I want to start investing in real estate. Where i want to start is like i want flip houses.. buy forecolurse and AS-IS house and resale them. Where can i obtain information on this? how do i get started?
2007-03-20 09:00:44 · 5 answers · asked by myplan 1 in Business & Finance ➔ Renting & Real Estate
You have some lofty goals but can attain them through learning as much as possible about the different processes involved. A local real estate investment club is a great way to find yourself a mentor or one that might partner with you on a few to get you started. I highly recommend partnering with a mentor. The complexities involved can be easily learned in real time examples as opposed to reading a book or watching those misleading tv shows. You make money when buying a house and selling is the conversion of equity to cash.
All you need to remember is in that previous sentence. Based upon that material fact there are thousands of books,tapes,courses,and bootcamps that explain the many things involved. Briefly it boils down to this, if you pay too much based upon condition, and have to put more into it to sell it, even if just closing costs, how much equity did you waste at the time of purchase. Dont waste your money on bootcamps, tapes, or courses. They are all wastes of time and money. Get a mentor and learn the business so you dont have to pay dearly for some simple error.
2007-03-20 10:28:09 · answer #1 · answered by Myron 4 · 0⤊ 0⤋
myplan,
Great question. I have been involved in real estate investing full time for the past 3 years. My advice would be to learn as much as you can from the internet. There are lots of great articles and e-books available. You should look to join a local REIA (Real Estate Investment Association).
My experience has taught me that everyone wants to start out flipping houses. But to be able to effectively flip houses, you need all the skill sets an experienced investor has. You need to be able to get a property under contract that's valuable enough you can sell to another investor, and you need to have the resources, or buyers to sell the property to. My feeling is you are doing all the work for a small amount of profit.
When I started out, I wanted to develop a process that created wealth. The difference being passive income. Now, no matter if I go on vacation, or sit at work all day, I have rent checks coming in. As these houses appreciate, so does my net worth.
In doing some research take a look at: "creative financing, subject-to, or lease options." I look to buy properties from people by taking over their payments. That way, I don't have to get a new mortgage, I don't have to go try and qualify to get a loan, don't have to pay those high closing costs, and in most cases, I'm getting into the properties with no money down.
If you'd like to talk more about this, feel free to send me an e-mail. I love talking to people about REI.
Brent
scarne@yahoo.com
2007-03-20 09:23:22 · answer #2 · answered by Brent H 1 · 0⤊ 0⤋
I would suggest the following steps:
1. Join you local real estate investor's group. Don't know if one is in your area? Go to http://nationalreia.com/ and you can search by state
2. Find a realtor that will send you listings of fixer uppers or undervalued properties...preferrably one that also invests in real estate.
3. Find a lender who will lend money based on "After Repaired Value" rather than purchase price.
There are tons of books on rehabbing so just go to the bookstore.
Whatever you think it will cost to fix up a house, add another 25-50% for "hidden" surprises. You want to be able to buy, fix up and sell at a price that will make it sell fast. Too many people cut it to close and then end up losing money through holding costs. Every month it sits on the market, you lose money by having another mortgage payment
2007-03-20 09:12:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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2016-09-05 09:39:04 · answer #4 · answered by bungay 4 · 0⤊ 0⤋
To get a list of forclosure sales, go to your county sheriffs website and the will have a free list of current forclosures up for sale. If its not online in your county, call them for the list.
2007-03-20 11:43:13 · answer #5 · answered by Anonymous · 0⤊ 0⤋
watch the show...Flip this house.
2007-03-20 09:02:59 · answer #6 · answered by Anonymous · 0⤊ 1⤋