Here's What You'll Learn in the House Flipping Guide!
Our House Flipping Guide includes 10 Chapters, 70+ Lessons on how to find deals, how to analyze deals, how to estimate rehab costs, how to inspect properties and how to manage your rehab projects, and much more! Our Guide also includes real life case studies and quizzes to test your learning and understanding of key learning concepts.
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.
- VIDEO: Is Flipping Houses for You?
- Mindset of Flipping Houses
- Benefits of Flipping Houses
- Risks of Flipping Houses
- How to Minimize Risk
Chapter #2: House Flipping 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.
- VIDEO: House Flipping Business Basics
- What is House Flipping?
- Top 10 Tips for New House Flippers
- Writing a Business Plan
- Creating a Company
- Loans for Flipping Houses
- House Flipping Taxes
- Quiz: Test Your Learning!
Chapter #3: How to Find House 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.
- VIDEO: How to Find Deals Intro
- How to Research Your Market
- Narrow Down Your Search
- On Market vs Off Market Deals
- Top 10 Sources for Finding House Flipping Deals
Chapter #4: How to Analyze a House Flip
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.
- VIDEO: How to Analyze a House Flip Deal Intro
- House Flipping Formulas
- 70% Rule Formula
- Maximum Purchase Price Formula
- Quiz: House Flipping Formulas!
- How to Predict the After Repair Value
- Hidden Costs of Flipping Houses (Fixed Costs)
- How to Calculate Buying Costs
- How to Calculate Holding Costs
- How to Calculate Selling Costs
- How to Calculate Financing Costs
- Quiz: Fixed Costs
- Video Case Study: How to Analyze a House Flip
- Video Case Study: How to Analyze a BRRR Deal
- How Much Profit Should You Make on a Flip?
- How to Calculate Your COCR & Annualized COCR?
- Quiz: Final Deal Analysis Quiz
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.
- VIDEO: How to Estimate Rehab Costs Intro
- How Much Does a Rehab Cost? A Bad Analogy
- Methods for Estimating Rehab Costs
- Learning to Estimate Repairs (the hard way, but the right way)
- Video Case Study: How to Create a Detailed Rehab Estimate (38 mins)
- Video Case Study: How to Estimate a Cosmetic Rehab
- Video 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.
- VIDEO: Inspecting Properties & Warning Signs Intro
- Roofing Warning Signs & Issues
- Siding Warning Signs & Issues
- Window Warning Signs & Issues
- Foundation Warning Signs & Issues
- Plumbing Warning Signs & Issues
Chapter #7: Preparing for Your Rehab Project
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 your property.
- VIDEO: Preparing for your Rehab Project
- Do You Need a Building Permit for your Rehab?
- What Insurance Do You Need to Flip Houses?
- How to Write a Scope of Work for your Project
- Pre Qualifying Your Contractors
- How to Get Contractor Bids for your Projects
- How to Create a Payment Schedule
- 8 Documents You Need to Work with Contractors
Chapter #8: Managing Your Rehab Project
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
- VIDEO: Managing Your Rehab Projects
- Planning Your Rehab Project Timeline and Schedules
- Managing the Demolition Phase
- Managing the Rough-In Phase
- Where to Buy Materials for your Rehab
- Jobsite Security
Chapter #9: Other Resources
- Best House Flipping Books
- House Flipping Checklist
- Real Estate Glossary
- House Flipping Acronyms