Ok is it possiable to get a job then buy a little crappy house and fix it up then sell it for more then its worth then after that keep buying bigger houses fix them up an just keep growing in size and money im 15 i been posting questions on a good career without college is this one and if so can some one teach me how real estate works ...thanks
2007-12-18 08:46:21 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You don't need a job to buy real estate. What you need is contacts and people. Develop your people skills. Network with other individuals who have an interest in real estate. I was a meeting where a 16 yr old was given a property worth 20K. (There are details to this and I won't bore you) You can do this. Start by reading everything you can about the real estate market. If you don't like to read then contact people out of the newspaper that are selling their house and ask them questions about the process of how to buy a house. (look for FSBO, Lease option, NO BANKS NEEDED, forget the realtors). Buy low and sell high! This is America and you can do anything you set your mind to. PS I haven’t had a job in 16 years.
2007-12-18 10:00:56 · answer #1 · answered by Atl Mentor 1 · 0⤊ 1⤋
Yes to your question; it is "flipping" properties to create wealth. To determine a good purchase price, you must know what the house is worth in good, saleable condition and also what it is going to cost you to get it there. One hurdle you will have to overcome is finding a lender. Your age, income and credit history will dictate if and how much they will lend you. Be prepared for a down payment in today's mortgage market. Also, spend a little more time constructing good grammatical sentences; you will find it impresses the people you are dealing with.
2007-12-18 16:57:20 · answer #2 · answered by TX Realtor 2 · 0⤊ 0⤋
Flipping houses is common practice in the real estate world.. But it is not as easy as one might think.. I suggest you take some real estate courses and learn the legal considerations that go with it... One feield to consider is real estate appraisal, then move into realtor feild and so on...
2007-12-18 17:02:28 · answer #3 · answered by pktappraisal 3 · 0⤊ 0⤋
If you are 15 you have lots of time to watch flipping shows on tv.
Learn how to build - carpentry, contracting, etc. and you will be more informed and be able to fill in the gaps.
The trades and RE are an excelent alt. to college.
Volunteer at a RE office or for a contractor, get some experience while you have time and don't need $ (assumption).
2007-12-18 17:26:06 · answer #4 · answered by yakrafter 2 · 0⤊ 1⤋
I could name a few who became millionaires doing it. It was a bit easier when homes were appraising at a rapid rate. I've always thought of redoing some and make them handicap accessible.
2007-12-18 16:53:01 · answer #5 · answered by ed 7 · 0⤊ 0⤋
Yes, it's called "flipping" and if done right can create a bunch of self employment income.
2007-12-18 16:49:59 · answer #6 · answered by Anonymous · 0⤊ 0⤋