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Some Kind Of Monster
04-26-2007, 08:34 AM
I'm thinking of trying something new. I've been a computer / network tech for years and I am just sick of the same environment day in and day out. Does anyone have any experience buying and selling houses for profit? I am looking into taking a real estate classe next semester, but I thought I would get some ideas first. Is this the type of thing that takes money to make money? Or can I do this with financing? I am also interested in buying homes, remodeling them, and then reselling. What are the ups, downs, things I need to know? Is it possible, or am I getting into something too deep? Thanks for any advice.
P.S. I'm also interested in purchasing properties to rent out. No.. Not to family ;)

Tequila-John
04-26-2007, 08:43 AM
I'm thinking of trying something new. I've been a computer / network tech for years and I am just sick of the same environment day in and day out. Does anyone have any experience buying and selling houses for profit? I am looking into taking a real estate classe next semester, but I thought I would get some ideas first. Is this the type of thing that takes money to make money? Or can I do this with financing? I am also interested in buying homes, remodeling them, and then reselling. What are the ups, downs, things I need to know? Is it possible, or am I getting into something too deep? Thanks for any advice.
P.S. I'm also interested in purchasing properties to rent out. No.. Not to family ;)
I have a good buy for you. My condo

dumbandyoung
04-26-2007, 08:47 AM
I'm thinking of trying something new. I've been a computer / network tech for years and I am just sick of the same environment day in and day out. Does anyone have any experience buying and selling houses for profit? I am looking into taking a real estate classe next semester, but I thought I would get some ideas first. Is this the type of thing that takes money to make money? Or can I do this with financing? I am also interested in buying homes, remodeling them, and then reselling. What are the ups, downs, things I need to know? Is it possible, or am I getting into something too deep? Thanks for any advice.
P.S. I'm also interested in purchasing properties to rent out. No.. Not to family ;)
check your pms

USCFAN
04-26-2007, 08:51 AM
This should be good.

Some Kind Of Monster
04-26-2007, 10:53 AM
This should be good.
Actually it went to page 2 right quick. C'mon, I KNOW there are a lot of you interested in this stuff.

cdog
04-26-2007, 10:57 AM
Bad timing. :)

Some Kind Of Monster
04-26-2007, 11:02 AM
Bad timing. :)
Bad timing for the thread? Or bad timing to get into this business? I don't want to start buying today. I want to know everything I need to know before I get started. How do I get a license? What are good classes to take? What are good companies to work with?

ChumpChange
04-26-2007, 11:04 AM
Bad timing. :)
Agreed. Bad timing to get into this type of business. It can still be done but with little or no experience doing it, you may be in for a world of hurt.

cdog
04-26-2007, 11:09 AM
Bad timing for the thread? Or bad timing to get into this business? I don't want to start buying today. I want to know everything I need to know before I get started. How do I get a license? What are good classes to take? What are good companies to work with?
Here is where I went for my broker lic..
http://www.asreb.com/

Some Kind Of Monster
04-26-2007, 11:09 AM
Agreed. Bad timing to get into this type of business. It can still be done but with little or no experience doing it, you may be in for a world of hurt.
Ok, I'm ready to learn. I've heard that house values will drop again next winter. I want to be prepared to buy at that time. Does that sound about right?

Some Kind Of Monster
04-26-2007, 01:10 PM
Here is where I went for my broker lic..
http://www.asreb.com/
Thats part of what I'm looking for. Thanks!

Tequila-John
04-26-2007, 01:28 PM
Here is where I went for my broker lic..
http://www.asreb.com/
ME too.

STV_Keith
04-26-2007, 01:35 PM
Bad timing. :)
I'm not so sure. If I had some capital right now, I'd probably be trying to hook up with some of the repo's (which are getting more and more frequent) and look at buying and fixing to resell.

Mandelon
04-26-2007, 01:37 PM
I think their point is that its easier to make money in a rising market as opposed to a falling one.
You need a pile of cash to be ready to swoop up on deals, and you need to be able to close fast if you find a deal. The money to be made now is on the purchase end, since appreciation is basically over for a few years.
It really helps to be a contractor or at least an agent so you have access to the sellers and to those who do the rehab.
It sounds easy, but it can fail pretty darn quick.

460 jus getn it
04-26-2007, 01:38 PM
I think your looking to get into the business at a very bad time.

USCFAN
04-26-2007, 01:45 PM
There is still money to be made in real estate. You just need to be selective about the markets you decide to jump into. California for example probably would'nt be the best place to try and buy and flip unless you are able to pick up something that is a foreclosure that has some up side. However there is some money to be made in places like the midwest. Do your homework in the midwest and you may be surprised by what you find. Good luck..:)

BoneDaddy
04-26-2007, 02:01 PM
I think their point is that its easier to make money in a rising market as opposed to a falling one.
You need a pile of cash to be ready to swoop up on deals, and you need to be able to close fast if you find a deal. The money to be made now is on the purchase end, since appreciation is basically over for a few years.
It really helps to be a contractor or at least an agent so you have access to the sellers and to those who do the rehab.
It sounds easy, but it can fail pretty darn quick.
This hits the nail on the head.
When you are in a rising market it is a lot harder to loose your shirt. As a beginner you have to understand that their are good properties to invest in and bad properties. As a beginner you will also have to understand that there are experienced Agents, Contractors and Investors out there with the tools and contacts in place to help find these kind of properties on the fly. This will inturn put pressure on a beginner and possibly force him/her into making an expensive mistake.
Learn all you can from classes, books and seminars and then start by getting involved in the business i.e. become a Loan Officer, Real Estate Agent, Underwriter Assistant, Escrow Assistant etc.
Good Luck on this and keep me posted of your progress.:)

Mandelon
04-26-2007, 02:04 PM
A couple years ago i saw all kind of idiots overpaying for places, and they STILL made money. ( so i was the idiot I guess) but now.....its going to be waay harder.
And fyi an investor in real property makes much more money buying and holding than flipping.....