Looking for the best books on flipping houses? Here are the 10 best books on house flipping so that you can make a lot of money.
Looking for the best books on flipping houses?
Whether you are a brand new beginner or if you’ve been flipping homes for years, the best house-flipping books can teach you a lot.
These books cover everything from understanding the basics to managing renovations and successfully reselling properties. The best books on flipping houses can give you a solid foundation, actionable tips, and personal stories from experts that you can learn from.
With how competitive the housing market is today, it’s important to know as much as you can when it comes to flipping properties.
Here’s a quick list of the top 10 best books on house flipping if you simply want to skip and get right to it:
What is house flipping?
House flipping is where an investor purchases a property with the intention to quickly resell it for a profit. The process usually involves buying a property below market value, renovating or making repairs (for example, you may do some painting, redo the kitchen, fix up the landscaping to increase the curb appeal, etc.), and then selling it at a higher price.
There are several reasons why you might want to flip houses as a real estate investment strategy. Some of these include:
- You may be able to make a lot of money quickly – House flipping can earn you a large amount of money in a relatively short amount of time if done right. This can be a way to make extra money or even be your full-time income.
- You get to be your own boss – If you enjoy being involved in your investments and being your own boss, house-flipping allows for this. This is because there are a lot of things that go into flipping a property, such as finding properties, renovating a fixer-upper, and marketing your finished property to possible buyers.
While flipping houses can be a way to make a lot of money with real estate investing, you should know the risks and learn as much as you can, because you can also lose a lot of money. No one wants to get into house flipping and just lose a lot of money right from the start. But, it can easily happen if you don’t know what you’re doing. And, that is why today’s blog post is all about the best books on flipping houses – so that you can learn all about it right from the very beginning.
Is it still profitable to flip houses? How much does the average house flipper make?
Yes, it can still be profitable to flip houses, even in today’s housing market. While you can make a lot of money flipping houses, is does depend on a lot of different factors.
Flipping houses can be a way to make money, but like any investment, it comes with risks. According to The Motley Fool, the average gross profit for house flipping in 2022 was $67,900 per house. This is gross profit, though, and does not take into account the many expenses that come with flipping houses, such as renovations.
To make the most money when flipping properties, you will want to have a good strategy. This is where the best books on flipping houses can help you out because they can guide you through finding and financing properties, managing renovations, and reselling properties for a profit. Many of the best books on flipping houses also share many, many personal stories. This way you can learn from a person’s mistakes.
When starting the house flipping business, you will want to think about things such as the location of the property, property condition, renovation costs, and market demand, and books can help you with these areas.
Top 10 Best Books On Flipping Houses
Whether you’re a seasoned pro or just starting, these house flipping books are sure to be helpful. Here are the top 10 best books on house flipping and making money with an investment property.
1. The Book on Flipping Houses: How to Buy, Rehab, and Resell Residential Properties
If you’re looking to get into the house-flipping business, this book by J. Scott is a great resource and a very popular house flipping book. J. Scott is an experienced real estate investor who shares his knowledge on every part of the flipping process from start to end. He is a very popular expert in the house flipping industry.
This book covers everything from how to get money to buy a property, how to evaluate the profitability of a house, how to find and hire the best contractors, and how to sell your renovated property fast.
The book talks about how it’s really important to do careful research and be thorough when picking properties. It also gives a lot of advice on how to handle things like budgets and working with contractors.
2. Flip: How to Find, Fix, and Sell Houses for Profit
This book by Rick Villani and Clay Davis is a step-by-step guide on flipping houses to make a profit and it has sold more than 500,000 copies.
You’ll learn the ins and outs of finding the right properties, fixing them up, finding properties in the best areas, which home improvements to make (and which to skip), how to get financing, and more.
The authors are experienced real estate investors (with over 1,000 property flips!) and they cover step-by-step everything you need to know. This book is really helpful for both beginners and experienced house flippers. It gives a lot of detailed information and provides examples from their real-life situations. It’s a valuable guide for anyone trying to do well in the competitive real estate market.
3. The Book on Estimating Rehab Costs: The Investor’s Guide to Defining Your Renovation Plan, Building Your Budget, and Knowing Exactly How Much It All Costs
This is another popular house-flipping book by J. Scott. If you’re wondering how much it really costs to flip a property, then this is the book to read.
As a new flipper, it can be hard to know exactly how much you may spend improving a property.
In this book, you will see real renovation cost estimates in the house flipping business. This can help you make a plan, create a budget, and estimate expenses as closely as possible. This may help you to think more about the costs before you buy a property so that you know what you’re getting yourself into. For example, after reading this book, you may realize that a potential property will cost too much money to fix up, so you skip it. Or, you may realize that a property may need some repairs, but maybe they are more doable than you thought they would be.
The book covers a lot of different renovation categories and also gives practical tips on everything from structural repairs to cosmetic upgrades. You’ll even learn how to find big problems, such as termites and mold, in a property, as well as how to fix them. J Scott also talks about how important inspections are in creating real estimates. With this book’s explanations, sample budgets, and real-world examples, this house-flipping book gives investors the knowledge needed to make better decisions about their property flips.
4. How to Invest in Real Estate: The Ultimate Beginner’s Guide to Getting Started
For those just starting out, this book by Brandon Turner and Joshua Dorkin is a great book for house-flipping beginners. Their book talks about different investment strategies and lays out easy-to-follow steps to help you start.
The authors, both successful investors and well known from The BiggerPockets Podcast, share helpful tips, from how to find properties that you can make money with to financing deals and managing properties.
Some of the things that set this book apart from others is that it not only helps with common real estate investing topics like most of the best books on house flipping, but it also helps with topics such as: how to invest in real estate while working a full-time job, getting your spouse on board with real estate investing, many different strategies for building wealth through real estate, and so much more. These are great things to learn!
5. Real Estate Rookie: 90 Days to Your First Investment
This book by Ashley Kehr helps beginners take their first steps in real estate investing. The book has a 90-day plan, giving clear and actionable steps for new investors.
Newbies love this book, as it is written in a very easy way to understand. This is one of the best books on flipping houses for beginners.
This book covers topics such as financing options, property selection, and networking. Kehr also recommends hands-on experience and shares advice on how to build a successful real estate portfolio.
6. The Millionaire Real Estate Investor: Anyone Can Do it – Not Everyone Will
This book by Gary Keller, Dave Jenks, and Jay Papasan is one of the best books for flipping houses for any aspiring real estate investor. They talk about the mindset and strategies required to become a millionaire through real estate investing, such as by flipping houses.
This book shares the wisdom and strategies of over 100 millionaire investors. This book will teach you how to develop criteria for finding profitable real estate investments, how to have the mindset of a millionaire investor, how to network, and more.
7. The Flipping Blueprint: The Complete Plan for Flipping Houses and Creating Your Real Estate-Investing Business by Luke Weber
Luke Weber’s book is a complete blueprint for flipping houses successfully. Luke Weber is a former real estate appraiser, turned real estate investor. With his knowledge of house valuations, he was able to build a very successful business in real estate.
You will learn everything that you need to know to start flipping houses, such as how to find property deals, how to talk to lenders, how to find the best contractors to renovate your flip, and how to make the most money with your property flip.
8. The Book on Investing In Real Estate with No (and Low) Money Down: Creative Strategies for Investing in Real Estate Using Other People’s Money
This book by Brandon Turner helps you figure out how to get into real estate investing even if you have no cash.
This book shares creative financing strategies that allow you to invest in properties with little to no money down. So, if you want to get started house flipping but you feel like you don’t have enough money, this book can be very helpful.
The book covers many different strategies, such as seller financing, partnerships, lease options, and more. You’ll also learn about the downsides of each creative financing strategy so that you know the pros and cons.
9. Business of Flipping Homes: Short-Term Real Estate Investing for Long-Term Wealth
In this book, authors William Bronchick and Robert Dahlstrom share their tips on how to build wealth through house flipping.
The authors of this book have a lot of experience in real estate, with a total of over 40 years between them. They share their knowledge and actionable tips for seeing success in the house-flipping industry.
This book is for both new and experienced home flippers and talks about what flipping is and isn’t, as well as how to find and sell properties using their strategies. What sets this book apart from the others is that it also goes beyond the investment of a basic single-family home.
10. The Book on Tax Strategies for the Savvy Real Estate Investor: Powerful Techniques Anyone Can Use to Deduct More, Invest Smarter, and Pay Far Less to the IRS!
This book by Amanda Han and Matthew MacFarland has sold over 100,000 copies and is well known in the house-flipping world. This book is a helpful resource for real estate investors looking for help with tax planning.
Taxes play a big part when it comes to real estate investing and this book is focused on tax-saving strategies for real estate investors. The authors give strategies that help you to maximize deductions, make better investment decisions, and lower your taxes.
The book talks about things such as deductions, legal entities, retirement planning, IRS pitfalls, how to gift properties to your family, depreciation, and more. They explain tax concepts in an easy way, so that readers of all levels can understand.
Click here to purchase The Book on Tax Strategies for the Savvy Real Estate Investor: Powerful Techniques Anyone Can Use to Deduct More, Invest Smarter, and Pay Far Less to the IRS! by Amanda Han and Matthew MacFarland.
How To Start Your Flipping Houses Journey
If you are interested in flipping houses, here are some tips that can help you get started.
Finding your first property to flip
When you’re looking for your first property to flip, finding the right location is important. So, it’s a good idea to research the local area and make sure there’s high demand for properties and the potential for growth. As you look for the best house to flip, also research things like the quality of schools, crime rates, and jobs in the area. These things can all help a house sell faster and for more money.
Financing the property
As a real estate investor, you’ll need to find a way to actually purchase the property, of course. Some options include loans, private mortgages, or partnerships with other investors. The Book on Investing In Real Estate with No (and Low) Money Down by Brandon Turner is a great book to start with.
Estimating repair costs
An important part of house flipping is figuring out how much it will cost to fix up the property. So, you can start by making a list of all the repairs and improvements you believe the property needs. Then, break down the costs into different categories like plumbing, electrical work, and cosmetic updates. This way, you can get a better idea of the expenses involved in flipping a specific property and what work you can do and what you will need to outsource to contractors. To better estimate rehab costs, I recommend reading “Estimating Rehab Costs” by Luke Weber, Rick Villani, and Clay Davis.
Dealing with contractors
If you’re flipping a house, you might choose to do most of the renovation work on your own in order to save money. However, there might still be tasks that require hiring contractors because there’s a good chance that you’re not an expert at everything (such as electrical work!). Due to this, it’s important to find qualified contractors. To do this, you will want to do your research and get several estimates for the repair costs so that you can compare them. Also, make sure to communicate your expectations clearly with the contractor and establish a clear timeline for the project. This way, you can stay on track and avoid any surprises along the way. It can be easy for renovation projects to be more expensive and take longer than you originally thought they would.
Frequently Asked Questions
Here are answers to common questions about flipping houses.
What kind of house is best to flip?
There’s no one house that is best to flip as everyone is different. Overall, though, when looking for a house to flip, you will want a property with good potential because you want to make money, after all. This may mean finding a house that needs some work but is in a good location. The location is important because once you’re done renovating, you will want someone to be interested in buying it – and location matters!
What are the top books for beginners in house flipping? Which real estate investing books cover flipping houses?
The top books for house-flipping beginners are:
These books will teach you all about house flipping, rental property investing, negotiation tips, renovation projects, myths of real estate investing, how to find the best locations, real estate taxes, plenty of true stories about flipping real estate, and so much more. The books above are a great place to start if you want to learn the ABCs of real estate investing and are looking for a beginner’s guide or even if you’re an experienced investor.
Is $100k enough to flip a house? Can you flip a house with $10k?
Yes, you can flip a house with a lower budget, such as $10,000, but it may limit your options for properties and increase your risk. It will most likely be a little harder as well. A more realistic budget for flipping houses may be more around $50,000 to over $100,000. However, each project is different, and the cost of flipping a house depends on many different factors. Plus, you can read The Book on Investing In Real Estate with No (and Low) Money Down for tips on how to get started with little money. Related: 20 Ways I Saved a 20% Deposit To Purchase My First Investment Property At 20.
What are the red flags for house flipping?
There are many red flags in house flipping that may lead you to not buy a potential property to flip. Some examples include properties with structural damages, signs of water damage or mold, or outdated electrical. These issues can cause your flip to take a lot longer, increase costs, and hurt how much money you can make with the property. Of course, red flags don’t always mean that you should skip a property, but you may want to give more thought into it and see if it’s a good project for you to flip. Some flippers are perfectly happy purchasing a property with any of those problems, whereas others have a hard rule where they simply always say no to those.
What not to do when flipping a house?
When flipping a house, you should not overestimate your renovation skills or underestimate costs. Sometimes, it can be hard to not let your heart get away from you, but you should try to calculate the costs when you can. You should try to focus on selecting the right property for your situation and be realistic with how much things will cost and how long they will take..
Which J. Scott book should I read for flipping houses?
The Book on Flipping Houses by expert flipper J. Scott is a great choice for anyone interested in learning about house flipping, even complete newbies. It talks about the entire process and is a great beginner’s guide on house flipping, from finding and financing properties to managing renovations and reselling finished properties.
What are good audiobooks on house flipping?
Some of the best audiobooks on house flipping include The Book on Flipping Houses by J. Scott, How to Invest in Real Estate by Brandon Turner and Joshua Dorkin, and The Millionaire Real Estate Investor by Gary Keller, Dave Jenks, and Jay Papasan. These audiobooks tell you what you need to know if you want to become a real estate entrepreneur.
What is the 70% rule in house flipping?
The 70% rule in house flipping suggests that your maximum offer on a property you plan to flip should not exceed 70% of the after-repair value (ARV) minus the estimated repair costs. This rule is a helpful guideline to make sure investors make a good profit on their property flips as well as minimize your risks so that you don’t put too much money into a property flip.
Best Books on Flipping Houses – Summary
I hope you enjoyed this article on the best books on flipping houses.
To help you navigate the process and learn all about this real estate investing strategy, there are many great books on flipping houses that can help you get started.
There is a lot to learn when it comes to flipping a house, which is why reading as much as you can on the topic can be so helpful. Understanding renovation costs, tax strategies, the best types of properties, knowing what house is best to buy, and more, are things that you can learn the basics of from a book.
Of course, a great way to learn is to actually get out there and do it. But a book can help you avoid costly mistakes that you may not have thought of.
After all, a lot of money can be made in flipping houses, but a lot of money can also be lost. Learning as much as you can about house flipping from a book can get you started on the right path.
Here is a list of the top 10 best house flipping books discussed above:
What do you think are the best books on flipping houses?
#viral #digital #creators #doral #Books #Flipping #Houses #Money