Buy It, Fix It, Sell It...PROFIT
by Kevin Myers
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Book Summary Information
Author: Kevin MyersEdition: Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2003-07-15
ISBN: 0793169380
Number of pages: 320
Publisher: Kaplan Publishing
Book Reviews of Buy It, Fix It, Sell It...PROFIT
Book Review: A terrific book, especially for rehabbers
Summary: 5 Stars
I found this book very helpful. It was apparent early on that Kevin actually does this (yes, many real estate writers are not real estate investors). The detail that he goes into for rehab checklists and cost per items is very helpful.
I personally "buy and hold" rather than "flip," but I found the rehab information valuable since I rehab every property I buy. I really liked Kevin's exposure of the myth (generated apparently from a report by Remodeling Magazine) that remodeling rooms is not profitable. Kevin notes that the magazine stated that a major kitchen remodel would only return you 67% of your investment. Hogwash. I presume that the magazine only queried those remodeling their personal residences, rather than real estate investors.
Kevin could certainly have told them that he makes many times over his investment when he sells the property. He cites a recent kitchen remodel that he did for $1895. He doesn't give the profit on that when he sold the house, however, so we can't see his return on investment. From one who buys, rehabs, rents, and holds, here's my perspective. I just completed a kitchen rehab in a rental unit for about $1220, as follows:
$300 - new refrigerator from Appliance Direct
$380 - new stove from Appliance Direct
$ 30 - new light fixture
$150 - new counter top
$ 30 - new tile
$ 50 - new cabinet doors and hardware
$ 30 - paint
$250 - labor (handyman)
The rent on this unit before I purchased it was $625/month. My new tenant now pays $850, or $225 more per month after rehab. Granted, I did other cosmetic fix-up around the unit, but most of my costs went into the kitchen. Let's assume that the new kitchen accounted for only 60 pecent of the rent increase, or $135. If so, I've paid for my investment in 10 months and every month thereafter is gravy. That's the way a rehabber might look at it. But here's the way a real estate investor looks at it. Rental properties are valued based on the GRM, gross rent multiplier (or multiple, as some call it). What is the real value of my improvement? I increased the rent, just allocated to the kitchen, by $135/month. As such, I increased income by $1620/year. The going GRM (puchase price divided by annual income) in this area is 16, what I bought it at. We now multiply $1620 x 16 = $25,920. That is what I can recoup, based on actual rents and market values, the day after I place my new tenant in the unit. Seems to me that my $1220 investment returning $25,920 is just a bit better than the Remodeling Magazine "average."
In my own book, "Investing in Duplexes, Triplexes & Quads," I recommend the best books I've read in several real estate categories. I list Kevin's book as the best of the fix-up and flip books. In fact, it's the only one that I list!
Larry Loftis
Author: Investing in Duplexes, Triplexes & Quads: The Fastest and Safest Way to Real Estate Wealth
Summary of Buy It, Fix It, Sell It...PROFIT
In Buy It, Fix It, Sell It...Profit!, real estate investor and rehabbing expert Kevin Myers presents all-new insights on how to create a quick turnaround in your investments by renovating properties for profit. Beginning and experienced real estate investors will benefit from the new and improved real estate rehabbing techniques to develop a high-profit, low-overhead business. This expanded edition discusses property inspection, tax issues, funding projects, and maximizing profits. Buy It, Fix It, Sell It...Profit! is a hands-on guide sprinkled with inspirational stories for those who want to create a financially secure future.Judged to be among the top 10 real estate investment books by Wall Street Journal Online.
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