work out a deal with a smalltime contractor and ask around and get a referral for an appraiser. Tell them what you are doing and they will give you free advice b/c they can make money as well. you will want the appraiser to do free lookups to see if the value is there. he will do this for you for free b/c he can get paid if the deal closes. the contractor will tell you if it is structurally sound and how much repairs will be . then do the math.
get your real estate liscense(total around $1000) to get started. this way you can list for free and not have to del with paying someone else, plus you will get a lot of the knowledge that you need and are looking for.
hope it helps
vol
get your real estate liscense(total around $1000) to get started. this way you can list for free and not have to del with paying someone else, plus you will get a lot of the knowledge that you need and are looking for.
hope it helps
vol
Just get the license and then sell the real estate. Forget the fixers unless you really like doing that. I know a few people that have done that for a long time and guess what? They did great when the market was strong and not so great when it was not. In short they would have made almost as much just buying and selling regular houses. Only reason really to get into a fixer is because you look forward to staying in it for a long time.
I am looking at buying houses below market value, and need a little work. You can add a lot of value to a house with a fresh coat of paint and a little yard work.
I am not looking for the house that needs a total rehab. Just something that needs a little TLC to incread value.
I think getting my real estate license is a good start, thanks for the advice.
Where would one go to inquire about such a license.
Thanks
[This message was edited by bigbet1234 on July 08, 2004 at 10:13 PM.]
I am not looking for the house that needs a total rehab. Just something that needs a little TLC to incread value.
I think getting my real estate license is a good start, thanks for the advice.
Where would one go to inquire about such a license.
Thanks
[This message was edited by bigbet1234 on July 08, 2004 at 10:13 PM.]
i checked them out for a 7 day tiral wansnt to impressed. They wanted you to pay for every bit of info requested, along with a $25 fee.
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Damian Dunlap:
realtytrac.com join them, they cover all the states, if you in Los angeles, i can let you pull comps all day for free.<HR></BLOCKQUOTE>
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Damian Dunlap:
realtytrac.com join them, they cover all the states, if you in Los angeles, i can let you pull comps all day for free.<HR></BLOCKQUOTE>
Depends on your market. In hot markets none of that matters. If it is a weaker market where you have lots of competition some cosmetic stuff might get you a sale over your neighbors. That won't get you rich though. Fixers are simply good for people that like to do projects and plan on living in the place awhile. You do one thing at a time when you have the cash and the time to do it and in 3 to 5 years you have a comparable house. That is the only way it really makes much sense. Getting a contractor takes much of the profit out and should only be used for the most difficult projects.
I have an uncle that invest in these properties. Although, he gets the worst of the worse.
I have been to a few seminars(Rich Dad, Poor Dad), where they say it can be quite profitable getting property that needs a little work.
I am not saying it is easy, you just have to be on your feet and looking at all times.
Say you get a house at 20K below market value, do a little work. Maybe put 5-8K into it, and there is a profit of 10K.
I guess the better term, would be "flipping" the property.
I have been to a few seminars(Rich Dad, Poor Dad), where they say it can be quite profitable getting property that needs a little work.
I am not saying it is easy, you just have to be on your feet and looking at all times.
Say you get a house at 20K below market value, do a little work. Maybe put 5-8K into it, and there is a profit of 10K.
I guess the better term, would be "flipping" the property.
hey Damian, My I live in Los Angeles, and I was thinking about buying a house for income property. I am in the middle of Dawson's book right now. I was wondering if you can e-mail me at manley13@aol.com so I could call you and maybe start moving in the right direction. I have some decent money saved, but still alot of questions. I don't have an agent right now either. Thanks.
David Manley
David Manley
bigbet, in my state if you a agent u have to disclose everything, how much u going to make. I would take a class but not waste my time getting a real estate license , if i am just investing
Alot of people including me have made alot of money using that service. email me bigbet, i dont want to see u waste your time or money Damiandunlap@yahoo.com
Alot of people including me have made alot of money using that service. email me bigbet, i dont want to see u waste your time or money Damiandunlap@yahoo.com
I strongly recommend the work of John T. Reed. Unlike most of the late-night infomercial crowd, Reed actually writes useful and well-informed stuff. He also has a great directory exposing the fraud of "real estate gurus" and other get-rich-quick scum, with special focus on the idiot Robert Kiyosaki.
Phaedrus
Phaedrus
