Reviews of Real Estate Books & Services
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Flipping Properties
(by Robert Bruss []
)
August 30, 2001 12:01:16
RE:
(by Alice [Ca.]
)
January 30, 2002 14:35:28
RE:
(by []
)
April 26, 2002 16:04:17
RE:
(by Sherese []
)
June 14, 2002 15:15:32
Flipping Properties
(by Jerry
[Il]
)
Mar 12, 2004 4:42 PM
Flipping Properties
(by Kerry
[AZ]
)
Apr 10, 2005 4:56 AM
Flipping Properties
(by William Bronchick
[CO]
)
May 3, 2006 2:30 PM
Hello, I am new her
(by Bopguegus
[UK]
)
Aug 28, 2010 11:44 AM
Click here to reply to this discussion.
Flipping Properties (by Robert Bruss []
)
Posted on: August 30, 2001 12:01:16
Message:
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The following review was from Robert Bruss, nationally syndicated real estate writer. This review appeared on inman.com news service. By Robert J. Bruss, Tribune Media Services. Book - FLIPPING PROPERTIES, By William Bronchick and Robert Dahlstrom.
The theme of "Flipping Properties," by realty investors William Bronchick and Robert Dahlstrom, is "flip and grow rich." These authors explain how to find, buy and profit from reselling underpriced houses and other types of real estate.
They emphasize profiting from short-term, speculative realty ownership. Sometimes, they don't even take title to the property. They just "flip" their purchase contract by assigning it to the ultimate retail buyer.
The concept of flipping properties, as the authors ably explain, is to find a distress fixer-upper house or other property and buy it well below what it will be worth when fixed up. Sounds simple. But it takes work.
Bronchick and Dahlstrom describe the three types of "flippers." One is the scout who locates a suitable property and gives the details to a flipper dealer for $500 to $1,000. Obviously, there isn't much profit for scouts, except those doing a volume business.
The second flipper type is the dealer who negotiates a contract with the property owner to purchase the underpriced property. The third flipper type is the retailer who acquires from a dealer and then fixes up the property, reselling it to an ultimate user, thus earning the maximum profits.
This great new book covers virtually every aspect of flipper properties. Along the way, the authors give their strong opinions and expert advice. Although they use real estate agents, they say things like, "Most real estate agents do not aggressively market properties," "Appeal to the agent's greed factor," and "Don't be bullied by uncooperative agents."
Along the way, Bronchick and Dahlstrom provide extremely valuable real estate education information. They thoroughly explain real estate contract principles and specific procedures property buyers should expect. The authors advise using a professional team, such as a realty agent, appraiser, attorney and title insurer, depending on the situation.
The authors obviously have considerable experience buying and reselling "flipper" distress properties. For example, they explain: "The best way to get in touch with the owner is to knock on his door. This is not only gutsy, it is risky. You may be dealing with a bitter, belligerent person."
The book's best chapter is about negotiation. The top idea is, "Let the seller make you an offer." In other words, buyers shouldn't make the first offer but should say, "Mr. Seller, what is the best deal you can offer me on this property?" When the seller names a price, Bronchick and Dahlstrom suggest using the "Henry Kissinger strategy" of saying "You can do better." Another negotiation strategy is to make two acceptable purchase offers and to let the seller select the one that will work best for him or her.
The only drawback of this well-written book is it didn't include any personal examples of properties the authors purchased. The book would have been even better if they had explained some of their best deals, as well as some of their mistakes (we all have them).
The book's weakest chapter, and this is not a serious criticism, is "Finding the Money to Buy the Properties." The authors explain several finance alternatives, emphasizing their obvious favorite of buying "subject to" an existing mortgage and quickly either fixing up or reselling the property. They emphasize the mortgage lender might enforce a due-on-sale clause, but it is highly unlikely if the payments are kept current. However, the authors never explain a surefire finance method that works every time. Perhaps there isn't one.
Chapter topics include: The Concept of Flipping Properties; The Mechanics of Real Estate Transactions; Proven Ways to Find the Deals; Analyzing a Good Deal; The Art of Negotiating the Deal; Putting It in Writing; Finding the Money to Buy the Properties; The Closing Process; Rehab Properties: The Big Bucks; Liability and Tax Issues; and Getting Started. The superb appendix includes sample forms, a state-by-state foreclosure guide and excellent Internet resource listings.
This is a real estate book that cannot be recommended too highly to realty investors and those just starting in investments. It is simple yet complete enough to get readers excited about earning quick profits. On my scale of one to 10, this outstanding new book rates an off-the-chart 12.
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RE: (by Alice [Ca.]
)
Posted on: January 30, 2002 14:35:28
Message:
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How much is" Flipping properties ??
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RE: (by []
)
Posted on: April 26, 2002 16:04:17
Message:
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I wood like to order Flipping properties book, How do I do that.
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RE: (by Sherese []
)
Posted on: June 14, 2002 15:15:32
Message:
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The price of the book is 21.05 and you can order the book right from the Catalog section of this website. Look toward the top of this page and click on "Books" to see the Catalog index, where Flipping Properties is listed. You can also go directly to the following webpage - http://www.mrlandlord.com/mllshop/build_wealth.html#P63
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Flipping Properties (by Jerry[Il]
)
Posted on: Mar 12, 2004 4:42 PM
Message:
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It would be very nice if some of these gurus would give examples of a couple they actually did. I have over 30 years of exprerience and some things are easier to tell others how to do than to actually accomplish yourself. I sometimes wonder if they have attended a lot of seminars and decided to write their own book.
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Flipping Properties (by Kerry[AZ]
)
Posted on: Apr 10, 2005 4:56 AM
Message:
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William Bronchick is a lawyer, the founder of Colorado's REIA, and he puts on seminars...can't speak as to Dahlstrom. There is a lot of meat in this book.
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Flipping Properties (by William Bronchick[CO]
)
Posted on: May 3, 2006 2:30 PM
Message:
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I am going to chime in on this one because I would like some thoughts on this. This is William Bronchick.
In the first review of Flipping Properties, Robert Bruss complained that we didn't show any of our own deals. We were under a deadline and didn't really expect the book to be a big hit, BOY WERE WE WRONG! We ended up being Dearborn's #1 best seller.
Anyway, we considered showing some of our deals in the second edition, but instead opted to show some of the deals of our successful students. I've shown many of my deals in my seminars (as well as my student's deals), and have been told -"that's easy for you, you're a lawyer". Not really, it's not easy, but admittedly a lawyer with real estate experience is less intimidated about real estate transactions. When I first got started, I didn't know SQUAT about these types of deals. I did a few dozen closings as an attorney for clients, but admittedly I read books and went to a few seminars too. It opened my eyes to a lot of things that other attorneys said "can't be done". My attorney knowledge in real estate was acquired as a result of DOING, not the other way around.
So, I guess, my question is, do people look at me and think, "it's easy for him because he's an experienced lawyer, and I couldn't do the same?"
I would be interested in your feedback, thanks!
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Hello, I am new her (by Bopguegus[UK]
)
Posted on: Aug 28, 2010 11:44 AM
Message:
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I would like make more friends here & talk something interestings.
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Reply: