I have a few thousand saved up, I am in the military and was wondering if I could do this part time. Whether it be by purchasing a foreclosed home an renting it out, or working for a broker when I end my contract. I have an opportunity to go to college online and I am also wondering what would be a good degree to aid me in the long run in this field. What would you guys recommend? I have no family in the field and do not know anyone who has experience in the field either. Do folks normally have the money required (if they opt on flipping homes) or are loans taken out for the rookie? I live in NC but if I were to get out the military I'd be moving back to New Jersey.... expensive state along with its real estate. If I were to decide in flipping over working for a broker, how much should I have saved up? Thanks in advance.
College cannot help you in real estate marketing, renting or inspection of homes. But if you're into it, you can do well. And it's better than the stock market. It's one of those things you have to learn as you go as every deal and house will have pros and cons. Some investors will lend money if you do the work or are the general contractor. Some local banks will loan you money as they invest in the local community more than a lending company that might be based in another state. Talk to your bank president. If you're in a strong real estate market, you'll be competing against cash buyers so you either have to pay more for the house than their offer to have an edge or borrow money from lenders or on credit cards. Amazing how many new people are getting into flipping. This trend will show the downside soon - like those who bought on the high side of the market and can't sell for what they have in it - basically another bubble. It is happened in my area and it's a strong housing market
Get your real estate broker with 100% commission or one that will send leads to you. After you get a feel for what is a good and bad deal. Then buy
