Penny Properties 101 for Dummies

Penny Properties 101 for Dummies

by Tracy Phillips

ASIN: B0719WV9G5

Publisher Tracy Phillips

Published in Business & Investing/Real Estate, Nonfiction, Business & Money

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Book Description


If you always wanted to get into real estate investing but did not have the money. This book will show you how to do it.

This book shows you how to negotiate the best possible terms with the real estate owned (or REO) department of a bank or lender, including step-by-step instructions and no-nonsense advice on finding great deals, and closing the deal. You don't need a ton of cash, because REO investing at fire-sale prices is affordable for almost any investor or homebuyer.

Sample Chapter

Chapter 1 - Introduction

Selling a property to make profit can be a great idea to earn some money, but who has the time to wait until the house bought with money from a loan appreciates enough, so you can make a profit? No one, especially when there is another way to approach real estate: house flipping.

Look around you. Do you see any houses that are about to fall over – houses that everyone knows has been unoccupied for years? Find them, fix them and sell them for a profit. This is called house flipping. And this is exactly what this book will teach you.

Chapter 2 – Learn the traits of the game

When you hear about flipping houses for a profit you think of instant money and speedy repairs. Is this the reality of house flipping or are the TV shows cutting out the reality bites?

The concept of flipping a house is rather simple: you buy a property at a small price, fix it and then sell for a profit. It sounds good, but if you expect to make millions by buying penny properties, you need to get a reality check! However, you can make a full time income doing this.

Flipping is not an easy job and the profits are not that well rounded. On top of it, like any “on the edge” business, if you mess it up you might get into bankruptcy. Other times even though you do all the right things, you still manage to sink along the properties due to house market crashes or other unexpected situations that make the selling for a profit part of the flipping impossible.

When you get into this business, you must know a lot more than the basic concept, if you plan to stick around for some time, investing in the house market. There are many things to learn, but before you start buying and selling, you have to know five major facts of the trade.

· Flipping comes with a risk

· Flipping does not happen overnight

· Flipping works on every market, if you know how to do it

· Know what you want to do with the house

· Consider the worst case

Different types of flips

In the world of house flipping there are multiple ways to deal with the classic three step process. In this book we will focus only on the legal ways to flip a house; there are also a lot of illegal flippers out there who work their way on the market before being caught by the long arm of the law. And they are always caught!

Flipping type 1: Buy, fix, flip

Flipping type 2: Buy and resell as is

Flipping type 3: Buy, refinance and lease with option to buy

Flipping type 4: Pre-construction flippers

Pseudo-Flipping: Scouting for a flipper


Excerpted from "Penny Properties 101 for Dummies" by Tracy Phillips. Copyright © 2017 by Tracy Phillips. Excerpted by permission. All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher. Excerpts are provided solely for the personal use of visitors to this web site.
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Author Profile

Tracy Phillips

Tracy Phillips

I am an aspiring writer living in Palmdale, California. I have written for several magazines and blogs. This is my first book. Thank you for your support

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