How do you get into "turning property"?
Answer:
You are going to need lots of money, excellent credit and skills in negotiation, construction, design, etc. Many people are doing this so you have to hustle to even get a fixer worth investing in. Know the area you are investing in a few blocks can make a difference in the price of a property. If you plan on hiring a general contractor or subs, make sure you are supervising the work, the budget and timeline.
Since you want to do this in the furture start saving, establish credit and pay all your bills on time. Learn as much as you can about the area(s) you want to invest in.
Yes, don't do it the parties over, open a dog grooming store or some other business. Real Estate is finished for the forseeable future.
its not quite that easy, you need lots of capitol and lots of know how, I would do a lot of homework before venturing into this field.
"flipping" a house is simple but also complex. must have a decent amount of capital to start in order to make things work. you can obtain loans/mortgages for this type of deal but needs to have some seasoning to it. many lenders really don't like flipping as their profits from finance charges don't have enough time to take effect. you must have the capital to pay for the renovation as well as any applicable taxes involved. hooking up with the seller or if you are going to use a realtor can be a major headache. be prepared for one, actually many but done right can be a lucrative endeavor
KNOWLEDGE.
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