A prolific author of insightful real estate books, my valued client J Scott has written and published many how-to guides for both the novice and experienced real estate investor. One of his most recent, “The Book on Flipping Houses: How to Buy, Rehab, and Resell Residential Properties, 2nd Edition,” reveals the secrets to what many people imagine is a crazy, high-risk profession: buying cheap houses, improving them, and then selling them quickly at a profit.
In fact, the business of flipping houses is just that: a business. Like any other business, you succeed with a combination of hard work and deep knowledge. In this book, J walks you through every step, from identifying properties to rehabbing them to selling them. If there is one golden rule, it’s this: Before you buy a house, you must know the price for which you can sell it after you fix it up. Profit = selling price – (buying price + rehab cost). The math dictates whether or not you decide to make the investment.
J Scott (he goes by “J”) is a full-time real estate investor and rehabber living in the suburbs Washington, D.C. In 2008, J and his wife quit their corporate jobs, started a family, and decided to try something new. That something new ended up being real estate. Together they built a successful business focused on all aspects of real estate, including flipping, building, landlording, multi-family, lending, and note buying.
J has detailed his real estate adventure on his blog, http://www.123flip.com, where he discusses all his team’s triumphs, failures, and results, including all the nitty-gritty financial details of the business.
Thomas Hauck is a professional book editor, ghostwriter, and book developer serving both first-time and veteran authors.