I want to do something in real estate.. like flipping properties.. but i dont know wer to start from pls help?
wenever i see on television that ordinary people who dint know any thing abt real estate started it and r earning like anything.. it really intrests me.. but i dont know any thing abt houses and stuff im a total zero.. plus im only a high school grad.. and not from this country.. so i dont know any rules and laws... do u need any degree to do something in this feild.. if not wer do i start from how do i learn abt this things like buying houses flipping properties and stuff ..can i start learning abt it by googling it.. or wat??? guys i really really need ur help pls reply....
- Anonymous1 decade agoFavorite Answer
A lot of people think real property is a get rich quick investment. They think they can buy a house and flip it to make lots of money. The truth is that, it is not as easy as they think. Many people had been burned in real estate investment.
A well know person, Robert Allen, who teaches real estate investment with nothing down was himself into trouble one time. You can find more about Robert Allen on your search engine.
As you may not know, real estate appraisal is not an exact science. Even two real estate appraisers may not come up with the exact same price. If you like the house, you are willing to pay more for it. If you do not like the house, you would pay less. Now, the tricky point is here. You may think the house worth a lot, so you buy it and try to flip it for the higher price. But can you be sure other people would value the property that high? May be; may be not. What happen if interest rate suddenly goes up. What happen if the government decide to build a highway close to your house. Things like these may not happen, but there is no guarantee.
Real estate is a good long term investment. But it is not something that you could get rich overnight.
You may not be able to buy a house with nothing down, but I think Robert Allen's book is worth to read (I would not take his training course, as it is too expensive).
If you are serious about makeing money in real estate, you should take some real estate development courses from local college.
- phxmilitarymomLv 51 decade ago
Anyone can "flip" houses. You have to be sure you have someone you can count on to help you line up the repairs on it. And someone you trust to do the home inspections before you buy it. The whole idea is to buy a home that needs some fix up so you can buy it cheap, put a couple thousand dollars worth of paint and flooring and sell it for a profit. You dont want to buy one that needs new roofing, updated plumbing and electric because the home is so old it is out of code. Then you are talking many thousands of dollars and quite possibly a loss on the home.
There are a ton of homes out there right now that are being repossessed due to the fluctuating mortgages that people took out a couple of years back. They now can't make the payments and there are a glut of these on the market now. It is a buyers market right now and will be for the next 2 years due to this so I would say to buy a couple of these really cheap, sit on them for a couple of years and you will have your money back and then some. That is really not reasonable though as you would want to buy one, fix it up and get back out of it in 8 months or less. So, either wait a year and then start or go ahead and buy a couple of them now so you can start the fix up process. Good luck!
- dustykLv 41 decade ago
Good luck- it is hard. If you have no carpentry/ plumbing/electrical skills, you need to hire contractors to do the work. Lots of permits, ordinances, and bull. This job is not for the faint of heart. Now, with house prices stagnating, I would really recommend doing some other career path. If your heart is set on it, go to a technical college to learn some of the above skills so you don't have to hire out all of your help.
- Robert HLv 41 decade ago
From what I've read in finance magazines, it wasn't easy a couple of years ago and its even tougher now. I hate to be a skeptic, but do a little research, search for current stories in something like Money magazine, etc. and see what you can find
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- Anonymous1 decade ago
go to a community college and take real estate classes, take real estate agent classes and take some construction classes. flipping properties is what i do. i also do urban land development and im a commercial real estate investor