And I am looking for ideas/suggustions for getting started. I am not interested in any get-rich-quick schemes or using someone else's lack of knowledge for my gain. I want to do this the right way and am just looking for different points of view on the subject. I live in West Michigan and want to start in this area and then expand my business from there. Any recommended reading materials or classes (free classes only) or anything that you think will help. Thanks!
2006-11-20 03:31:46 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Start small until you learn the ropes. Just don't get in over your head.
2006-11-20 03:39:31 · answer #1 · answered by brioma33 3 · 0⤊ 0⤋
The best way is to go online and find some investors in your area. Find out if you have a local chapter of a real estate investor organization (REI). They usually have a website where you can meet for free, and a membership fee where you can attend locally meeting and network with other investors, as well as learn the ends and outs of investment. Ask to become an apprentice or intern, and see how the veterans do it.
Flipping is not illegal. It is a slang term, there are several ways to gain financing through investing. The most important thing is to have decent credit. There are investors, hard money lending, creative solutions, as well as conventional loans. If you need money there are ways to find it, without coming out of pocket up front, sometimes.
This is the forum, we use. It may not be in your area, but there are people there who will answer any question you have and some work all across the nation: www.aireo.com.
Last go to your local librabry or half-price books, and read. Learn the terms of business and the various financing options.
2006-11-20 05:49:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Three steps to making money in this business.
1 - Buy low. Get your real estate license. You can then also save the commission on the deal. Today's market is kinda tight, so buying low isn't easy. Buy houses with the right things wrong.
2 - Fix up. Learn how to do it yourself. Don't buy houses for which you need to hire others to do the work. "The right things wrong" means that the house is ugly enough that others don't want it, but not so messed up that you need to hire out the work. Better know how to do sheet rock, cabinets, plumbing and some electrical. Don't buy foundation problems to start out your company - maybe later.
3 - Sell high. Rent and wait until the market is right. When you sell, try to offer good terms that put your house above the other choices. Help with closing costs or nice, matching appliances is good.
Good luck!
2006-11-20 03:54:00 · answer #3 · answered by teran_realtor 7 · 0⤊ 0⤋
Good books on investing in houses are not difficult to find. Call a local broker and find out where and when real estate classes are in your area. You do not need to test or become a certified real estate agent, it may be better if you didn't, but the classes are about a week long and resonably inexpensive. You'll learn from an agent in your area that will likely have experiences and insights to share. Its really good first-hand information.
If you want to rehab and flip houses; then you really need to move. Michigan's real estate market in dead. Talk to a real estate agent in your area and ask them how long it takes to move the average listed property. Things will likely get much worse, because of the hurt foreign industry is putting on our industrial manufacturing sector, ie the Mid-West.
If you really want to directly invest in real estate; you need relocate and move south. Real Estate in general is a challenge right now. Good luck to you.
2006-11-20 03:49:49 · answer #4 · answered by OpinionDude 2 · 0⤊ 0⤋
First thing...don't call it "flipping"!!! That's illegal. That aside, you'll need plenty of cash, and a mortgage broker that knows a lender that allows plenty of non-owner-occupied properties. You'll have to put 10-20% down on the property, even at a short sale. Plus, you can't work the costs of rehab into the loan unless it's a special situation (HUD purchase), and then it's considered a construction loan. Once you get everything fixed, most banks won't do loans on rehab purchases unless you provide a list of improvements to the appraiser, and you wait at least 3 months after buying the rehab.
2006-11-20 03:49:00 · answer #5 · answered by togashiyokuni2001 6 · 0⤊ 2⤋
Take a look at some of the articles on Business and Small business at http://www.hammocksurvivalguide.com/
A good number of them are written by industry professionals.
You might find out what you were looking for, and some other things you weren't :)
2006-11-22 22:41:41 · answer #6 · answered by William K 2 · 0⤊ 0⤋
10 an hour
2016-05-21 22:24:42 · answer #7 · answered by Anonymous · 0⤊ 0⤋