I'm 19 year old full time student with no job. I want to flip a house, where can i get money to get started?

Question

I'm currently studing real estate at my college and i have been so ambitious to start investing in real estate. My current problem is how to get started if i have no money to start. I get about $1000 a month from my mother for rent, food, etc. I need enough money to purchase a rehab house, fix it up, and then put it back on the market to make a profit. But how if im 19 with no job and a small monthly income?

Answer 1

take a business partner with lots of money, to flip a house....your partner that you can trust and he/she can trust you with their money.....

start with small then slowly go for big one...

best of luck

Answer 2

here's the root of the issue. Parents, the both of you made a fatal mistake. You gave all these gifts like a laptop and cellphone without making sure she was mature enough to handle those. Parents do that all the time. You have to gauge your childs behavior before you put a device in their hand that they will abuse and misuse. The other thing is that now she is 19 , oh and having sex. That should not have even been a question. Not much you can do since she is already so far gone. You can repo the phone and laptop and tell her to work for what she wants. that's what grown folks do , they work. Now expect her to throw a fit and possibly run off with some worthless guy. But hey, you did what you could with her. She's an adult. You are best served focusing on your young kids so that you can do a better job in teaching them respect, honesty, and maturity. i'm not saying give up on her, but we kind of know how this ends. you have to stand your ground and tell her it's time to grow up or get out. If not, you will be raising another baby soon.

Answer 3

If you are studying real estate and attend college then you need to use that time to educate yourself on real estate laws, real estate regulations, and real estate markets. Take all the courses in real estate that will help educate you all together in the housing market, real estate in any aspect.

Once you graduate then you need to get a job and start working and saving money as a realtor. You need to get out there and learn the ropes, so to say. Learn what it takes to be in the market, be a good realtor, build a client base.

After you have that experience down and understand everything then you should speak to people that are involved in the house flipping area and see what it entitles. You need to help them out with the house flipping and learn through that

Then that's the time when you can get into house flipping. You can use the money you saved up from real estate, and then try to apply for a loan to purchase a house. You have credit, proof of income, and a plan.

Once you recieve your money, if they approve, then you can use that money to purchase a house and live in it. Then while you are living in it fix it up, pay off the loan, and get it into a condition where it will be good to sell. Then sell it. Calculate your losses, your gains/earnings, and see if you want to continue.

That process should take you the next 7-10 years to do. You can't just head dive into an area where you don't know much about. Also can't head dive into an area with no money and a stipen from your mother.

No place will give a loan out to a person with no proof of income/job, no credit history, college student. Unless you are co-signing for a loan to help pay your way through college.

It's good to be eager about a project; however sometimes the eagerness needs to wait until you have more experience, more funds, and more time.

Answer 4

Umm, let me get this straight...

You have no experience rehabing houses, but you want someone else to pay for your to flip a home, but you get to keep the profits. Yeah, your business logic explains so much. Not only do you not have any money, but your really don't have a clue, either.

You start by getting experience working on houses. You get a job where you can learn to do things like carpentry work, tiling, and project management. Or you volunteer on a Habitat for Humanity house and get some experience. Once you can show you have some idea what you're doing, then you come up with a business plan. Just saying you want to use someone else's money to flip a house is not a business plan. Once you have a business plan, you go to people who have seen you do good work, show them the plan, and convince them that investing would be a good business decision.

Answer 5

Honestly youhave no money to do this right now. I am amazed your mother gives you a living expense. I have to work two jobs and have loans out the wazoo to get thru college and there would be no way i could afford a home. I cant even afford a car. Best bet wait till you graduate and once you land a good job you will be able to buy a place. Its gonna take a monthy payment to the bank, money for repairs, taxes, insurance I mean thats a big investment on no money!

Answer 6

yea, in order to get a loan, you are going to have to show proof of monthly income and a steady work history, your just going to have to get a decent enough job and show how you can maintain it, then look back into it when your about 21. good luck though, thats a fun thing to do♥

Answer 7

you're too young, and have no money.
wait until you're making 100,000 a year or more at your job, then you will have money to invest in real estate

Answer 8

good luck with that one, bob vila jr. have fun explaining it to the collection agency trying to get the money for your loans.