Ralph R. Roberts - Flipping Houses For Dummies

9 Part 5: Cashing In: Realizing Your Profit Chapter 20: Considering Your Options: Cash or Cash Flow? Setting a Goal: Cash or Cash Flow Cashing Out: Selling the Property Exploring Cash Flow Possibilities Chapter 21: Marketing Your Home Harnessing the Power of a Real Estate Agent to Market and Sell Your House Setting an Attractive Asking Price Staging a Successful Showing Offering to Help Secure Attractive Financing Becoming a Real Estate Marketing Maven Chapter 22: Negotiating the Sale to Maximize Your Profit Comparing Seemingly Similar Offers Mastering the Art of Counteroffers Shuffling Papers and Other Legal Stuff at Closing Chapter 23: Trudging through Some Taxing Issues Estimating the Tax Collector’s Take from Your Flipping Profits Maximizing Tax Savings from the Sale of Your Principal Residence Slashing Your Capital Gains through Careful Deductions Deferring Taxes: Rolling Your Gains into Your Next Purchase Selling Your Home at a Loss (Ouch!) Paying Income Tax: When Flipping Houses Becomes Your Occupation

10 Part 6: The Part of Tens Chapter 24: Ten Ways to Find Dontwanners Cruising the Neighborhood Teaming Up with a Qualified Real Estate Agent Checking Classified Ads and Online Listings Skimming Foreclosure Notices Monitoring Tax Sales Scoping Out Bank-Owned Properties Probing Probate Properties Digging Up Houses in Bankruptcy Sifting through the Government’s Stash Networking and Advertising for Leads Chapter 25: Ten Signs of a Great House Flipping Opportunity The Location Is an Obvious Hot Spot Nobody’s Home The “For Sale By Owner” Ad Is Shrinking The Seller Is Highly Motivated to Be Freed from the Burden of Ownership The House Is Ugly Outside The House Is Ugly Inside The Decor Is Outdated The House Has Character The House Has Undeveloped Living Space The Property Backs Up to Nothing Chapter 26: Ten House Flipping Blunders Falling for a Scam Speculating on the Housing Market Waffling on an Obviously Good Deal Backing Yourself into a Contractual Corner Failing to Inspect the Property before Closing on It Assuming That the Title Is Clear Underestimating the Cost of Repairs and Renovations Doing Shoddy Work to Save Money Over-Improving a Property Forgetting to Pay the Taxes

11 Index

12 About the Authors

13 Advertisement Page

14 Connect with Dummies

15 End User License Agreement

1 Chapter 23TABLE 23-1 Short-Term versus Long-Term Capital Gains Tax Rates for 2022

1 Chapter 6FIGURE 6-1: A listing contains lots of useful information.

2 Chapter 7FIGURE 7-1: You can bid on residential real estate for sale at Auction.com.

3 Chapter 9FIGURE 9-1: Personally inspect the neighborhood and the exterior of the propert...FIGURE 9-2: Collect important details about the foreclosure property from the n...FIGURE 9-3: Record information from the foreclosure notice and public records o...

4 Chapter 10FIGURE 10-1: A home inspection checklist is an essential inspection tool. FIGURE 10-2: This house is a potentially perfect candidate for a quick makeover...

5 Chapter 14FIGURE 14-1: A renovation planner is a handy tool for estimating costs.

6 Chapter 15FIGURE 15-1: Before renovations, this patio was a horror show. FIGURE 15-2: Fresh concrete and some minor updates make this patio an inviting ...FIGURE 15-3: No house hunter would want to stop at this house for a closer look...FIGURE 15-4: After a few affordable touch-ups, the house is a true attention-ge...

7 Chapter 16FIGURE 16-1: Before landscaping, this property looks dreary. FIGURE 16-2: Proper landscaping makes the house appear more inviting. FIGURE 16-3: This house, in its original state, appears ho-hum. FIGURE 16-4: A few enhancements to the outer shell make the house perky. FIGURE 16-5: Can you imagine parking your car in this garage? FIGURE 16-6: With a few affordable improvements, the garage looks brand-spankin...

8 Chapter 17FIGURE 17-1: The original kitchen was dark and dingy. FIGURE 17-2: The remodeled version is fresh and inviting. FIGURE 17-3: You’d need a shower after showering in this tub! FIGURE 17-4: The remodeled bathroom is a sanitary sanctuary.

9 Chapter 18FIGURE 18-1: The old windows and window dressings make this room look messy. FIGURE 18-2: New windows without the window dressings perk up the room. FIGURE 18-3: A large room with carpeting may not have the pop you’re looking fo...FIGURE 18-4: A new wood floor adds character and class.

10 Chapter 19FIGURE 19-1: This underutilized backyard has a lot of potential. FIGURE 19-2: Adding a small patio allows the party to spill out from the kitche...

11 Chapter 21FIGURE 21-1: A marketing flyer contains important details for home buyers.

1 Cover

2 Title Page

3 Copyright

4 Table of Contents

5 Begin Reading

6 Index

7 About the Authors

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