I've bought a lot of Bronchick's manuals through years and made hundreds of thousands of dollars with them. One of the first deals was an out-of-state seller whom I found using one of the advertising techniques suggested in the book. Since it was one of my first deals, I wasn't brave enough to undertake all the expensive repairs (it was a $500k house), so I decided to advertise to "investors-rehabbers". I used a classified add (like the one in the book) and within a week I sold it for $95,000 more than my purchase contract. That's about 3 weeks total that made me more money than I had been making as an electrical engineer with a Master of Science degree. You guessed right, soon after that I was able to leave my corporate job!
Please realize, the above transaction is not typical, most of my profits are in the range of $3,000 to $20,000, but again it doesn't take much to do a few of those a month either. You also need to know that this is not a "get rich quick" business, it takes time to learn it, but it is one of the most hassle free and most profitable businesses out there. And it's one of not many businesses you can start with very little or no money.
If you ask me why to buy this book, I'd tell you this. First, if you're just starting, this book will teach you about flipping properties, which is one of the easiest and risk-free (if you learn how) ways to make money in Real Estate, great place to start! Second, it teaches you in a methodical easy-to-learn way the mechanics of Real Estate transaction. Plus, it gives you all the legal paperwork and agreements you need (which are time tested and proven). And you can't beat the price -- it is soooo cheap!
Happy investing, and say to your boss bye-bye!!!
P.S. Almost forgot... Your relatives, neighbors and friends may tell you that "flipping" is illegal. What they are referring to is a scam where some investors together with appraisers defrauded lenders, and that has nothing to do with the concept described in this book. ...
I see some holes in the theory of "Flipping Properties". The major theme of Bronchick & Dahlstrom is to go out and find (or hire someone, " a scout") a distressed house with a motivated seller, make an offer, approximately 80% of the value of the home, Make a small deposit, ( $500-$1000) ,while promising the current owner they can close within a short period of time. Then, or concurrently, find an investor, ( retailer) to purchase the property and while giving yourself a profit.
This sounds good an very easy to do, but how many people or contacts would you or could you find to finance 80-100K? I am talking about the average person. The only suggestion is joining an investment club? And networking? Great, I am going to front money to trust people on the Internet? Also, even if you can flip the property, why would an investor continue to use your services on a double close? Lastly, the Flipper is required to have an exit strategy . The answer is if the investor backs out, then just purchase the property yourself. Great, I am sure I will get bank funding when I am already holding a note on my house for 300K! The book does not give enough info on how to finance, HUD, foreclosures, Etc, Also, the tiny little adds in newspapers doesn't sit well with me, as you will see.
Overall , the book is interesting, and I believe you can get an idea of the theories behind flipping properties but this book is not the total answer, I am going to take some of the info and combine it with info from other books and financial institutions.