by Kevin Myers
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Product Description
In Buy It, Fix It, Sell It...Profit!, real estate investor and rehabbing expert Kevin Myers presents all-new insights on how to create a quick turnaround in your investments by renovating properties for profit. Beginning and experienced real estate investors will benefit from the new and improved real estate rehabbing techniques to develop a high-profit, low-overhead business. This expanded edition discusses property inspection, tax issues, funding projects, and maximizing profits. Buy It, Fix It, Sell It...Profit! is a hands-on guide sprinkled with inspirational stories for those who want to create a financially secure future.
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Average Customer Review:
0 of 1 people found the following review helpful:
 Flippers Dream, 2007-11-06
This is a very easy to read guide on what to do, and what not to do, in the rehab business. I haven't got a chance to start flipping yet, but I have all the confidence I need. Definitely worth the cash!!!
4 of 5 people found the following review helpful:
 This is the book to read on this subject., 2007-01-02
If you are trying to find a step by step guide for this business then this is the book for you. I recommend it to anyone who is interested or new in this type of business. It gives you a business plan and it goes through all the things that really matter, what gives you the best return on your money, how to use outside resources, etc. I looked for a long time for a book that was easy to follow and talked about the subject in a realistic manner and not like of some strange form of art. I found it, this is it.IT ACTUALLY TEACHES WHAT IT SAYS IT DOES.
It will give you the knowledge you need to gain (or in my case re-gain) confidence that you can do this business. I read "Flipping Properties" and it confused the heck out of me by telling me all about taxes and liens and paperwork and contracts before it told me anything. I got confused and intimidated.
"Buy it, Fix it, Sell it, Profit" is definately worth your time. It is the best I have found.
1 of 1 people found the following review helpful:
Excellent Source for Those Beginning RE Flipping, 2006-11-16
This has it all. Detailed information for each level of RE Investing. He does everything but hold your hand!
1 of 1 people found the following review helpful:
README - ONE OF THE BEST REHAB BOOKS OUT THERE!, 2006-11-13
This is one of the best rehab books out there on how to flip something for profit or rent it out by fixing a broken house. Simple ideas but creates long term networth. I also read Investing Without Losing (ISBN: 0978834607 NOT on amazn, on other stores) so I could figure out how to get rehab properties.
18 of 20 people found the following review helpful:
A terrific book, especially for rehabbers, 2006-08-16
I found this book very helpful. It was apparent early on that Kevin actually does this (yes, many real estate writers are not real estate investors). The detail that he goes into for rehab checklists and cost per items is very helpful.
I personally "buy and hold" rather than "flip," but I found the rehab information valuable since I rehab every property I buy. I really liked Kevin's exposure of the myth (generated apparently from a report by Remodeling Magazine) that remodeling rooms is not profitable. Kevin notes that the magazine stated that a major kitchen remodel would only return you 67% of your investment. Hogwash. I presume that the magazine only queried those remodeling their personal residences, rather than real estate investors.
Kevin could certainly have told them that he makes many times over his investment when he sells the property. He cites a recent kitchen remodel that he did for $1895. He doesn't give the profit on that when he sold the house, however, so we can't see his return on investment. From one who buys, rehabs, rents, and holds, here's my perspective. I just completed a kitchen rehab in a rental unit for about $1220, as follows:
$300 - new refrigerator from Appliance Direct
$380 - new stove from Appliance Direct
$ 30 - new light fixture
$150 - new counter top
$ 30 - new tile
$ 50 - new cabinet doors and hardware
$ 30 - paint
$250 - labor (handyman)
The rent on this unit before I purchased it was $625/month. My new tenant now pays $850, or $225 more per month after rehab. Granted, I did other cosmetic fix-up around the unit, but most of my costs went into the kitchen. Let's assume that the new kitchen accounted for only 60 pecent of the rent increase, or $135. If so, I've paid for my investment in 10 months and every month thereafter is gravy. That's the way a rehabber might look at it. But here's the way a real estate investor looks at it. Rental properties are valued based on the GRM, gross rent multiplier (or multiple, as some call it). What is the real value of my improvement? I increased the rent, just allocated to the kitchen, by $135/month. As such, I increased income by $1620/year. The going GRM (puchase price divided by annual income) in this area is 16, what I bought it at. We now multiply $1620 x 16 = $25,920. That is what I can recoup, based on actual rents and market values, the day after I place my new tenant in the unit. Seems to me that my $1220 investment returning $25,920 is just a bit better than the Remodeling Magazine "average."
In my own book, "Investing in Duplexes, Triplexes & Quads," I recommend the best books I've read in several real estate categories. I list Kevin's book as the best of the fix-up and flip books. In fact, it's the only one that I list!
Larry Loftis
Author: Investing in Duplexes, Triplexes & Quads: The Fastest and Safest Way to Real Estate Wealth
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