hey guy's my name is Dan i'm 24 year's old living in chicago .what is the best way to learn about real estate.

Question

what is the best way to learn about real estate investment i dont want to be a real estate broker .i want learn how to flip house and what is the best way to learn i'm kinda scare to take the first step is there any web site i can go to or any school in chicago .if some body can help me out with this i'm really thank ful to you. thankz.

Answer 1

Hey Dan I am 20 yrs old I am located in Washington State. My friends mom is into real estate, she's been into it for 10 years now and she is LOADED atleast 10 million, I was never interested in Real Estate and don't know ANYTHING about it. I kept asking her questions and mentioning I wanted to get into it but she never wanted to help me out told me I was too young and I WILL screw up. I am broke, working a dead end job, and a full time college student. I pay my own bills. I figured out the best way to LEARN is to take the first SCARY step, BUYING. I managed to get a 100% loan after working on my credit score for months. I now own a duplex 2 bed 1 bath each and renting it out. It was so scary to put down earnest money, I was so nervous but it was worth it. I am managing and collecting rent and building experience within couple of yrs I am lookin to buy another investment property. Dan if someone gives a kid 150,000 w/ NOTHING to show and making under $1200 a month, ANYTHING is possible. Keep yourself motivated DO NOT give up. Keep trying and don't be scared, just make sure the property is inspected and appraised (mortgage company usually takes care of the appraisal) and your good to go for couple of yrs until your next deal. Best way to learn is DOING IT, that's what I learned, I was sick of reading nothing made more sense than doing it. Good Luck to you man, you can do it!!

Answer 2

First, I would learn about Real Estate. Take a class ($400). It will save you from a lot of headache later. As for real estate as an investment. Illinois has some F*cked up laws, especially COOK COUNTY-CHI-TOWN. Learning how to flip a house isn't hard, but finding the $ in Illinois is. First, ask yourself how you plan to finance the purchase in full....loan w/ bank, hard $ lender, loan from parents, etc. The $ is ALWAYS the most important factor when making a purchase. If you know how to get the money then you need to learn how to find a good investment. This is very important because you can get a great deal on a home but it doesnt mean anyone wants to live in that area (crime, high foreclosure, etc.) Third, always plan ahead. Know how long you are willing to hold on to a property and how fast you need to make improvements to turn/flip the property. Time is of the essence. Allways start small..a home you can afford payments on your own for atleast 6 months. You may finish improvments in a week but the house might not sell for months, so be prepared. Free advice: Go to LImewire or Napster and type in search for Real Estate. You will get a ton of Audio for Real Estate investment. Good Luck!

Answer 3

I'm also 24, but live in Milwaukee. I own a house and a duplex. flippin' is a possibility, but may be difficult because properties are sitting for longer than usual, but that also means it's a buyers market (you can make lower offers). Consider some long term flips (1-2 yrs.) by then the market might pick up a little. Either way the first step is getting pre-approved. The loan officers are there to make the bank money and will tell you every thing you need to know. make sure to go to a reputable bank or credit union with low rates, you'll need at least 5% down. I wouldn't waste my money on a 0% down loan because the interest will be way to high. act soon because rates are going up. BUT SERIOUSLY GET PRE-APROVED IT'S FREE AND THERE'S NO OBLIGATION AND IT'S THE QUICKEST WAY TO LEARN

Answer 4

Go to http://www.creonline.com

It's a plethora, or smorgasbord of interesting, informative material posted by experts from all around the country. They can also advise you of the best courses to purchase, and which ones tend to be scams or not that great.

You should also check this one out, as well:

http://www.thecreativeinvestor.com

And be careful of getting advice from real estate agents or brokers. Most of them are not into investor strategies and their obligation is to sellers. Hence, they'll often recommend against investor-friendly concepts, in well-meant efforts to "protect" their clients.

And why pay to go to a community college, when you'll learn much more from these sites in a tenth of the time, at convenient hours for you, and it's free?

Also, there are mulitple ways of doing seller financing, lease opitons, contract assignments and many techniques that are fun and exciting, and your success does not exclusively involve finding "bank funding."

Answer 5

I would invest in some books that you can purchase or order on line from a bookstore. Its worth reading any material that you can get your hands on. Find an agent or broker who has experience and perhaps they will be willing to share their knowledge.

Good luck to you.

Answer 6

One good way is to take a course at a local community college.