What is a good way to get into buying and selling houses?

Question

If I wanted to buy and sell what is the best way.How much money do I need to start?.I have a full time job.I know somethings about repairs.How much time do I need to invest?
Is house flipping a good Idea?How long does it take to sell a house?etc.

Answer 1

Hi,

To me the best way to get started is to join a local real estate investors’ club (go to www.nationalreia.com and click on groups or meetings to find a meeting in your area). I like birddogging houses for other investors as a way to get to know your market, to learn what a good deal is and to learn how to figure market value and rehab costs.

House flipping is probably not a good idea unless you are in a hot market. I am not sure there is a hot market left in the U.S. Your local Board of Realtors will have the stats on average days on market for home sales in your area.

Best of luck to you,

Barbara
www.therealestatebirddog.com

Answer 2

All good suggestions above. Here's some practical ways to see if flipping is right for you.

1. If are not a homeowner yourself, you need to buy for yourself before you start buying investment properties. You need to contact a loan officer and they'll be able to tell you right away if you have the money to own 1,2,3 houses. Most flippers get their start by buying a house, living in it for at least 2 years (to avoid capital gains tax) and then they rent it out or sell it and move into a bigger house. At this time, they can take out a Home equity loan against their current home to buy another property or use the proceeds from the recent sale to buy another home.

2. Once you have created enough equity in your home(s) to make 10 to 20 percent down payments, then you can begin to flip houses. If you already own a home and have this type of equity, you are ready to begin.

3. Home flipping is very easy in theory and very difficult in execution. Here's why: There are quite a few steps that you have to go through in order to see a profit. here they are.

1. Find a house that is selling for at least 20-25% under market value.
2. Make any value building or mandatory repairs that will allow the house to sell for market value while staying within your original budget. (HARDDDDDDDD)
3. Put your home on the market and sell it (could take 3-5 months even if it's priced well

You're going to need money to put down, money for repairs and money to make monthly payments on any mortgages outstanding. If you can be patient and build equity in your current home, you can solve all three of these problems with that equity.

If you need to be prequalified or need more information, I'm licensed nationwide as a loan officer for Chase. [e-mail] or visit CaseyCasperson.com

Answer 3

You can possibly start at $0 if you are a great negogiator.

You can invest 4-5 hours per week to get started.

House flipping is a great idea but it is based more on speculations.

Here in CA, it takes on average now 3-5 months to sell a home.

The best method to invest in real estate is through abandoned, code violated or condemned properties.

Charlie

Answer 4

This is not a good time to get into flipping. You're in the middle of a buyer's market, and it's literally flooded with available properties.

You can purchase some deals right now, but so can any other buyer. What may seem like a hot purchase to you might not be worth what you have invested once you are completed with the updates.

Answer 5

Flipping is not a great idea in a buyers market unless you are prepared to hold the house until the market gets an upswing.

Answer 6

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