Flipping Confidential: The Secrets of Renovating Property for Profit In Any Market

241 Pages·2007·1.58 MB·English

by  Kemp K.

Flipping
Confidential

Flipping
Confidential
The Secrets of Renovating Property
for Profit in Any Market
Kirsten Kemp
John Wiley & Sons, Inc.
Copyright © 2007 by Kirsten Kemp. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
Wiley Bicentennial Logo: Richard J. Pacifico
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Library of Congress Cataloging-in-Publication Data:
Kemp, Kirsten.
Flipping confidential : the secrets of renovating property for profit in any
market / Kirsten Kemp.
p. cm.
ISBN 978-0-470-06835-9 (pbk.)
1. Flipping (Real estate investment) 2. House selling. 3.
Dwellings—Maintenance and repair. I. Title.
HD1382.5.K46 2007
332.63′243—dc22
2007000436
Printed in the United States of America.
10 9 8 7 6 5 4 3 2 1
To Dad
who started me on this flipping journey
and Mom, Walker, Nola, and EO
with whom I still get to share it.

Contents
Acknowledgments ix
1
Introduction 1
2
My Story 9
3
Getting Started 21
4
Assembling Your Team 49
5
Building a Budget 75
6
Creating a Time Line 101
7
Improving the Property 119
8
Staging Your Flip 143
9
Flip-Flops 161
vii
CONTENTS
10
Adjusting Your Mind-Set 175
11
Frequently Asked Questions 191
Flipbonics 207
Photos of Flips 209
Index 217
viii
Acknowledgments
M
om, I admire your iron gut and will always be
grateful for your endless support. Dad, your spirit
comforts me with its quiet strength. I miss you.
Thank you, Clem Blake for your unwavering goodness and
witty flipitisms; my dear and talented friend Jenna Mc-
Carthy, without whom this book would not have been writ-
ten; and Matt McAllister for introducing me to Jenna and
allowing me to shamelessly plug my various antics on your
radio show. Kathy Lymberopoulos for your loyalty and lead-
ership; Diane DeMartino for telling me to write a book; Tracy
Verna for making it possible; Laurie Harting for showing me
the ropes; Brian Knappenberger for your keen eye; Kim
Prince for anticipating my every need; and Elizabeth Ford
for understanding the needs of another working mom.
Thank you, Darrell Becker, for sharing your knowledge, at-
tention to detail and for your guidance, Mary Belle Snow for
giving me the confidence to jump in, Gina Brogi for your un-
wavering friendship, and Malek Doulat for your insight and
smarts. To Renee Grubb and Ed Edick, who let me keep a
desk at the office even when I’m not focused on selling a ton
of real estate; Laina Mayfield-Condron for your informative
loan contributions; Diana MacFarlane for your mortgage ex-
pertise; Jane Hilty for your escrow excellence; Pete Slaughter
for your reliable legal jargon; Erin Chrislock for your negoti-
ating talents, patience, and clarity. Greg Maher for crunching
ix