im now interested in real estate.how does it work?how can i make money on it?can you explain it in layman's term as much as possible, coz im not yet very familiar in some real estate terms. lolthanx...
Now is a tough time to make money off the real estate market. Houses are down across the country besides maybe New York City. If you have the money to buy and sell houses right now, then I would say the best places would be in CA perhaps San Diego, wherever you believe is a good area. You also might want to look into those foreclosed houses. To make money off the real estate market you need a lot of money, hundreds of thousands in most cases. In general, you are trying to buy a house cheaper then the house you sell it for and other costs/fees that came along with that house. Not easy now days.
It really just depends on the level of commitment and amount of time you have. If you want to make a life out of real estate then find the portion of real estate that suits you best. Don't feel like you have to be a realtor to be in real estate. If you like the industry, there's a profession that will fit you, I guarantee it. And you can make money in any one of these occupations: builder, lender, Realtor, interior designer, architect, closing coordinator, etc. Real-estate sales-based careers (ie. realtors, new home sales reps) are notoriously promising as far as making money is concerned. But it's just one of those things, IT IS WHAT YOU MAKE IT. If you don't have a strong sense of determination, you'll come out broke and kicking yourself for ever even thinking about a career in real estate. If you work hard and are self-motivated, you can clear 6 figures and THEN some. It's not all glamor and money there's a lot of sacrifice involved. Most of us work long and wierd hours, we work weekends, and you'll NEVER EVER EVER catch us without our mobile phone in-hand or glued to our heads. Your significant others will have to be very understanding and your friends will have to take a back seat to your career more times than not. If real estate is going to be a hobby and not an occupation, then just make sure you're financially secure. And try to stay in-tune with the market - it has a tendency to shift on a dime. I'm not a real estate adviser but right now don't try to flip homes... it's not going to do you a lot of good. UNLESS you plan to buy now and sell in 5 years.... then you might make quite a substantial profit. Now's the time to buy for sure. But it's good advice to hold off a year or two if you have property to sell.
Education is the key...don't be like me and be taken advantage of in Yield Spread. Not, all brokers are dishonest...but, the one I came accross was. :-( (Trust me it won't happen to me again!) Remember, you are the first best and last defense in protecting yourself....and it's your money, not their's...invest it wisely..make sure to do your due diligence before any purchase. Also, anyone who tells you that real estate is risk free...Run, Forrest, Run. Have you thought about asset protection? LLC? S-Corp? So, I guess to answer your question...Yes, you can make a lot of money in TODAY'S market...the trick is not to get greedy...and make it a win-win situation. If you'd like to know more...please give me a call 866-893-1658...my name is Kathryn
I recently got licensed. I am a part time Realtor with a decent paying day job. I have been licensed for about a month or two and have just got my first listing. I also have two appts tomorrow, with somebody I have met with before and wants to meet again with my broker and myself. The other is somebody whom I have had a few telephone and wants to meet with me. Being part time can be a draw back, I work for a good office and am pre-pared to pay other agents as referrals for any help needed to provide my clients with the service they deserve. I have no expectation of making much money for the next year or two. I am aggressive and have sales experience. My plan is just to market/advertise myself heavily for the next 2 years. I live in a small but quickly growing small community were word of mouth travels quickly but trust is hard to earn. I also have a couple rental properties and about 20 acres I can build on. I share the same philosophy as yyyyy above has. At this point I could probably make about 20%-30% on building. New homes still can move quickly out here but I am not prepared to take on that risk at this point. Again my area is rural and it doesn't take much to flood the market. Basically you have to be an enterpurneur, not need a pay cheek for a while, good credit, persistance, talent and guts.
Now is NOT the time to get into real estate. People who have been working in real estate for years cannot sell houses, it will be really hard for someone new to make money in this field.
