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Real estate development

OREOSpeedwagon

OREOSpeedwagon

Diamond Member
I'm seriously considering doing this for a living, after graduating from college. I've thought about this idea for a while but finally narrowed it down to what I want to do in real estate, and I think development is really what I want to do. Is there anyone here that does this for a living or even on the side that wouldn't mind me PMing them some questions or IMing them sometime?
 
would it not be possible to start by buying cheap houses (I'm talking like $20k-$30k in my area) with loans, fixing them up and hiring a contractor to fix anything that I can't do, selling them paying off the loans for a few thousand dollar profit? In my area housing is fairly cheap and I see houses every day that are a bit run down selling for $20k, but other houses that are the same size and look nicer selling for $40k. If I could sell each house for near a $6k profit that I pocket, I could easily save a majority of that and at the same time build up good credit so I can eventually move onto bigger and better things, such as apartment complexes and hotels. I understand I won't be able to instantly be able to go to NYC and be the next Donald Trump building things left and right, but I think it would be possible to move up to apartments and hotels eventually, and even perhaps a hotel casino if I am successful with this.

edit: I would still be interested in IMing or exchanging emails with someone who does this if anyone here does 🙂
 
It can and has been done. Go for it. The worst that can happen is you lose your ass and go bankrupt and that is no big shakes these days.

Follow your dream. You may be one of the successful ones and wind up living the life of Riley. (I wonder how many of the younguns here know who Riley is. :roll😉
 
Originally posted by: acemcmac
you need capital. Lots.

:sun:
Click to expand...

Not really ... credit cards, hard money lenders and rehab loans help very much. I'm stuck in a dead end IT job, until my coworker and i decided to look into real estate investing. We started in September of 2004 and we now have 3 properties in our portfolio. We're weeks away from closing on 24 properties that we're buying for $525,000. Mind you, between the two of us, we make $70,000, but we have cash available on our credit cards and a line of credit for $109,000.

We started out by buying cheap houses in good neighborhoods. We fix them and then sell them for profit. We pay off the mortgage and pay the contractors we hire. For the long term, we're looking at rental properties. Hopefully with enough money coming in, we'll quit our day job and concentrate on this full time.

Do you need money? Yes, but you dont need a whole lot. There are lenders that lend money just for this business. I'm not talking about your typical bank because they'll reject you from the jump. Good credit helps but if you do have bad credit, finding a good partner to go 50-50 will help. I couldn't have done this w/o my business partner. He's handling this while I'm looking into expanding our enterprise.
 
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