Find It, Fix It, Flip It!: Make Millions in Real Estate--One House at a Time

by Michael Corbett

Book Overview

"Shows us how to turn passion into profit."--Tony Robbins, bestselling author of Awaken the Giant Within

Michael Corbett--host of Extra's Mansions and Millionaires--shares his strategies, tips, and never-before-revealed insider techniques that have helped him make a fortune in real estate.

This book is for aspiring flippers, first-time home buyers, or any homeowner who wants to create big profits and own their ultimate...

• Format: Paperback
• Language: English
• ISBN: 0452286697
• ISBN13: 9780452286696
• Release Date: January 2006
• Publisher: Penguin Publishing Group
• Length: 352 Pages
• Weight: 0.75 lbs.
• Dimensions: 0.8" x 5.8" x 8.4"
• Age Range: 18 years and up
• Grade Range: Postsecondary and higher

Customer Reviews

VIRGIN FLIPPER'S DREAM BOOK

I own an investment property, a four unit building in a New York City suburb. I wish I had this book in my hands before I purchased it! I bought just about every single real estate get-rich-quick infomercial product out there. I'm throwing most of them out. Michael Corbett's Find It, Fix It, Flip It is honest and informed. It covers just about every single sign post a new flipper can expect to encounter when engaged in the purchase of real estate for investment. It was the very first book I ever read on real estate that rang true, and reflected my experience. If you are convinced that you can buy property for no money down and flip it for a $100,000 profit in a few months, this is not for you. This book is meant to cover the basics and since his ideas can easily be enforced in the NYC (he lives and flips in California) then it will probably work anywhere. He addresses tax issues, the fraught-with-danger renovation roller coaster, and how every single penny you invest should be invested, with a down-home but wise voice. This book is a great starting point for the virgin investor, to help them through a very complicated process without losing their shirt. I was blown away with his renovation ideas, adding what he calls "brooches" to a property, those details that elevate a ho-hum house into a designer house, for pennies for the dollar. I did exactly that to my property, and have since attracted tenants who feel special -- maybe even honored -- to live in an apartment that they can show off to their friens and neighbors. My rent roll increase, from an average of $800 a month to $1000 a month proves this. Believe me, all other real estate books recommend pinching every penny until you get carpal tunnel syndrome. Yes, you can renovate with a tight budget, but adding an extra detail that others will think are crazy, will get you the kind of tenants that will be happy to pay on time, and say thank you for giving them a lovely home where they can hang their hat, not merely a serviceable place to stay. Thankfully, my building pays for itself, and generates a modest profit every single month. I borrowed from my 401K to pay for the down payment and closing costs. I looked at about 100 properties before finally taking the leap of faith to invest in a run down building whose potential, it seemed at the time, to be evident only to me. Michaael Corbett maintains a sang froid, objective voice throughout his book, but thankfully remains optimistic and supportive. In essence, he says, "Yes, you can do it! But these are the things to really watch out for." For the virgin investor, I do recommend highly that you get another book that discusses mortgages and taxes in great detail. There is a good array of choices to suit your specific needs. It's all a numbers game, after all. I also recommend that you go and purchase the books of John Reed. He sells them from his website. You will not be disappointed. If you want a cold, analytic take

Excellent Reference Book

This book is of value to the beginner or the experienced buyer. The best advice in the book is to assemble a winning team of experts to assist you in making a property flip. In my opinion, the book gives enough basic knowledge for you to be able to talk to, and understand, what your experts are saying to you. The book also helps you to let your experts know that you know their trade well enough to know how much useful information they are providing. I would like to see some blank pages in the back of the book so notes can be made. There isn't any book which contains all there is to know about purchasing properties. This book, however, makes an excellent starting place.

Inspiring and informative

I was overwhelmed with choices when I went looking for a book on house flipping. There are so many out there that it's hard to tell which book will be better than another. So, in all honesty, my friend convinced me to buy this book because of the "good looking guy on the cover". Not very scientific, but what a great choice it turned out to be. Once you get passed the "infomercial" feel of the beginning, the book is loaded with helpful information: How to chose a house; what formula to use to determine if the house can be profitable; making the deal; staging the finished house; color choices; curb appeal; re-sale strategies... The list goes on and on. I highly recommend reading several book on the subject (do your homework) before entering into what is a risky endeavor and this book should be at the top of your 'must read' list.

Bam@ Emeril

This is an honest little book, outlining and providing you with information that the trade shows and REI trainers don't tell you. The only concern that I have is that profitable properties under the scenario described in this book are not that common to find, and if they are, the lots alone go for 200 to 300k or more. You probably need not look in most average subdivisions as the potential price appreciation could not support the model. I suspect that you will have to find a careful set of circumstances like he has in the California market where the profit potential is large. Having said that, I currently hold title to 10 properties and have done remodelling on others that I later sold. But I believe that the information contained in this book will allow me to "step it up a notch" to the next level of profitability. At worst, it is another arrow in your investing quiver.

Fantastic, easy to read, complete book on flipping

"Find It, Fix It, Flip It" is an excellent book about the lucrative market of flipping real estate. Author Michael Corbett splits the book into 3 specific, logical chucks, specifically finding a flip candidate, how to go about fixing the property, and finally "flipping" it for profit. The first section on finding flip worth properties was excellent. Michael does a very in-depth job of describing all of the different aspects of locating a property, performing analysis on the property to see if it could be profitable, creating a team, and surviving escrow. I was especially impressed with his profit calculator Part two focuses on the repairs and renovations involved with the flip. The author does a fantastic job of splitting up all the various renovations that can be potentially done with the renovations that will result in profit upon sale of the property. I absolutely loved his sections on lifestyle upgrades, essentially renovations that will attractive a higher price due to the lifestyle the home gives. Part three finishes up with the final flip. Here the focus is on dressing the home to attract buyers and create a warm atmosphere, and finally selling the house. Again I was very impressed with the ideas and lists that author Michael Corbett came up with. In all, this was my first book on flipping, but I might not have to pick up any others. The lists and forms are fantastic and the book is complete. I highly recommend this book to the novice and the experienced flipper alike. 5 out of 5 stars.