fedor corolla

i am a second year student at college, and me and my friend want to get into real estate together...i have signed up for a course in school to get my real estate license, but i have a few questions that i need answered before i enter this exciting new expirence...

first, how do i aquire the properties, how will i be approved for a load, of astronomical proportions, possibly in the 100,000's.

that is my main question amongst many others

say i want to aquire a property that requires some "fixing up" how would i go about hiring contractors, and finding the right prices?

my friend is by far, more knowledgable in this subject matter, and i would like to get on the same page as he is....

iTimmy

With out more life experience and contacts its going to be slow moving road for you for a long time. Dealing with contractors SUCKS, they never do what they promise at the price the tell you. If 100,000 of thousands of dollars is astronomical proportions of money to you and you don't have a strong network of reliable contractors(never rely on just one) and are otherwise unestablished(i.e. retirement, home, good job and possibly some spare cash sitting around) this would be very tough with out more due diligence then its worth. So many people are buying cheap properties and fixing and flipping these days its hard for an inexperienced person to get started. Who is a realitor going to favor, someone who has done a lot of previous business with them and knows the process or are they going to want to hold someone's hand every step of the way. When most realitors get these properties(the potentially profitable ones anyway) they already have a laundery list of people to contact and the average person will never know about them. The ones that actually get listed, are probably lemons or are being sold by novice realitors.

But if you are serious between your class and the Carlton Sheets no money down realestate system you would have what it takes to start flipping properties. Now if your taking the class, and trying to learn the biz, what exactly is your friend going to do? I am a big realestate fan, you can make easy money quickly, but you can also get burned if your not careful, so do your homework and be prepared to walk away from any deal that smells fishy. Good luck

fedor corolla

hey man i really apreciate that info, im really looking forward to hitting the books next simester....any help is apreciated greatly

fedor corolla

my friend is going to aquire the properties for the majority, im going to be in charge of getting a team of contractors....the good thing is, i have background in construction and i know alot of people who are interested in working for me.....also my father was an architech and can write up some prints for us as well....but yeah i always new that there had to be some sort of "catch" as to why it sounds so easy to make money in this trade. my friend did it out in cali and made a KILLING, and he had no background what so ever, in real estate or contracting....i can only hope for that same kind of "luck"