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anybody have a real estate liscence?

meshmesh 925 Posts
edited June 2006 in Strut Central
just thinking of ways to supplement the income and i figure people will always be buying and selling houses. im thinking i could flip 3-6 houses a year, make some exta cash. i know it is not something you just get, it will probably take me at least a year to go through everything i need. so i was wondering if anyone in the states did the real estate thing, and if so, could you share some of your experiences?i really have no experience in this field, but i am good at selling things when i put my mind to it. do i even need a liscence to flip houses? whats the deal?

  Comments

  • FatbackFatback 6,746 Posts
    so watching those terds buy up all those redicutardly priced condos next door got you thinking? damn, i need to cut in on this.

    me too.

    but define flip:

    if you want to refurbish houses and make a profit?

    or buy "finished" houses and resell them for a profit?
  • spencergroovnycespencergroovnyce 189 Posts
    Sounds like a broker license is needed.

    Probably not the best time to get into flipping houses for profit.
  • FatbackFatback 6,746 Posts
    Probably not the best time to get into flipping houses for profit.

    nah. richmonde is about 4 years behind.

  • meshmesh 925 Posts
    so watching those terds buy up all those redicutardly priced condos next door got you thinking? damn, i need to cut in on this.

    me too.

    but define flip:

    if you want to refurbish houses and make a profit?

    or buy "finished" houses and resell them for a profit?

    yeah, i am definitely tired of seeing all these dudes buy up all the shit around me and make major profit.


    i guess i mean both, but probably right now i am looking just to buy and sell. but like i said, i really don't know anything about it. i could be barking up the wrong tree here, i am just looking for ways to make some extra money so i can continue engineering and making music, without having to stress so hard over it.

    i just figure people will always buy and sell houses. i don't think there will ever be a universal decision for everyone to just deicide to stay put forever, so real estate seemed like a good route. i just know that i am 28 and (hopefully) have a long life ahead of me. i would like to make some decent money along the way, yet still be able to continue working for myself.

    also, if i can get into the swing of things with local real estate now, i might be able to work my way into some resort town and sell dirt with a view for millions of dollars. just dreamin away over here...
  • 33thirdcom33thirdcom 2,049 Posts
    Flipping 3-5 Houses a year is pretty rough unless you have a lot of dough to spend and even then most of the time you will either lose your ass or break even. The rule of thumb is two years then start looking to sell. The reason is that you have taxes, brokers fees, inspection fees to pay out. Most of the time the seller pays for alot of that stuff and its not cheap.

    The problem with selling so quick too, is if you are not in a crazy market ie. LA or NYC (most major cities), then your housing value will not appreciate fast enough to flip any house that quick.

    So if you buy a house for 200,000 in a smaller City, chances are within that first year it may only appreciate 6-10% (roughly 20,000). You can potentially pay that much or more to bring the house to market and get it off your hands leaving yourself where you started.

    Granted having a real estate license will eliminate a certain portion of those costs, but its alot of hastle for about $2-6000 in possible profit... That is... If the market doesn;t tank when you buy the property.
  • CousinLarryCousinLarry 4,618 Posts
    so watching those terds buy up all those redicutardly priced condos next door got you thinking? damn, i need to cut in on this.

    me too.

    but define flip:

    if you want to refurbish houses and make a profit?

    or buy "finished" houses and resell them for a profit?

    yeah, i am definitely tired of seeing all these dudes buy up all the shit around me and make major profit.


    i guess i mean both, but probably right now i am looking just to buy and sell. but like i said, i really don't know anything about it. i could be barking up the wrong tree here, i am just looking for ways to make some extra money so i can continue engineering and making music, without having to stress so hard over it.

    i just figure people will always buy and sell houses. i don't think there will ever be a universal decision for everyone to just deicide to stay put forever, so real estate seemed like a good route. i just know that i am 28 and (hopefully) have a long life ahead of me. i would like to make some decent money along the way, yet still be able to continue working for myself.

    also, if i can get into the swing of things with local real estate now, i might be able to work my way into some resort town and sell dirt with a view for millions of dollars. just dreamin away over here...

    It is a lot of work and a lot of stress. It is the kind of thing you would probably have to do full time. That said if there are some cheap houses on the North Side and in Church Hill that if fixed up could turn a big profit, but they need a lot of work. If you bought a house in good shape you would have to hang on to it for a while for the value to go up, and with interest rates going up it might not be a good time.
  • FatbackFatback 6,746 Posts
    i could be barking up the wrong tree here

    this tree responds to all barking.

    but are you fixed? and what are you wearing?
  • meshmesh 925 Posts
    Flipping 3-5 Houses a year is pretty rough unless you have a lot of dough to spend and even then most of the time you will either lose your ass or break even. The rule of thumb is two years then start looking to sell. The reason is that you have taxes, brokers fees, inspection fees to pay out. Most of the time the seller pays for alot of that stuff and its not cheap.

    The problem with selling so quick too, is if you are not in a crazy market ie. LA or NYC (most major cities), then your housing value will not appreciate fast enough to flip any house that quick.

    So if you buy a house for 200,000 in a smaller City, chances are within that first year it may only appreciate 6-10% (roughly 20,000). You can potentially pay that much or more to bring the house to market and get it off your hands leaving yourself where you started.

    Granted having a real estate license will eliminate a certain portion of those costs, but its alot of hastle for about $2-6000 in possible profit... That is... If the market doesn;t tank when you buy the property.

    cool, thats the kind of insight i am looking for. thanks.

    and frank, i am not fixed, but my dog is. he came that way from the humane society. i have been asked several times if i wanted to breed him, but i would have not accepted the offer even if i(he) could. too many dogs out there without a home, i don't want to add to that.
  • bull_oxbull_ox 5,056 Posts
    and frank, i am not fixed, but my dog is. he came that way from the humane society. i have been asked several times if i wanted to breed him, but i would have not accepted the offer even if i(he) could. too many dogs out there without a home, i don't want to add to that.

    Now THAT would've been a good effortless way to make some dough...
  • 33thirdcom33thirdcom 2,049 Posts
    Although... Alot of people were in the housing market speculating and now its taking a dip. there is a potential that with the rising interest rates and the dip in the housing market that you might be able to win on a foreclosure.

    It sucks because you will be making money off of someone else's misfortune, but you can get some insane deals because the bank(s) just don't want the property... they want the loot.

    However again, you're better off sitting on it if you can afford to.
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