5 answers
Marco
Student
Lynn, Massachusetts
3
Questions
Asked
569 views
How do i really start in real estate?
I am a Jr trying to use real-estate or flipping homes as a sort of side hustle to pay off for college and I know what to do once i have a house to fix and sell but i don't have money for one so where and how do i really start? # #finance #real-estate #busniess #flipping homes
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5 answers
Henry Vallejo
Assistant Vice President
2
Answers
River Vale, NJ
Updated
Henry’s Answer
So selling real estate and flipping houses are very different , and very similar at the same time.
If you’re looking to be a real estate agent and formally work at an agency then you should start today. Just walk into your local agency and take the first open job. Once you’re in, absorb everything, ask questions, shadow the best agent in the shop and learn the ropes. Make mistakes and learn from them quickly. Remember you’re early in your career and don’t know it all and that’s perfectly ok. Soon enough you’ll be a well oiled machine and out selling the agent you shadowed a few years back.
Similarly, if your looking to flip houses you’ll need to learn from a local general contracting business to understand services, prices, materials and over project managing when it relates to homes. It’s essentially a puzzle you have to piece together, and the more you know about flooring, plumbing, electrical, and prices associated the better you’ll be at flipping homes.
Hope these snippets help you on your journey!
If you’re looking to be a real estate agent and formally work at an agency then you should start today. Just walk into your local agency and take the first open job. Once you’re in, absorb everything, ask questions, shadow the best agent in the shop and learn the ropes. Make mistakes and learn from them quickly. Remember you’re early in your career and don’t know it all and that’s perfectly ok. Soon enough you’ll be a well oiled machine and out selling the agent you shadowed a few years back.
Similarly, if your looking to flip houses you’ll need to learn from a local general contracting business to understand services, prices, materials and over project managing when it relates to homes. It’s essentially a puzzle you have to piece together, and the more you know about flooring, plumbing, electrical, and prices associated the better you’ll be at flipping homes.
Hope these snippets help you on your journey!
Thank you Mr. Vallejo
Marco
Anytime Marco! Remember you’re young and have time at your disposal. Aka long as you surround yourself with people that really know the craft your willing to learn, your do just fine!
Henry Vallejo
Coni J. Mackey
CJaiM Notary
9
Answers
Las Vegas, Nevada
Updated
Coni J.’s Answer
Hi Marco,
I appreciate your enthusiasm about using real estate/flipping homes as a side hustle to pay for College. I am going to answer your question and then give my view on flipping homes and real estate investing in general. If you find a great property to invest in (and by great you need to find a property that you can buy really cheap, fix up and sell for an awesome profit) ANY investor will put up the money to buy the house and split the profits with you. But YOU need to find a good deal. Investors want to invest in properties where they can buy it for $50K and sell it for $100K (or more). So it's up to you to find the deals. In many states, there is a real estate investment club where investors either have properties for sale or want to invest. Look them up where you live. You may be able to attend a meeting for free but I would call the President of the club first and let them know what you are wanting to do. Once you attend a meeting, your world will open up and you may not want to flip homes, you may want to buy a home on a lease option OR buy a home with an option and sell the option to an investor OR buy on owner Contract OR invest in mobile homes!(you will learn about all of these techniques at a real estate investment club) There are a myriad of ways you could invest in real estate and make money to pay off college other than flipping homes. I saw someone mention bird dogging. There are always investors looking for someone to do the grunt work of finding a property for them for a fee!
Now if you are set on flipping homes, I'll give you a bit of advice...make your money going in. You have to purchase a house at the right price (really low) in order to make your money in the end. You must buy low to sell high, when flipping, because you never know how long you have before it sells. The longer it sits the less money in your pocket! Good luck to you.
I appreciate your enthusiasm about using real estate/flipping homes as a side hustle to pay for College. I am going to answer your question and then give my view on flipping homes and real estate investing in general. If you find a great property to invest in (and by great you need to find a property that you can buy really cheap, fix up and sell for an awesome profit) ANY investor will put up the money to buy the house and split the profits with you. But YOU need to find a good deal. Investors want to invest in properties where they can buy it for $50K and sell it for $100K (or more). So it's up to you to find the deals. In many states, there is a real estate investment club where investors either have properties for sale or want to invest. Look them up where you live. You may be able to attend a meeting for free but I would call the President of the club first and let them know what you are wanting to do. Once you attend a meeting, your world will open up and you may not want to flip homes, you may want to buy a home on a lease option OR buy a home with an option and sell the option to an investor OR buy on owner Contract OR invest in mobile homes!(you will learn about all of these techniques at a real estate investment club) There are a myriad of ways you could invest in real estate and make money to pay off college other than flipping homes. I saw someone mention bird dogging. There are always investors looking for someone to do the grunt work of finding a property for them for a fee!
Now if you are set on flipping homes, I'll give you a bit of advice...make your money going in. You have to purchase a house at the right price (really low) in order to make your money in the end. You must buy low to sell high, when flipping, because you never know how long you have before it sells. The longer it sits the less money in your pocket! Good luck to you.
Omar Farris
Corporate Finance Senior Associate
8
Answers
Riyadh, Riyadh Province, Saudi Arabia
Updated
Omar’s Answer
Hi Marco,
My recommendation to you read as much as you can about the real estate field so you can mitigate any potential risks that arise from first time homebuying. biggerpockets.com is a very good resource for you to learn.
My recommendation to you read as much as you can about the real estate field so you can mitigate any potential risks that arise from first time homebuying. biggerpockets.com is a very good resource for you to learn.
Ivan Malpica
Auditor
6
Answers
Lake Mary, Florida
Updated
Ivan’s Answer
When you turn 18 buy a duplex and live on one side and get the other side to pay for your mortgage. You will learn a lot if you start there.
advice real-estate real-estate-advice high-school business finance
advice real-estate real-estate-advice high-school business finance
Sandy Schaefer
Director Data and Technology
2
Answers
Leesburg, Virginia
Updated
Sandy’s Answer
When I read your question, what stood out to me is that you think you don't know how to get started because you don't have money. From that point of view, one thing you could do is find the deals and then "wholesale" them off to someone who does have the funds to complete the renovations. This is often called bird-dogging.
The other thing to keep in mind, is that if the deal is good enough, the funding will be available even if it's through a hard money lender.
The other thing to keep in mind, is that if the deal is good enough, the funding will be available even if it's through a hard money lender.