Chapter 1: Is Flipping Houses for You?
The truth is some of you are not cut-out to be house flippers, and a vast majority of you will never make the leap and buy your first flip.
All of the flipping shows give the illusion that flippers are making huge profits without breaking a sweat, but you need to understand that flipping houses takes a lot of work and there are real risks to flipping houses.
In our First Chapter we will discuss the mindset, passion, and entrepreneurial spirit it takes to be successful in this business. We will help you manage your expectations, set realistic goals and build a basic fundamental knowledge of real estate that will give you the confidence to buy your first flip.
Chapter 2: House Flipping Business Basics
Now that we’ve established what it takes to flip houses and established reasonable expectations of the risks and rewards of being a house flipper we will start by discussing the house flipping business basics.
In this Chapter we will discuss how to write a business plan and set business goals for your company, how to setup an LLC, & discuss the different funding options you have for funding your business.
Chapter 3: How to Find Flip Deals
Finding Deals will be one of the biggest challenges in your house flipping business. In this Chapter, we will discuss how to research your market to narrow down your search to a specific 'farm area' and property type, and discuss the best strategies to find house flipping deals in today's market.
Chapter 4: How to Analyze Flip Deals
Once you start finding deals, you need to be able to sort out the good deals from the bad, and decide what to offer. In order to know what to offer for a property you need to understand the basic math and formulas used to analyze your offer price and calculate the project's profitability.
Deal Analysis Case Studies
Case Study: How to Analyze a House Flip
Chapter 5: How to Estimate Rehab Costs
Before you purchase a rehab property your next challenge will be to put together a detailed Scope of Work and accurate estimate of the repair costs needed on the property.
Estimating Rehab Costs Video Case Studies
Case Study: How to Estimate Rehab Repair Costs
Case Study: How to Estimate Costs for a Cosmetic Rehab
Case Study: Estimating Rehab Costs per SF
Chapter 6: How to Inspect Rehab Properties
Once you find an ideal property to rehab you need to inspect the condition of the property and determine which repairs and improvements need to be made to the property. In this Chapter, we will discuss the warning signs you should look for when inspecting your potential rehab projects.
Chapter 7: Preparing for Your Rehab
Congrats, you finally have your first flip under contract! I'm sure you have mixed emotions. You are excited about your new adventure, but are nervous about the renovation process.
In this Chapter, we will discuss the steps you need to take to prepare for your rehab project so you can "hit the ground running" as soon as you take possession of the property.
Chapter 8: Managing Your Rehab
So hopefully during the closing period you took the time to start preparing your Scope of Work, Soliciting Contractor Bids and now have all of your Contractors lined out to start work on your project.
In this Chapter we will discuss how to plan and manage your rehab project timelines,manage contractors, manage materials and track budgets to help your project stay on-time and on-budget
Project Management Case Studies
CASE STUDY: How to Create a Schedule for a Rehab Project