Make Money with Fixer-Uppers and Renovations

Rating:
Summary: Fantastic idea generator
Review: As a veteran rehabber, I do not expect much that's new from most "fixer" books. But this one pleasantly surprised me. It opened my eyes to the fact that I had not come close to maxing out profits from my properties. The chapter on marketing also weighs in as solid gold. I can see why my FSBO efforts have not paid off like I thought they would. Now I know how to really sell faster and at a higher price--without paying a commission! My guess is that whether your a newbie or pro, this book will definitely guide you to make more money( or collect more rents if you choose to hold--which I do not).

Rating:
Summary: Excellent info, but lacks some details
Review: Make Money With Fixer-Uppers and Renovations is a creative book. It criticizes the flipping books Buy It! Fix It! Sell It! Profit! and Flipping Properties by saying they limit your thinking by telling you that the only type of properties you can get are run-down, traditional junker properties. Eldred challenges that notion by saying that the right house can be a house that feels only like a house, and not a home. He differentiates between a house and a home by saying that a house can shelter you, but doesn't excite you or move you in any way. A home is just like it sounds: a place you call home. By fixing up properties so that they feel like a home, you stand to make more money than by just fixing it up.

The book contains some very good stories and information on fixing up properties, and the information Eldred gives is well worth the price. But the information lacks real meat on how to do any of the things he's suggesting. It's like any other $19.95 book on real estate investing: you get what you pay for, and sometimes his suggestions lack detail, or feel like "top of the waves" type of techniques. If there were an upsell, you might get some kind of procedure on exactly how to invoke your local ordinances, add to neighborhood convenience, or convince a reporter to play up the neighborhood's potential for turnaround.

He also winds up providing a formula for profit in the rehab business that walks and talks a lot like the Buy It! Fix It! Sell It! Profit! formula (a book he criticizes). Apparently the formula is sound, but he believes the buying price will rarely be 60 cents on the dollar. A fair belief, but you may be able to buy it at that price; I leave it up to the investor to make that choice. (In other words, read both books and make your own decision :) ).

Despite these limitations, you do get a lot of bang for your buck. I recommend it to real estate investors who would like to expand their thinking on potential fixer-uppers.

Rating:
Summary: Excellent info, but lacks some details
Review: Make Money With Fixer-Uppers and Renovations is a creative book. It criticizes the flipping books Buy It! Fix It! Sell It! Profit! and Flipping Properties by saying they limit your thinking by telling you that the only type of properties you can get are run-down, traditional junker properties. Eldred challenges that notion by saying that the right house can be a house that feels only like a house, and not a home. He differentiates between a house and a home by saying that a house can shelter you, but doesn't excite you or move you in any way. A home is just like it sounds: a place you call home. By fixing up properties so that they feel like a home, you stand to make more money than by just fixing it up.

The book contains some very good stories and information on fixing up properties, and the information Eldred gives is well worth the price. But the information lacks real meat on how to do any of the things he's suggesting. It's like any other $19.95 book on real estate investing: you get what you pay for, and sometimes his suggestions lack detail, or feel like "top of the waves" type of techniques. If there were an upsell, you might get some kind of procedure on exactly how to invoke your local ordinances, add to neighborhood convenience, or convince a reporter to play up the neighborhood's potential for turnaround.

He also winds up providing a formula for profit in the rehab business that walks and talks a lot like the Buy It! Fix It! Sell It! Profit! formula (a book he criticizes). Apparently the formula is sound, but he believes the buying price will rarely be 60 cents on the dollar. A fair belief, but you may be able to buy it at that price; I leave it up to the investor to make that choice. (In other words, read both books and make your own decision :) ).

Despite these limitations, you do get a lot of bang for your buck. I recommend it to real estate investors who would like to expand their thinking on potential fixer-uppers.