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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....
10 Answers
- MyronLv 41 decade agoFavorite Answer
I don't mean any disrespect but with all the intricacies involved, and your obvious lack of the required knowledge to be successful, this is something you might be best passing on. You can learn but it will take time and the right market phase which is also not favorable at present. What they do on TV is scripted and edited which makes it look easier than in the real world. You would be much better off utilizing time by researching, analyzing, and preparing for the next market window. A error made while the markets stalled or sinking could be very costly. Contrary to what many are told, many investors make the most on the buying side of a deal in real estate. A Buyers market is when that is the easiest, but an untrained investor can also lose big any any market condition. Disregard most of that fancy sales pitch a few answers down also. Predatory opportunists always show up well prepared to schmooze unsuspecting victims.
- 1 decade ago
YOU ARE NOT TOO LATE!
There are many great real estate markets to invest in and most long term investors will tell you that you CAN make more money in a down market!
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- Anonymous1 decade ago
You do not need a degree. However, you need people who are going to be honest with you and upfront with the REAL costs involved. It looks very easy on TV. It can be very profitable, IF you are utilizing resources that truly have your best interest at heart.
Here are a few things you need to think about:
1) Your realtor.. Make sure you are really getting a good deal on a property and truly purchasing it under equity.. A good source to double check this is www.zillow.com or some states have free property valuation tools. Generally you just type in www.(whatever state you live in). gov. It will give you a breakdown of comparable properties. Real Estate Agents get paid on commission. There are some unethical agents that will stick you in a higher priced home so they can make more money, rather than finding a property that you can truly flip. Also make sure you know the typical "days on market" you are thinking of buying in.. You DO NOT want to be stuck with a home that has an average selling time of 4 months.. It is money wasted! Shop around find a good one. They are out there.
2) Your loan officer or bank... You CAN obtain up to 100% financing on investment properties depending upon your credit score. If you need to obtain financing, find out what your credit score is first before you talk to anyone. If you sound Naive to the financing process they WILL take advantage of you. Make sure they are are not making more than 2-3% on your loan, AND that there are no pre-payment penalties. IF you don't pay attention to this and go to sell this house, if there is a prepay, generally it is 6% of the loan amount. It will DEFINITELY cut into your profit.
3) Your Contracters... These are the people who will "Rehab" your house. Painters, Carpenters, Electricians, Plumbers. They WILL take advantage of you if you appear to them that you do not know what you are doing. Get EVERYTHING in writing. Estimates may be a few hundres dollars off, but not a few thousand!!.. Also ask around. See who your neighbors, friends, church groups, etc have used, and how reliable they are. Usually small indepentant contractors are the cheapest and do a Great job, however, you don't want to pick randomly someone out of the phone book..Get references!
4) Your accountant... PLEASE talk to an accountant and find out what your state specific Capital Gains taxes there may be as well as Federal Taxes. There are several different options for tax shelters if you plan on doing this long term. Taxes will eat you alive if you do not plan properly.
Although this probably seems like an overwhelming list. It is acutally very short compared to the time and effort involved in doing this. Like I said, this can be VERY profitable depending on where you live. BUT what you are seeing on TV does not show you the true in's and out's of these transactions. Keep in mind the people on TV ARE getting paid for doing it, or getting alot of costs reimbursed to them. You need to spend ALOT of time educating yourself before you do this. I have seen too many people driven into bankruptcy because they were not informed enough, knowledgeable enough, or had people who took advantage of them in these types of transactions.
Hope this helps!
- 1 decade ago
There are a ton of books on this recently, so you could begin with that. You could also look into real estate courses or design courses. You don't need a formal degree, but its a good place to start learning. For the very basics in home repair and decoration, Lowes and Home Depot offer mini-courses.
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- 1 decade ago
The BEST real estate advice you can find is from Donald Trump and Robert Kiyosaki. These guys are the best. You learn a lot from Robert's podcast, "Why the rich get richer". Do a search on iTunes and you'll find it.
You'll also learn why flipping properties isn't the best thing to do.
Source(s): Robert Kiyosaki. Author of "Rich Dad Poor Dad" book series. - 1 decade ago
Your too late. Real estate market is in decline in most places and those that are still good have a significant risk of falling. Your best bet right now is to get a good education, so you can get a good job so you can save and invest money so you can gather enough funds to buy that investment house when the market turns around.
- 1 decade ago
I do valuations - the market is too slow right now to flip - unless you get a house in default that is not a short sale. The prices are declining; flipping is best when the market is a seller's market - and values aren't declining like they are now. I wouldn't pay much attention to those infomercials - they are just sales people.
Source(s): appraiser - 20 years+ - 1 decade ago
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Pamella
- 1 decade ago
This same question was asked a few days back.