young and new need help

**LM6769** · 07-22-2007, 01:19 PM

Hi. I have been hearing that getting into real estate can lead to being very successfully if done right. I sounds like something I want to get into. I'm 20 years old. Is this something for me at this age? Then what does it take to purchase property. I was thinking flipping a house. My father owns a construction company where I have learned much about renovating the house my self. What do I need to know to get myself started in this?

Can someone please help me with some info

**gjtrafl** · 07-22-2007, 01:46 PM

I would focus on arranging financing first... Since your father is in construction, could you purchase your first property together? This will get your name on the deed and help to futher your credit history.

Once you know how much you can spend, look at finding a realtor that you feel comfortable working with. You will have a good idea of how much you will need to spend on the property and the realtor can show you what you can expect on the resale.

**LM6769** · 07-22-2007, 01:52 PM

What kind of things should I know or ask when I talk to a realtor?

**teak** · 07-22-2007, 04:58 PM

I think to really make your plan work, and take a little of the risk out of the equation, you need to be able to buy a house without paying your end of the real estate commission. You need to get your real estate license.

I am not in real estate, but all of the people I know that are worth a million, did it buy buying holding and renting properties and all of them have their own license.

I also think the easy flip in most markets is over.

**gjtrafl** · 07-22-2007, 07:40 PM

I agree the easy flip is over as well. However, you weren't taking the easy route anyway. With your abilities and connections with your father, you are in a position to Earn a good profit.