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Gunm

I want to get into real estate

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I have a few friends who have gotten into real estate in some form or another and from what i see, it pays off big as long as you put in hard work and your persevere at it....no problem...I can deal with that.

 

So I am going to start taking steps to get my license this week.

I am just sick of this 9-5 bullshit everyday...tired of not getting back what I put into my work day...lame ass commute EVERY morning....living paycheck to paycheck....I want big money and a sense of satisfaction when the work day is over.

 

Any 12ozers working in the real estate field that would like to give me some advice or share some stories?

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i have a friend who went to a semester of college, dropped out, got into real estate, and now he's in charge of an entire office for a pretty large company around here. he's 21. i guess he has to make a pretty serious commute, but the kid is making bank.

 

my mom is a realtor as well. she seems to do alright. it's a real hit or miss field though. a lot of realtors are broke.

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i bought a house recently and i think the nationwide housing market is kinda about to bust

 

maybe not the best time to be expecting good commissions?

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ive a friend who does real estate. she has a nice house with her husband and two kids. i was over last week drankin it up and she sold a house on the phone. if you dont want them regular hours but must be a people person and be willing to kinda go show a house in an hour regardless of what you are doing, then try it out. she likes it.

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i knew some kid who never went to college, got into real estate in san diego and fools a millionaire nows, drives a porsche turbo and a m3, hes a bitch tho but he makes alottttaa bank

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I work in the mortgage industry, and I can tell you now is definitely not the time to get into any sort or profession dealing with the buying/selling of houses.

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i want to buy 2 family flats in college towns or trendy neighborhoods. Figure the building will cost 300,000.

Charge 750 per month for each. Thats 1500 per month

18,000 per year...

subtract 3000 per year for repairs (probably an overestimation)

Thats 75,000 in 5 years

The house is payed off in 20 years.

Payed off by other people.

 

750 is reasonalby cheap too. Put in some marble countertops wood trim, hardwood floors, a jet tub, track lighting. You are talking more like 1000 plus.

 

You could probably get some govt loans to get started. You would also need some considerable money of your own

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Thats in Detroit Its all relative though. In New York or Ca the same property is going to fetch 2500 per month

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Isor knows the deal... buy properties that others are going to, at least, help you pay off.

 

The markets are slowing down... a bust may not necessarily happen but things are cooling off considerably. Especially in Cali. not to mention the state is saturated with realators.

 

I'm looking more into owning investment properties and/or flipping houses. (buying, fixing up, selling). I like more being involved in the physical part, the demo, the design, the renovations. This allows you to also 'stick and move' with up and coming/hot markets.

 

THat side definitely takes a lot of dedication also, and expect a whole lot of stress and frustration... but if it was too easy, everyone would do it.

 

THe plan is to buy places, fix them up, sell and use a tax deferred trasnfer (1031) of the profits to buy another place, possibly in a completely different market.

 

rinse. repeat as necessary.

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i get down in the field

it's a very valuable thing to know.

in my opinion, loans are where it's at. however, you must posess THE most important quality...

 

...hustle.

 

without it- u might as well stack burgers. i see people come thru all the time with high hopes, and they give up in a matter of a month due to the amount of work. it takes a lot to get something funded, but well worth it in the end.

vroom

vroooooom.

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Originally posted by isor357@Feb 22 2006, 11:58 AM

Thats in Detroit Its all relative though. In New York or Ca the same property is going to fetch 2500 per month

 

and cost millions to purchase.

 

LENS is this career shift because of that milf bitch?

Post naked flciks.

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CT is pretty high too fucking sucks that price of living has gone up but not the wages... i have been wanting to move out for 2years and i have been working full time and cant sucks.. being at the bottom of the barrel sucks hopefully after my first couple semesters in college i can get some aid and move the fuck out...

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Originally posted by count chocula+Feb 22 2006, 01:22 PM--><div class='quotetop'>QUOTE (count chocula - Feb 22 2006, 01:22 PM)</div><div class='quotemain'><!--QuoteBegin-Shark Hammil@Feb 22 2006, 01:20 PM

Now is not the time.

To get into real estate.

You will not do well.

 

 

cough*bullshit*cough

 

 

 

depends what u'r doing.

[/b]

 

 

Now, shut the fuck up.

It was for the haikus sake.

Die die die die die.

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Real Estate is really tough... you hardly make any money untill you get seasoned and you have a very wide customer base. I'd say a better shot at making good money is being a car salesman... If you're good at hustlin people... 6 figure potential within 3 years

 

If you must, hook up with the internet ASAP... get hired by a major realtor... then you can start stealing other people's business by accepting less comission...

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Originally posted by Gat:Bush+Feb 22 2006, 06:21 PM--><div class='quotetop'>QUOTE (Gat:Bush - Feb 22 2006, 06:21 PM)</div><div class='quotemain'><!--QuoteBegin-isor357@Feb 22 2006, 11:58 AM

Thats in Detroit  Its all relative though. In New York or Ca the same property is going to fetch 2500 per month

 

and cost millions to purchase.

 

LENS is this career shift because of that milf bitch?

Post naked flciks.

[/b]

 

ha ha, what milf bitch? Tease is the one who nailed the milf...not me!

 

Naw, the career shift is because I am sick of these fucking 9-5 jobs I have been doing for the last 7 years. I bust my ass off for these employers and I get the same money.

 

I realize things may be lean for a while if i opt to go this route but I am willing to take the risk and live life the way i want to. i don't want to work for the next ten years in a poor dad mindset.

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look for a "dotcomish" burst of the bubble in this market real soon.

 

also shits gonna hit the fan with all these refinances goin on.

 

buy some nanotech stocks

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Originally posted by grc@Feb 22 2006, 08:27 PM

real estate?

 

why the urge?

 

Good commission, I get out of it what i put into it, I already have a lot of friends in the field that can help me out, tired of 9-5 bullshit and my crappy commute every morning

 

I am going to do my research and get into a niche of the real estate industry that won't take as bad of a hit when things supposedly "burst"

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