I am a Full time firefighter, i have been thinking of getting in real sate sells, good or bad idea.?

Question

I have been always intrested in fliping houses i have done only a couple; but i have plenty of time available because of my work schedule. I dont have much of an idea about real state though.

Answer 1

Now is not the best time to start, property's are falling in value for the 1st time, and morgages are higher than ever, so it won't be a good idea to start just yet.

Answer 2

Well, it is a lot safer than fighting fires. But if you want to get into it full time you need to study and pass the exams to be licensed as a realtor. Then you can act as agent for clients. If you only want to be a private investor and buy and sell houses on your own account, you are already doing it. You can increase that activity and keep your job, or you can quit your job and do it even more. However, the income is not steady. You may make a lot at a time, but you may have long periods of no cash flow.

Answer 3

All the issues surrounding sub-prime loans means that high risk borrowers will have more trouble finding real estate loans, but real estate sales will continue. Standard commissions are 6% of the selling price, with the listing agent and selling agent splitting the fee. Their companies then get a portion of the fees and those vary by locale and company.

The bigger issue you need to consider is that buyers look for property on their schedules, not yours. Your inability to view houses on their schedule (when you are working) is probably a non-starter. Unless you can partner with another realtor who can show homes and assist potential buyers when you are on the job, realty work is probably going to be difficult.

Answer 4

I wish I could drive you around my area to show you how good intentions went awry. My town is dotted with houses that people purchased with the intent to flip, are in various states of disrepair because they couldn't fix the home fast enough and it foreclosed.

All the TV shows about flipping brought a bunch of people into the market, driving up the price of potential flip properties. Then housing values went down. And mortgage restrictions were tightened, making fewer people eligible to buy.

If you want to trying flipping on a small scale where you are not putting yourself in a situation where financial ruin could be a real possibility, try it out.

Answer 5

Realestate is a risky business right now. There are a lot of house available because of the market, but sales are down. This could be a good time if you have lots of money to sit on the houses or it could be hard to find a buyer. Check your area thoroughly.

Answer 6

Henry,

fliping houses in this market is a great way to lose money. do u have enough to lose?
get a 'house buying for dummies' read and digest. RE is a long term investment for next 3- 5 yrs market.

Answer 7

Why would you invest time and money getting a real estate agents job to iroder to keep 1.5% of the commison when somebody else makes the majority of the profit on a deal? And have complications becasue of your work schedule?
I would spend my time investing in MY education and learn how to REALY invest in property and not "flipping". It may make a great TV show but it is NOT how a professional investor views aor handles property. Anytime you "flip" you expose yourself to short term capitol gains tax, and yes they fail to mention that on tv, notice how they also gloss over the closing costs and realtor's commisions also? They quote GROSS profit margin but almost never tell you the NET profit margin and THAT is where your profit is.
Take your down time at work and read real estate books. Spend time building a real estate investment team that includes bankers, real estate agents, property apprasiers, property inspectors, title companies, rehab guys, rental property managers, accountants, lawyers, and property insurance companies.
Instead of flipping for a quick buck; learn how to invest for bigger longer term gains that you can structure taxfree. Learn to make money work for you instead of you working for money; THEN you will be a REAL investor.
Hint, having a real estate licence will actually HURT you when you are trying to by houses for profit.

Answer 8

no offense or something, yet why are you asking a gaggle of nameless people you do no longer understand if another nameless human being you do no longer understand is scamming you? often in scams like this people will say they merely have been given paid or something and have a huge verify that they choose for you to funds and deliver them the greater beneficial, in spite of the undeniable fact that it is going to be a bogus verify. so the two say you basically settle for funds in any different case you pick for an respectable economic employer verify which you understand would be actual. opposite to what everybody else suggested, this human being has suggested no longer something suspicious, merely sounds extremely enthused to purchase your merchandise. they even presented a licensed verify. in spite of the undeniable fact that, you would be weary of all on line transactions yet you would be wonderful in case you think of clever. a keep would not supply products till you are able to nonetheless pay and neither could you. if the shopper would not have confidence the supplier sufficient to attend till their funds has been efficiently deposited, then the supplier shouldn't have confidence the shopper with their merchandise. keep in mind, it is your sale, you're making the words. in the event that they do no longer like it they could purchase a distinctive automobile

Answer 9

Well...I would suggest you do lots of reading and research first. This way you can make a more informed decision. I would hate to see you get deeper into flipping houses without knowing all the risks...and possibly lose money. In any new endeavor...I think it's always wise to do your homework first.