I want to own a bar when I grow upand buy up and sell houses?

Question

I want to own a bar one day, and maybe buy up houses and rent them out. Im eighteen. How would I get my career started.

Answer 1

It's great that you have a vision and goals for yourself.

I'd suggest that you first get into the real estate business. You need to find a real estate broker who will hire you. Most are willing to give qualified applicants the training that is needed to pass the real estate exam in your state.

Once you pass exam and you have a license, you can begin to earn commissions on the sale of homes. You will also learn to spot a bargain and negotiate deals. Many people with little or no education have earned fortunes by buying and selling real estate.

If you find the right property and property values are stable or rising, you are able to flip properties (buy a home with a short-term loan, sometimes from the buyer) fix up the property cosmetically, and then sell it for a good profit.

Long-term, real estate and land values are destined to increase in value. Your goals of owning real estate seems to be a great way to build and maintain wealth.

Best wishes with your ventures.

Answer 2

I just bought a rental house in November and it's not that hard to do.

You have to save up enough cash for a 10% down payment (banks won't loan more than 90% on a rental). Figure out what you can afford for a monthly payment and take into consideration that the property will be vacant sometimes, and you may get a bad tenant who doesn't pay. Then, go to a rental website and find out what similar houses are renting for to get an idea how much you can collect. Then, figure out your monthly costs including property tax, repairs, utilities, etc. to find out your net cash flow.

If you don't know much about repairs, you could do what I did and not buy anything less than 10 years old. That way there probably won't be many surprises.

I would recommend you read "The Millionaire Real Estate Investor" by Gary Keller and "What Every Real Estate Investor Needs to Know About Cash Flow and 36 Other Key Financial Measures" by Frank Gallinelli.

As far as owning a bar goes, I haven't done that part, but remember the story about when Ray Crock (McDonald's guy) interviewed a group of business students and asked "what business am I in?" Correct answer: the real estate business! So make sure you buy a bar in a good location that will draw business (high traffic area), and on a parcel of land that you can reasonably expect to appreciate over time. Buying the right or wrong hunk of land can make or break any business, including a bar.

Answer 3

You can get your realtors license in less than a month. Check out the website for Caldwell Bankers realtor school. Has all the info. You will make more $$$ in real estate. Owning a bar is a big gamble! It will cost $$ to start up. You will need to write a business plan, come up with 20% down, have good credit, and experience to get a loan. You will also need trusted employees that will not give away your profits for bigger tips. I don't recommend the bar. Just visit one after selling your first house!

Answer 4

To start, keep your record clean.
To own a bar, you have to qualify for a liquor license.
THey will do a background investigation to make sure that you dont have anything in your past that would keep you from owing one.

as far as buying and selling houses, the quickest way to do that in my opinion would be to get your real estate license.
YOu could save a ton of money on commissions by cutting yourself in on that.
Good luck

Answer 5

go to a job and apply, get a job, live with mom save up all your money,buy a cheap house ,flip it, flip more, then buy a bar then email me and buy me a beer for making you Rich!

Answer 6

get your education.