Im very interested in trying to make a career out of this. What licenses do I need? How long does it take? Is an online class as beneficial as a real college class? Thanks!
2007-02-12 19:38:01 · 8 answers · asked by MeghanGene 2 in Business & Finance ➔ Renting & Real Estate
I don't think there are any classes on the subject but HGTV has shows where people make lots of money with a little clean up and paint...what planet are they on!
Flipping a house needs every star and planet in alignment to be a success.
You need to find a house that is undervalued even considering the work that needs to be done.
You need to be in a fast rising market - say 20% or more a year.
You need to have access to fantastic trustworthy trades who aren't busy and will come to work when you need them.
You need to know what needs to be done to a house when you are looking to buy it.
You need to know what needs to be done to a house to make it more saleable and what to do that will give you the best return on your investment.
You need to realize that when it comes time to sell the market might have changed, it will have cost you more to fix the house than you originally thought, and you have to pay commission to a REALTOR to sell the house.
It is not for the faint of heart or for the inexperienced investor/renovator/builder/visionary
The classes that you could take would be decorating and design, building and construction, accounting, real estate.
There are books on the subject. Try Amazon.com, they have about 16 on the subject...
No licenses are required.
Good luck in your new venture!
2007-02-12 20:02:11 · answer #1 · answered by glen s 3 · 3⤊ 0⤋
No licenses are needed. You are buying and selling. Maybe you only get a property under contract and then sell the contract. Hence you are not a broker so do not need to be licensed as an agent.
You can buy, fix and sell. You can focus on putting property under contract (lease/option, purchase and sale agreement with a delayed close, a straight option). This option takes less money but you need to move quick. You tend to spend money on marketing to sellers.
Take a look at the link below. There is a lot of info there. Go to the legal forum. The moderator has written a book on flipping. It is a good read and will clearly paint the lines between operating legally and operating illegally. Note that when ever you see the term bird dog most people are using it in a way that is illegal in the 50 US states. They want a fee based on brokering a deal rather than just a finder's fee (independent of success).
2007-02-12 22:52:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you are only interested in buying and selling for yourself, you don't need a license. If you plan to do it for others, and receive remuneration, then you will need a Realtor's license. Realtors' licensing involves taking various courses, depending on your location. They may be online or in class, and could take from 2 weeks up to a year, depending again on the area and your schedule. I prefer classroom courses myself.
2007-02-13 00:26:27 · answer #3 · answered by cottagstan 5 · 1⤊ 0⤋
Flipping houses is just buying a house, fixing it up and hoping you sell it for more then you spent on it. It's not really a career and you dont need a licence.
2007-02-13 03:57:50 · answer #4 · answered by KathyS 7 · 0⤊ 0⤋
If you have to ask a question like this, you have no business flipping houses. You'll do fine in a good market, but you'll get eaten alive in a down market.
2007-02-16 12:20:17 · answer #5 · answered by SuperAndy dot com 2 · 0⤊ 0⤋
You don't need any special licenses.
Your best source of information is a local real estate investing club. There's probably one in your area. I belong to one in Dallas. http://www.dfwrein.com
Good luck.
Rick
http://www.fairwaymortgagelending.com...
2007-02-12 20:57:08 · answer #6 · answered by Fearless Leader 4 · 1⤊ 0⤋
You just need money to get started, no licenses.
2007-02-12 19:42:59 · answer #7 · answered by kid 4 · 1⤊ 1⤋
Just buy a big earth mover chap and you are on yer whey.
2007-02-12 19:40:39 · answer #8 · answered by Jessy J 1 · 2⤊ 1⤋