24 Jun
Can you really make money in real estate without no money down? If so, would you need a license?
Are any of the informercials that are on the market real? Do they actually work? HONEST ANSWERS PLEASE!!!! Thanks
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June 24th, 2009 at 6:39 am
I have made considerable money flipping houses, sometimes buying and selling with no money down. You at least need closing cost though. Due to the economy, it's pretty risky right now, but there are great bargains. You need to be able to sit on them for a while and pay payments, taxes, and upkeep until they sell again.
June 24th, 2009 at 6:39 am
In many situations you still can buy a property for no money down. It is extremely risky and not a smart way to buy property in most cases. Because of the techniques used in most of these "scams" you will be paying more for the property than you should and then attempting to find a bigger fool than you to pay even more.
Lots of people have made and will make lots of money in real estate. First purchase should be a home for you and your family. Look at a lot of properties and always buy the best location you can afford because that is the one thing that is impossible to change. Good schools even if you have no children- good parks- good houses around you. Ask friends and family who they recommend as a good local loan officer a good local real estate agent and a good local home inspector.
I personally only buy investment property that I intend to keep for a very long time- so I look for property that will give me a nice positive cash flow.
I have friends that love to buy and fix up and resell but that is pretty risky right now in most areas of the country.
If you are buying and selling property and not helping others buy or sell then you do not need a license and would not gain any useful knowledge by taking real estate classes. Instead work part time for another investor and watch how they make money.
June 24th, 2009 at 6:39 am
The infomercials are scams. Don't waste your money.
Less than .001 percent of home sales are for nothing down.