I'm also interested in being a land lord and owining serveral properties. Do I need a license, home buying classes, or what?
2006-10-01 01:35:13 · 7 answers · asked by ccoxcn 1 in Business & Finance ➔ Renting & Real Estate
No, you do not need a license to buy, sell or manage your own property. In fact, when flipping homes, it's better if you don't have a license for the liability issues. Because I am licensed, I have to be extra careful to make sure that I do not do anything that I can be sued for.
You bring up two investing strategies. Here are the best way to approach these with little or no money and no credit required:
1. Buy and hold (buying property to rent them out):
Look into something called a PACT trust. You're looking for people who can no longer afford to keep their place and are unable to sell it because there is no equity and the rental comps come up a few hundred short every month to justify renting it out. You put the property into this trust and bring in a rent to own buyer. You will profit on the monthly payments and the final sale price. You could also hold onto these properties hoping that the appreciation out performs the negative monthly cash flow in the long run (which it should).
2. Flip (buy and sell): Finding undervalued property and placing them in an assignable purchase option contract and selling that contract to someone else.
To learn these and other strategies, visit your local bookstore under real estate investing and maybe join your local real estate club: www.reiclub.com
Regards
2006-10-01 09:37:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Good for you! You have made a smart decision. Buying and owning real estate is the best investment you can make in your life. Now realities: you should use a Realtor to help you select the homes and you should you a Realtor to sell the homes. If I'm going to invest money in a project, I want the best people working for me, right? They are Realtors. Here's a tip, find a Realtor with at least the GRI designation, better the CRS. Also someone you has sold some investment type properties. Buying and selling real estate as investment properties is a different ballgame than just buying a home to live in. First, you typically need some capital to start. Because banks consider this a business transaction, the costs up front are higher. It's riskier. You need to demonstrate you have a workable plan to resell these properties at a profit. That's just a tip of the ice berg. Now don't be discouraged by what I've told you so far, there is much more that I haven't told you, but you need to learn a few things on your own. Good Luck!
2006-10-01 02:22:58 · answer #2 · answered by Anonymous · 0⤊ 1⤋
I don't know if the caroten sheets real estste courese are the answer neither am i kicking against someone elese opinion but i'm 24 years old and have been trying to get into tealestate lately and I do know that for wahtever state you live in it is different and to answer your question you do lave to have a sales liscense. but hey here is an web adress that can assist you a little further and like I said each state is different this is the state in which i live and you can call any number on this page and they can assist you with the information for your state or at least how to get it the web address is www.mrec.state.ms.us also a scool for realtors is www.webschool.com
2006-10-01 02:27:47 · answer #3 · answered by chosen generation 1 · 0⤊ 0⤋
I'd recommend starting slow and learn as much as you can from experts doing what you want to do. A good organization to join is The National Real Estate Investors Association http://www.nationalreia.com/. Use their website to find the local chapter of REIA operating in your area and join the group. Then go to the meetings and start your education. Find a mentor(s) and learn, learn, learn. Real estate buying and selling can be very profitable if you know what you are doing. Take the time to educate yourself before you make your first investment.
2006-10-01 03:42:46 · answer #4 · answered by Dave Toledo 1 · 0⤊ 0⤋
No. You don't need a permit, license or anything. You just need to know when and when not to purchase a house. You need to study about what to look for as far as maintanace a house might need if you buy it. Know the costs of certain things and when to flat out avoid a property because of the improvements it needs. Every house will need SOME maintanace, but you don't want to buy a "money pit" that you will never profit from.
2006-10-01 06:46:30 · answer #5 · answered by Delta Charlie 4 · 1⤊ 1⤋
Go on ebay and buy one of those Carleton Sheets Real Estate courses?
2006-10-01 01:45:13 · answer #6 · answered by CrankyYankee 6 · 0⤊ 0⤋
Take a real estate course. Do a web search for "real estate schools," in the city where you live.
2006-10-05 00:51:55 · answer #7 · answered by newyorkgal71 7 · 0⤊ 0⤋