Publisher's Synopsis
INTRODUCTION
Buying and selling properties can be a lucrative activity that may be right for many people, or it can be a disaster when not thought out and done correctly. The temptation of getting 'rich' quickly is a human trait that sucks many into making mistakes that should never have been. This manual is about 'Buying and Flipping Houses' and was compiled by the author that has designed, purchased, rehabbed, and sold both residential and commercial properties.
The author, William (Bill) C. McElroy is the author of Fences and Retaining Walls, The Painter's Handbook (Craftsman Book Company), and The Roof Builder's Handbook (Prentice Hall). He is the co-author of Electrical Blueprint Reading (Craftsman Book Company) and he has designed and built homes and duplex homes as well as having done extensive remodeling of both Row and Single-family homes. MISTAKES
His knowledge, and his extensive research into the field may save you from making the mistakes that he and others have made. Fortunately for the author, he learned the techniques that allowed him to profit from each property, and then retire to write this manual that may save you time, energy, and your life savings. FINANCING
One of the first items to understand is financing and where to obtain the money for the purchase. This manual provides several methods that you should enquire about. TIMING
Not understanding or properly scheduling the material, labor, inspections, or miscalculations can easily mean the difference between making a livable wage and profit, and going to the poor house as you are being sued by many of the workers and creditors. This book provides an idea of the timing and its pitfalls that you need to avoid. INSPECTIONS
When building from scratch or doing a rehab you will be watched and controlled by the building inspection department in the township or city where you are doing the work. Inspections can cost you profits, and can result in major rebuilds of areas of the construction, thus you need to understand the reasons and the techniques for working with these men and women that are paid to verify your work. PERMISSIONS
This can be a pain that will cost you days to weeks of losses. You need to understand the local laws and authorities that provide the permissions to do things like put up a fence, select paint color, do landscaping, etc. This manual provides some insight into whom you must see and work with, if you want to limit delays and increase profits. COST OVERRUNS
From my and many other's experiences you will have cost overruns where you figured it would cost $XXX and it actually cost $XXXX. This manual will help you to understand what can go wrong and how you can prevent it, or at a minimum prepare for it. Example of some of the text> "Section 06 ... Hazmat Items:
Older buildings frequently were constructed with what at the time was considered safe materials, but over the decades it has been found that the materials are a hazard to the health of those occupying the premises. Items like Asbestos (Up to 1984), Lead paint, lead pipes, etc. may require Hazmat authorized personnel to come to the building and remove the offending materials." "Other items that can delay construction or add to the cost are Radon, Mold, Mildew, and Virus contamination, each of which will have to be eliminated." TOC & INDEX
There are comprehensive Table of Contents and Index so you can locate subject matter in seconds.
