For the fate of the world!

**Justintol** · 06-30-2008, 08:29 AM

I have a plan to invest in real estate ; flipping and renting out. The situation I am in is that I have never done anything like such and am a college student with low income.

To get some basics in I plan on doing vending machines to learn some things about location, property, sales, profits.

I am in SE Michigan with a bust housing market and I want to know the ropes.

To accomplish my goals I have read: Real estate 101, researched...

I am going to attend a community college for marketing and transfer to a four-year. I am doing this so I can work the art of sale.

Can you offer adivce, ideas and critizism so I can know if I am on the right track.

Thank you.

**rainier** · 07-01-2008, 04:21 AM

just do what you think is better for you to achieved your goal.

**Reg Esteban** · 07-10-2008, 03:28 PM

Justintol,

A lot of people get into wholesaling when they first start. This is finding deals then charging assignment fees to sell the deal off. Not sure if this will work in your area, but it is one way to generate cash flow.

Good luck.

**Texas_** · 07-10-2008, 04:39 PM

One mistake many 'flippers' get into is trying to do it all by themselves. Or thinking they can do this in their spare time. Sometimes they get lucky. Most times they do not. Especially when the market is tough.

If you're serious about this kind of business it can be quite lucrative. Put a TEAM together IN ADVANCE. You'll need reliable and experienced contractors, carpenters, plumbers, electricians, designers, landscapers, etc. You should understand the building codes in the area you work and know the HOA rules or other neighborhood restrictions. What permits will you need? Have you networked with the right folks who will smooth your problems rather than throw more roadblocks in your way?

Good luck!

**SellMyDigs.com** · 07-11-2008, 02:38 AM

Determining your property's actual value will be the hardest thing.

Sometimes people try to flip properties without understanding value.

Ask critical questions when buying such as:

What if it doesn't sell, can I make or supplement the mortgage with renters?

How much will my home be worth AFTER I'm done fixing it, i.e. how much will it be worth in a few months in your current market?

What standard am I remodeling for? Do I want this to be a luxury home, a low-income home, a family home. That should help with determining how much you want to spend.

Is it even a deal? After you spend the money to bring it to your standards will it even cash flow? It might be $20,000 under market now because it takes $20,000 to bring it up to speed.

Plan for many outcomes, stay logical and thorough in all of your transactions to avoid emotional mistakes.

**wchua24** · 07-11-2008, 05:29 AM

i our place we have this sort of real estate seminars. so you could know the basic stuff...the problem is i do not know if there is such a thing your area..