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    jennapbt's Avatar
    jennapbt Posts: 131, Reputation: 19
    Junior Member

    Feb 1, 2006, 12:39 AM
    Real Estate
    Does any one here know about real estate. I'm wondering which aspect of the whole career is best as in buying a house fixing it up and selling or going through companies. Or if they are two totally different things in all. Just any info would be appreciated. Thanks
    RickJ's Avatar
    RickJ Posts: 7,762, Reputation: 864
    Uber Member

    Feb 1, 2006, 05:08 AM
    What do you mean by "or going through companies?"

    Do you mean
    1. buy, fix up and sell properties yourself
    2. be a real estate agent?

    Please clarify a little.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692

    Feb 1, 2006, 05:55 AM
    Some brokers, and some individuals, buy houses, fix them up and then sell them, this is called "flipping" They have to try to find something in good area cheap and will either need plenty of money or a lot of credit, since they have to buy a house, fix it all up in a matter of a few months and then re-sale. Can make a lot of money but can also be stuck with house you can't sell or even lose money if you can't get a buying or it will not sell as much as you thought it would

    Real estate agent, they find someone wanting to sell their house and talks them into selling with them, and also tries to find buyers for houses that are listed. Must enjoy people a lot and willing to work strange hours to fit others schedules.

    "going though companies" just a guess at this, but people who arrange loans for peoople are mortgage brokers, they deal with finding loans at the best rate for difffernt people and finding loans for higher risk loans a lot.
    kp2171's Avatar
    kp2171 Posts: 5,318, Reputation: 1612
    Uber Member

    Feb 28, 2006, 10:31 AM
    I agree. Two very different angles.

    Realtors need to be available the strange hours Fr Chuck mentioned. Willing to work hard for demanding people who will sometimes drive you nuts. I'm not a realtor, but a family friend is. He's done it for 30 years and loves it. But like all jobs, people can sometimes drive you crazy. You need to be able to network and do a good job for your clients so you get referrals.

    If you're looking to buy to flip that's less people to worry about and more money concerns on you. Likewise about the $$ if you aren't flipping but want to buy real estate for income, rentals. One of the things that kills businesses quickly is a lack of money. You take on a house you take on risk. Risk is OK. You just need to understand it. Do a lot of reading. Libraries have books on fixer uppers, on understanding mortgages, on rentals.

    So the answer what is best depends on you. If you like people and want less financial exposure you might go the realtor route. You'll need training and you'd better be willing to show houses on the weekends and some weeknights. You still need to be comfortable with the pressure to sell.

    If you are willing to educate yourself about the markets in your area and are willings to do a lot of grunt work, fixing homes for flipping or rental can also be good. You can often start with a simple rehab while working another job. This way you still have some income stream. You need to be resourceful, you are subjected less to the craziness of people day-to-day (unless you are a landlord... then any day could be a headcase day, if not everyday), you are burdened with debt and the ebbs and woes of the market.

    My first rehab I lived in. basically holed up in one room while the rest of the house was a mess. Didn't have people over for a while. But it worked for me. Friends first rehab was a duplex in a historic district. Fixed his side first. Then the other to rent. Again... it just seems like you are bleeding money until its done. But if you do your homework on the front side you should be protected. You'll make some mistakes that'll cost you time and money. That's life.

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