I do not want general answers. How do you make money with real estate?

Question

I want to get started in real estate. How do I make good money in real estate and could someone tell me how?

Answer 1

Just like any other type of investment - buy low and sell high.

Answer 2

I always hear people say buy it ,fix it, sell it. No longer is that the best strategy.
The old school trend of buying multifamily buildings and being a discerning, careful, forthright, responsible Landlord is the best way for long term profit.

Yes there are headaches. Yes you have to deal with other people. And yes taxes can be an issue. But you have 2 option to choose from. The more profitable vacation rental market, or the traditional apartment market.

I know an older couple who live and operate in the cape Ann area of Massachusetts. They now own over 200 apartment, they are living quite comfortably at the golden ages of 75 & 78.

They showed me the real answer. Getting it quick may satisfy your need in the short term. But down the road you will see where the wisdom of patience will reward you.

The most important point they made to me was, when renovating an apartment or a whole building...Don't cheap out or skimp on the infrastructure ( electrical, plumbing, HVAC, laundry facilities)
These are the back bone of a house, the cosmetics can and will be repaired and replaced continually throughout your ownership. Some tenancy will be carefull with your property,others not so much. Just imagine living there yourself, you'll know what to do.

Answer 3

Learn about; "Flipping Houses" I think they even have a show on TV about people doing this. I did tell someone of this in a past answer and tried to find some good free info, most I found want to sell the info. It not hard, just need to know something about Carpentry, Plumbing etc. Some you can do, some you hire done, but, a general knowledge help you make better decisions.
The other is become an investor. HUD and VA sell repo's to the public. Find a home (Similar to Flipping) and fix it up. Rent for about five years and depreciate the house over time for tax deductions. Once you can not depreciate you sell for a profit. I not sure about HUD, but, the VA homes you can buy one a year and if you keep current on payments in about 3 years you can buy as many as 5 per years and be considered and investor.
You may want to find a good Realestate Agent you can work with and can tell you more how this work. Also, HUD and VA go through Realestate Brokers to take "BIDS" and will not accept bids from an individual. This how it was, but, it may have changed.

Answer 4

You have asked a GENERAL question. What phase of Real Estate? Selling as in an agent? Flipping? Investing? Lending? Developing? Inspecting? Building? Closing? What? Be specific. You asked for specific answers but asked a VERY general question. Figure out what you mean and ask again more specifically.

Answer 5

like veryone else said- you could buy a really nice house in a good neighborhood now then fix it up and sell it (the real estate market is cooling down therefore houses/apts/condos are less expensive and it is said that real estate will have a boom in the near future). or you can be an agent where you can sell a house and get commission for it usually like 10-15 %. you can find out more in the links i provided below.

Answer 6

Go to real estate school. They'll show you all sorts of ways to make money in real estate.

You can sell homes as an agent.

You can buy rental properties, keep them, trade up to bigger ones, and get good cashflow.

You can buy, fix and sell homes.

You can develop new lots and build or sell the lots.

You can convert buildings and apartments into condos.

Etc.....

Answer 7

But low - Sell High: What do you want to do? If you want to make money, look for a property that the value of is higher than the asking. Or property that will sell for far more than the improvements that have to be made.

I bought a property that was a town house, (no roof-no second floor-unsafe steps to second floor and basement-half of first floor was rotted). I paid $900 and sold it for $3600. The contractor that bought it, put $11,000 of material and 4 months of work. You can buy the house today for $55,000. Did I get cheated?

Answer 8

Like anything else, buy cheap, sell high

You can find some beater home and do some cosmetic work to turn it over. Or, you can buy property and rent out. Make sure the rent covers all costs and incidentals, and eventually when the property value increases you turn it over for a profit.
General answers is all you can get really without the specifics of your situation.

Answer 9

You can either purchase houses and lease them to renters, or you can buy, fix up and re-sell houses, called flipping. Flipping is calming down lately, as the real estate market is said to be cooling off now.

Answer 10

as an investor start out buying houses or condos that need work. Put some money into it and fix it to sell it at a profit. But you gotta do research on your areas, what will resell, how much you invest into the place. etc.

Answer 11

First, get your license and find a brokerage to work for...and develop a niche (such as super expensive homes or dome houses or modernized homes). Once you have established yourself and know the ins and outs of the business, you could become a broker and make even more money.