash in your pocket that would otherwise end up in someone else’s. Keep it in your pocket…it’s your money!

About the author

Pete Youngs has been a general contractor/investor for almost twenty years. For the past seven years he has taught a foreclosure rehab bootcamp that he and his brother Tony had

designed and together have taught thousands from all over the U.S. and abroad. Pete has also shared the stage at national conventions and seminars with all the top names in their fields of expertise. He is also a highly sought after speaker at real estate investment clubs  seminars and conventions. His expertise is teaching others how to rehab properties for 50 to 75% below retail costs. He has authored many courses, books, tapes and videos on the subject of rehabbing as well as termite and property inspections.

BY PETE YOUNGS

As I travel around the country giving seminars and training classes on my REHAB 101 SYSTEM, I often get asked if I have a favorite repair technique. The first thing that comes to mind is “BONDO”. Yes, the same Bondo body filler that mechanics use to repair dents on wrecked cars. Here’s my favorite story:

A man approached me with a problem on his bay window. The window sill had a rotted area about 18 inches long and it also went slightly under the sash. He had gotten estimates to replace his bay window unit for about $2000.00. That included removing the old bay window, supplying and installing the new one and painting it. He asked me if I had any ideas to avoid this costly repair and I told him that I could repair his window for about $10.00 if he would paint the window himself. He was amazed and immediately asked me to proceed. Here’s how I did it:

I went to a place that sold auto parts and supplies and bought a quart of “BONDO”

Body filler for just under $10. Then I took a screwdriver and dugout all the rotted wood in the area of the window sill. I allowed it to dry (I sped up the process with a blow dryer) and then mixed the Bondo and hardner as per its label directions. Then I scooped the bondo mixture up and put it in a one-gallon ziplock baggy. After squeezing the bondo into the corner of the baggy, I cut the corner of the baggy and used it like a cake decorator would. I slightly overfilled the cavity created from scraping out the rotted wood and then took a paint stir stick (free from anywhere that sells paint) and used it to push the Bondo into all areas needed. After about 10 minutes, the Bondo dried to solid form. Then I used a palm sander with 200 grit sandpaper to sand the widow sill smooth. We took a piece of the window sill that we scraped out that had paint on it to the paint store and had the color computer matched. The man bought a quart of the matched paint and painted the window and it looked as good as new, saving him literally almost $2000.00.

There are hundreds of tips like these in my REHAB 101 system and training and classes.

Here are a few more things that you can do with Bondo:

  • Fill in holes and cracks in plaster walls with Bondo. It’s permanent and drywall mud sometimes falls out of plaster wall repairs when disturbed or bumped.
  • Make repairs in handrails, floorboards, steps, seats and seat backs on decks
  • With bondo. Then just sand smooth and paint.
  • For holes in hollow core doors, just fill the hole with tin foil for a backing, spread Bondo generously over the hole and let it dry. Then sand it and paint the door for a permanent fix.
  • Bondo can also fill cracks in concrete as long as the concrete surface is to be painted afterwards. The color won’t match the concrete, therefore you need to paint it. I will sometimes add sand (regular white play sand) to the paint to match the texture of some surfaces.
  • For more of my REHAB 101 TIPS please visit www.peteyoungs.com

About the author

Pete Youngs has been a general contractor/investor for almost twenty years. For the past seven years he has taught a foreclosure rehab bootcamp that he and his brother Tony haddesigned and together have taught thousands from all over the U.S. and abroad.

Pete has also shared the stage at national conventions and seminars with all the top names in their fields of expertise. He is also a highly sought after speaker at real estate investment clubs seminars and conventions.

His expertise is teaching others how to rehab properties for 50 to 75% below retail costs. He has authored many courses, books, tapes and videos on the subject of rehabbing as well as termite and property inspections.

One of my favorite REI Sources is Cameron Dunlap, a serious REI in NY, who coaches many people in buying and selling houses.

I hope you enjoy his article here…..

All the best to you,

Brian

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In a “Buyer’s Market”, where houses sit with little activity and prices stagnate or fall, it’s VERY easy to get great deals.

You can buy so cheap and so often your head will spin. It’s simple to get really good deals because they’re everywhere.

Then… your challenge is to sell but that’s easy too, when you know how.

I’ll address this here. This is where conventional wisdom steps in and will convince you that the opportunity ends… if you let it.

What most people don’t know is that if you are aware of the market conditions and, you know how to play the game, either type of market is good. It’s just a question of knowing how to do the business in the current, given, environment.

Think about the current market.

Sales have slowed, prices have leveled off and in some cases are falling and what this has caused is for many investors that have been in the business for the last few years to loose heart and in many cases GET OUT!
That’s good.

The fact is, if you don’t know what you’re doing, this market and what’s likely to follow doesn’t look good at all.

If you do know what you’re doing this market is the most exciting you’ve seen in a good 7 or 8 years and the best part is…the competition is leaving! Buh Bye!!!

So, no matter what anyone tells you… take it from someone who’s seen the cycles and been to the school of hard knocks. This is about the best time to get in or be in the business as is humanly possible.

Don’t listen to the untrained doomsayers and certainly don’t try to convince them they are wrong. Let them leave. Let them get out of your way and my way.

Think of the law of supply and demand. It ALWAYS prevails.

If foreclosures are up, houses are staying on the market longer and in general supply is up, that’s good.
Then consider all the untrained (I call them $9 book pinheads) investors that are leaving because properties are no longer appreciating 35% per year. Demand is down appreciation has leveled off and that’s good.

It all equates to more GREAT deals for you and me.

It’s important to realize that in this environment, appreciation is all but a fantasy that you can’t count on. I learned this when I got in the business in 1993, when appreciation was a bonus if I was lucky. It was a time when appreciation pretty much didn’t exist.

In the absence of appreciation, we make up for it by buying better.   Getting better deals. You know the old saying… “You make your money when you buy”.

While it’s true that you get your pay check when you sell, that old saying REALLY holds true in a Buyer’s Market. You’ve GOT to buy right.

Ok, so now to the burning question in your mind.

How are we going to sell?

If it’s simple to find great deals but it’s hard to sell. How are we going to see the big bucks?
Easy.

In every Buyer’s Market, you’ll need to plan to sell in one of the following 3 tried and true ways, and you will cash in while others are bailing out.

First is on “Quality”.

  1. Meaning you rehab the house and the others like it on the market, and make it pale by comparison.

The few qualified buyers in the market will want your house because it’s the best one in their price range and in the area.

2.   Or, on “Terms”.    Meaning we take payments on the house and focus on folks that have credit problems and can’t go to the bank.   We use a Lease Option or Seller Financing.

Think about this. Every borrower that loses their house to foreclosure because their ARM adjusted them right out of the picture is now a potential buyer for the houses you sell on terms.

3.  Then there’s “Discount. Meaning we sell the house at below market value and beat the competition by being cheap.

This can be the case when we’re wholesaling Junkers to rehabbers or when we’re selling houses that are in good shape but don’t qualify for the “quality” angle.

An example being we take the deed from a seller who’s house is pretty but that we are not going to rehab.

So, 1. Quality, 2. Terms or 3. Discount. Pick one.

Focus on those exit strategies and buy according to the one that fits the property and the deal and you’ll ROCK this business at a time and point where your $9 book pin head competitors are jumping like rats from a sinking ship.

To to summarize…

  • DON’T listen to conventional wisdom, it’s a trap for the broke.
  • DO look at today’s market as one of the greatest opportunities we’ve see in years.
  • DO make sure you buy RIGHT, there’s just no excuse not to. It’s a Buyer’s Market!
  • DO be sure to decide how you’re going to sell before you make your offer.
  • Then finally… DO get going.
  • This business is outrageously profitable and outrageously doable, regardless of the market conditions at any one point in time, when… you know what you’re doing.

So get trained and get in the game NOW!

Your timing couldn’t be better.

Cameron Dunlap
www.CameronDirect.com
A Free Resource For Real Estate Entrepreneurs