The art of the successful ‘quick flip’
IF you are a serious investor and want to learn the pros and cons of the “quick flip,” turn to experts William Bronchick and Robert Dahlstrom. In their new book, “Flipping Properties,” they share what they have learned over 15 years of flipping — buying a property at a bargain price, fixing it up cosmetically and selling it for a fast profit.
The authors promote three key strategies: Talk only with motivated sellers, remember that persistence pays and treat real estate as a business.
They’re also leery of real estate seminars — free or otherwise. “If the seminar is free,” they write, “it’s because the promoter wants to sell you something . If the event is more than $1,000 per day, you should also be concerned.”
As with an earlier version of this excellent book, the second edition highlights what to look for, how to find “flippable” properties in virtually any market, and specific steps to earn fast profits.
However, the book is not without flaws. Although Bronchick and Dahlstrom are experienced investors, they don’t offer any personal examples of what they did right or wrong in applying their techniques.
The book’s best chapter explains the three possible roles a reader might play.
One is the scout who finds potential properties and refers them to an investor, who pays a fee when a purchase results.
Another is the person who locates deals and contracts to purchase a property but then assigns that contract to the third type of buyer — the retailer.
The retailer acquires the property from a dealer or, as the result of a scout’s effort, transforms it from an ugly duckling into a beautiful swan and then resells for a substantial profit.
When I reviewed the first edition of this book, it was the pioneer in the field of flipping properties. Since then, many other books have been written on the subject. Unfortunately, the second edition has not kept up with the competition. Although it’s still excellent, it needs examples of flips in today’s marketplace.
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Flipping Properties
: Generate Instant Cash Profits in Real Estate
William Bronchick and Robert Dahlstrom
Kaplan Business: 256 pp., $18.95
