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    The Right Way to Flip Houses: A Step-by-Step Guide for Success
    The Right Way to Flip Houses: A Step-by-Step Guide for Success
    The Right Way to Flip Houses: A Step-by-Step Guide for Success
    Ebook195 pages2 hours

    The Right Way to Flip Houses: A Step-by-Step Guide for Success

    By CJ Dodaro

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    About this ebook

    No matter who you are and no matter where you live, you can make money, good money, Fixing and Flipping houses. You don’t need to be a General Contractor or an Interior Designer to succeed. Simply follow the simple Step-by-Step Instructions in this book, and soon, you will be on your way to making 6 - 7 figures a year; profit.

    In this book, I will share with you all of the knowledge that I have learned over the years about the housing market and how best to profit from it. If you pay attention, have some common sense, and follow the instructions that I outline for you, you will be very happy with your own success.

    LanguageEnglish
    PublisherCJ Dodaro
    Release dateJan 18, 2021
    ISBN9781005253547
    The Right Way to Flip Houses: A Step-by-Step Guide for Success
    Author

    CJ Dodaro

    CJ DodaroI am a semi-retired, 68 year young man, who has worked very hard my whole life. Although I have occasionally worked for other companies, I have been an entrepreneur since I was a young boy.I starting out selling things door to door when I was around 10 years old; seeds, greeting cards, and wrapping paper for all occasions. After a couple of years, I graduated to lemonade/kool-aid stands, washing cars and cutting neighbor's lawns. I did just about anything to make a few bucks.When I graduated from high school, I did not really know what I wanted to do for a career, so I went to auto mechanics school to learn a trade. I figured that even if it was not what I eventually wanted for a life-long career, it would be a skill that would always come in handy. After graduating from the trade school, I worked in the auto repair industry for only a couple of years. While I enjoyed the work, I quickly got tired of smelling like grease and oil every day, yet I continued working on cars as a hobby.Variety being the spice of life, I have owned and operated many successful businesses during my lifetime, many of which I started from scratch; a full service landscape company, soup and sandwich restaurant, and a gas station and body shop. I also had a three-piece 50s & 60s rock & roll band which was a lot of fun for many years.I have also owned and operated several online businesses; a couple of e-commerce stores, and currently operate a website: ImprovingAmericaLLC.com, where I instruct you how to start and operate a business of your choice.My hobbies are: stamp collecting, playing guitar, and home repairs.I also have plans to start a Charity, possibly an MLM website, as well as write some additional eBooks. If any of these interest you, drop me an email, and I will keep you apprised of their creation: cjdodaro@att.net

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      Book preview

      The Right Way to Flip Houses - CJ Dodaro

      Introduction

      Like everything else, there is a right way and a wrong way to Flip houses. If you are interested in learning the right way, you are going to be glad that you bought this book. If you prefer to do things your own way, then, please go ahead. Throw this book away, and prepare yourself for the consequences.

      No matter who you are and no matter where you live, you can make money, good money, Fixing and Flipping houses. You don’t need to be a General Contractor or an Interior Designer to succeed. Simply follow the simple Step-by-Step Instructions in this book, and soon, you will be on your way to making 6 - 7 figures a year; profit.

      In this book, I will share with you all of the knowledge that I have learned over the years about the housing market and how best to profit from it. If you pay attention, have some common sense, and follow the instructions that I outline for you, you will be very happy with your own success.

      First things first; this is a business, not some side hustle. You will need to learn to conduct it as such. If you have never worked for yourself before, you should understand up front that there is a learning curve, starting with preparation. In the beginning, you will work harder than you ever did when working for someone else, but in the end, the rewards will be well worth your efforts.

      I strongly suggest that before you embark on the journey of Fixing and Flipping houses, you read the first 3 books that I have written: Being Successful in Your Own Business - A Step-by-Step Guide to Success. They can be found at Smashwords by clicking the following link: Author’s page on Smashwords.com or on Amazon at: CJ Dodaro.

      This is a 3 Book Series as follows:

      Book 1 of 3 in the Series: Your Business Setup

      Book 2 of 3 in the Series: Work on Your Website

      Book 3 of 3 in the Series: Get Social, Videos, and Money Management

      There are chapters in each of these books that will apply to you. This is not merely my attempt to get you to buy more of my books, but rather to properly prepare you for the adventure that you about to embark upon. You will need to set yourself up as a business, learning all of the ins and outs of such in order for you to massively succeed.

      These books will teach you all of the basics of being in business for yourself, from setting up your books, to doing your own taxes, to setting up your online presence, to managing all of the money that you will be making.

      You should not be concerned about the amount of money that you will need to Invest in Fixing and Flipping houses. I will show you ways to do this business without investing any, or at least, very little of your own money. You won’t initially make as much profit this way, as you will need to share some of the profits with your Investors, but before long, you will have made enough money to strike out solely on your own and in turn, reap all of the benefits for yourself.

      So, set this book aside for now, and read and apply everything that you learn in my 3 Book Series. When your business has all been set up, come back and pick this book up and begin learning how to succeed at Fixing and Flipping houses.

      Best of Luck and Much Success to You!

      Sincerely,

      CJ Dodaro

      Improving America LLC

      Chapter 1: The Basics

      Real Estate Investing is not a get-rich-quick scheme. It will take knowledge, application, and persistence in order to succeed. Just as any solid home needs a strong foundation, the same is true when it comes to your Real Estate education. Knowledge and Proper Set Up will be your foundation in this business. A solid foundation is the key to a long-lasting business.

      This business is all about integrity, honesty, and doing the right things. This book, will not discuss the ways that you can make money in Real Estate that do not conform to this pattern. You will not get any information on how to become a slum lord in this book. If you are looking to build a successful business, built on the foundation that I offer you, then, I can promise, you will not regret it.

      Regardless of where you live, you can Flip houses. Regardless of how much you know about construction and design, you can Flip houses. Regardless of how much money you have to invest, you can Flip houses. I will teach you all that you need to know.

      That being said, the more that you know compiled with how much you learn, plus, how you apply all this knowledge, will ultimately determine how well you will succeed. Persistence in this business will pay off, and pay off handsomely.

      This book uses a variety of terms and acronyms, which I have attempted to explain the meanings of, the first time each term or acronym is used. There is a Glossary of Terms and Acronyms at the end of the book in case you forget the explanations.

      You have no doubt seen some of the house Flipping shows on TV, where the Flippers make a ton of stupid mistakes and still come out making a profit. That is TV, not real life. In life, every mistake that you make in this business will ultimately cost you money, so I am going to show you how to avoid those mistakes wherever and whenever possible.

      In this book, you are going to learn what you will need to start this business, all about the Real Estate market, and how to choose the right Investors to help you get started if you don’t have money of your own to invest. I will also teach you how to evaluate your potential deals in order to know which ones are the best, as well as, teach you how to gauge your repairs so that you do not over improve the house for the area that you are in. You will also learn how to choose knowledgeable, quality, contractors to get the work done if you are not going to do it yourself, as well as, learn how to quickly sell your house once it has been completed or rent it out if you choose to Hold it for a period of time.

      There are basically 2 ways to buy distressed Real Estate. First, those properties that are on the open market, which will allow you to inspect both the inside and outside of the potential property. Secondly, properties that can only be viewed from the outside, with no inside access available.

      First time Flippers should concentrate on the first type of properties for their first several purchases. The second type is much more risky and therefore, should only be pursued by seasoned Flippers.

      3 Basic Ways to Make Money in This Business

      There are 3 Basic Ways to Make Money in This Business:

      1. Wholesaling

      2. Fix & Flip

      3. Fix & Hold

      Let’s take a look at what each way entails:

      1. Wholesaling

      Wholesaling is the practice of finding potentially good deals, doing a preliminary inspection and initial Due Diligence (discussed in detail later on in this book), making an Offer on the property, negotiating until an Agreement has been reached on the purchase price, locating Buyers that are interested in Fixing & Flipping or Fixing & Holding the property, and Assigning the property over to one of them for a Fee (about $5000). Although there are several individual Steps to this process that will be discussed later, this is a simplified overview of the process.

      The work to be done on the property will be performed by the Assignee, not you. These deals will be done quickly and profitably, and each deal will not require you to spend a lot of time or money. You should be able to secure such deals with about $100 down (in order to hold the property for an agreed upon period of time (between you and the Seller), in order for you to be able to secure a Buyer.

      Once you find a Buyer who agrees to purchase the property for the agreed upon price (between you and the Seller), along with, a Fee for you for the Assignment (for locating the property, negotiating the deal, and doing your preliminary Due Diligence), and they sign the Assignment Agreement, along with giving you a deposit for the Fee (usually $1000) and sign the Purchase Agreement with the Seller, your work is nearly done. The only thing left to do is for you and/or your Real Estate Attorney is to attend the Closing to get your remaining Fee amount. From there, you move on to your next deal.

      If for any reason you are not able to find an end Buyer for the property, you will have the ability to purchase the house yourself (within the time frame listed in the Agreement) and Fix & Flip or Fix & Hold the property as you so choose.

      2. Fix & Flip

      The Fix & Flip is when you engage in the practice of finding potentially good deals, doing a preliminary inspection and initial Due Diligence (discussed in detail later on in this book), making an Offer on the property, and negotiating until an Agreement has been reached on the purchase price. You secure your Funding, do more Due Diligence, and if all appears good, you Close on the property, hire a General Contractor to compete the necessary repairs and upgrades that you agree upon (or do the work yourself), and Sell the property for a profit.

      If for any reason you are not able to sell the property as quickly as you like, you always have the option to turn it into a Fix & Hold, by renting it out until the market gets better and attempt to sell it at that time.

      3. Fix & Hold

      When you Fix & Hold a property, your complete the same Steps as for a Fix & Flip with the exception of attempting to immediately sell the property. Instead, you rent it out for an indeterminate period of time until you decide it is time for you to sell it.

      This will probably require you to hire a Property Manager who is capable of either doing any needed maintenance themselves, or hiring contractors (with your permission) to complete any necessary repairs in order to keep the property properly maintained. You should plan on hiring a Property Manager to do this job instead of attempting to do it yourself, because you should be plenty busy, locating more potential properties to either: Wholesale, Fix & Flip, or Fix & Hold.

      So there you have it, the 3 ways that you are going to make money, and lots of it, in this business. Now, let’s look at what you will need to get started:

      What You Will Need First

      The next thing that you need to learn about this business is what you will initially need to succeed. Initially, you will need the following:

      1. Business Setup - You must first set yourself up for doing business. You will need a Computer, a Home

      Office, a Camera, a Business Name, choose a Business Structure (I recommend an LLC), an EIN, a Business Plan, choose a Bookkeeping Method, set up your Books, get all of your Business Licenses (State, County and Local), a Domain Name, and a Website.

      If you need help with any of this, please see my books: Being Successful in Your Own Business - A Step-by-Step Guide to Success. This is my 3 Book Series on setting yourself up in business.

      2. Data Bases - You will need several Databases for various phases of your business. Each Database

      should be kept

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