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Magneto · Joined: 06 Jul 2007 Posts: 5

Im 19 years of age. Im getting ready to take the real estate course and than take the state exam so i would have access to MLS. and get commission off of my sale? How much money would I need to start? Any advice? I have been doing research on this and pretty much know it? But i still want to know if anyone have advice?

ivegotastalker · Joined: 17 Oct 2004 Posts: 3

I would guess the amount of money you need would depend on the area you are going to be "flipping" in. For example, in San Angelo you need a lot less money than you do in Dallas.However, a good rule of thumb when going into any investment is to not over extend yourself. You need to remember that buying the property is only part of your monetary spending. You still have to buy all the materials to upgrade the house to the neighborhood standard. Then you have to pay for labor, and replacement materials (when stuff goes wrong). So when you look at a house that you want to buy and flip, make sure that you can afford the house and all the materials and labor it will need to flip it - and when I say afford, I mean you will still have a good amount of money set aside to fall back on just in case!What you might also want to do is find work with a company that flips (as long as you don't have to sign any non-compete stuff) so that you can get good experience on someone else's bill! Good luck!

Edna4Prez · Joined: 08 Jan 2007 Posts: 5

You are in a tough market for flipping right now. Chances are you will have to hold on to investments longer, hence more monthly payments. Where is the capital coming from? Do you have a lot of savings? A credit line? Second Mortgage?I am sure there is quite a bit of information out there and a lot of information you need to come up with.Good luck!

sparkleythings_4you · Joined: 15 Aug 2006 Posts: 4

I'm sorry to say this, but unless you have parental help or a financial backer you probably will not be able to qualify for any loans to buy these properties. Investments properties are harder to purchase now and require high credit scores, strong assets, 10-20% down payment, plus you'll need at least a 2 yr employment history illustrating that you earn enough to pay for the properties. Also, this is a horrible market to start flipping in, no matter where you live. Housing prices are only falling so although you may be able to purchase cheap, by the time you flip them the price will have dropped some more and you'll earn very little. Plus, you'll have to leave them on the market longer.If you're dedicated to this try and work with someone who's been flipping for a while. You should be able to make contacts with investors as a realtor. Work with someone experienced for a few flips to see what it's like and the market conditions, then try to branch out on your own.