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Real Estate.Is there anything illegal about this?
    #4455447 -

Buy a house wait for value to go up sell the house,buy a house sell the house ect.

why dont more people do this sounds like a sure way to get rich relatively fast. is it illegal?

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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #4455450 -

probably something with taxes that will screw you over, but i dunno.


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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #4455453 -

people do it all the time


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When chemistry is outlawed.. Only outlaws have chemistry:rainbowdrink:

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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #4455454 -

No, it just takes alot of money to get started.

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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #4455456 -

buy foreclosed homes, fix them up, sell, profit.


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Use the Fucking Reply To Feature You Lazy Pieces of Shit!

afoaf said:
Jim, if you were in my city, I would let you fuck my wife.

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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #4455461 -

You can be the next William J McCorkle


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Use the Fucking Reply To Feature You Lazy Pieces of Shit!

afoaf said:
Jim, if you were in my city, I would let you fuck my wife.

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Re: Real Estate.Is there anything illegal about this? [Re: Infrared]
    #4455469 -

yeah i was thinking about this cuz selling houses here in orlando is so easy the go up in value right away.i saw a house sell in under a week in my neighborhood real estate is booming!

now i just need 350,000 hmmm

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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #4455471 -

in canada you have to wait 12 months before you can turn around and sell it with zero capital gains, and up here we also can't write off the mortage interest on our taxes.

it is very common with home builders up here

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Re: Real Estate.Is there anything illegal about this? [Re: Noetical]
    #4455487 -

noeticbuzz said:
in canada we have a system in place that stops filthy rich people from getting even more filthy rich, artificially inflating the markets, and paying even less tax for doing so...


:yesnod:


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Re: Real Estate.Is there anything illegal about this? [Re: Krishna]
    #4455493 -

reason people dont do this is cuz most people arent rich as fuck...

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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #4455503 -

You need a real estate license.

Not too hard to get but takes lots of learning..

Without a license youll be paying tens of thousands to agents to do all the paperwork.. And their is LOTS and LOTS of paperwork.


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GabbaDj

FAMM.ORG             

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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #4455509 -

Foreclosed homes is the way to go. Buy 'em for almost nothing, rent them out as-is, use the rent money to fix them up, increase rent, etc. Once the house is as nice as it's gonna get, you can either sell it, or keep renting it for long-term income. Plus, you can write off on taxes if you for some reason lose money for the year on the house. (IE repair or expenses is greater than profit, you can write off the difference of the average income.)

Better yet, use the money from the first house to buy a second, once you have a few properties you can hire a managing company to take care of maintenance problems for about 10-15% of the house's profit, and you don't have to do anything. If you make, say, $1500 a month on two houses, that's a little over 30.5k/year before taxes for doing NOTHING at all.

And rented houses have a nice way of paying for their own mortgage.


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Kumbayah my lord, Kumbayah...

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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #4455531 -

Do you ever watch the money shows like Suze Orman, and others, MSNBC?
Their always talking about the real estate bubble breaking like the
Internet stocks did a few years back, I have no ideal if it will,
or not.Here in Texas there is a lot of houses for sale.
Buy low, sell high.

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Re: Real Estate.Is there anything illegal about this? [Re: Noetical]
    #4455539 -

:thumbup: much better then I said it krish

Edited by noeticbuzz (07/26/05 03:09 PM)

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Re: Real Estate.Is there anything illegal about this? [Re: AliceDee]
    #4455540 -

AliceDee said:
reason people dont do this is cuz most people arent rich as fuck...


Houses in college towns usually range from 90-125k. If you can raise enough money for a new car (9-15k) you've got enough to front on a loan for a house. Which then pays for itself.

GabbaDj said:
You need a real estate license.

Not too hard to get but takes lots of learning..

Without a license youll be paying tens of thousands to agents to do all the paperwork.. And their is LOTS and LOTS of paperwork.


You only need a license if you plan on reselling houses. If you just plan on being a landlord, you need nothing.


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Kumbayah my lord, Kumbayah...

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Re: Real Estate.Is there anything illegal about this? [Re: Drink_Punk_Soda]
    #4455591 -

being a landlord might be good money but it's not as simple as you make it out to be. my grandfather and my father worked in the realestate business all their lives (various ventures, including renting) and after seeing all the shit you get to deal with, people destroying the property, having to get them evicted and tons of other things, i wouldn't even do it. a lease dosn't protect you at all really, how many have broken their leases here? and then renting in a college town? man, you're going to have hella repair costs. lots of younger people that are just there for a short time. most don't give a shit about keeping it nice, since they will be moving soon anyway. and competition is very high in college towns as most students rent.  :stoned:


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There's a thin line between sanity and insanity... and I just snorted it.

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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #4455610 -

why dont more people do this sounds like a sure way to get rich relatively fast. is it illegal?


Sure, all those sellers and books do an excellent job of making it all sound easy and fast. That's their job - to motivate you to get off your fluffy-recliner and start huntin' down houses and inspecting cupboards.

As with just about any other real, honest and down to earth approach to build real wealth, real estate takes time, patience, hard work and discipline. Most of the "hard work" is usually management intensive. So you can then see that management skills are a fundamental necessity if you wish to go far in this business, unless you don't mind paying fees for property management firms to handle your properties [which usually means some loss of flexibility in how your properties are sold, rented and maintained].

And of course, one can gain such skills simply by learning as you go - as long as you start small, and if you're smart, with alot of studying under your belt.
There's so many books on this subject, it's almost intoxicating. So let me help you a little bit in that area...

One solid, clear, and precise "nuts and bolts" book I heartily recommend is:
"The 36 Hour Real Estate Investing Course" by Jack Cummings

"Real Estate Riches" by Dr. Dolf DeRoos is a very compelling book with all the intricacies of real estate exposed, that make you jump off your seat and go: "Wow! Why didn't I get into this earlier?!"

And last, but not least:
"Real Estate Loopholes" by Diane Kennedy and Gary Sutton. Name says it all.


"You can't beat real estate." -Donald Trump

"Buy land. God isn't making any more." -Oprah Winfrey




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Coffee should be black as hell, strong as death, and sweet as love.

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Re: Real Estate.Is there anything illegal about this? [Re: SkorpivoMusterion]
    #4455712 -

Thanks. i am serious about this im really at the point in life where i have to decide what to do, wasted enough time already. If i have to get my ass up every morning i better be getting paid well you know?  :grin: So what about my personality i am very introverted need to work on the those social skills im the last person you would ever think to go into this type of work. Its the only thing that worries me about the whole thing.

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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #4455734 -

mindcandy said:
Buy a house wait for value to go up sell the house,buy a house sell the house ect.

why dont more people do this sounds like a sure way to get rich relatively fast. is it illegal?


No, it's not illegal, but IMO it's a flaw with the system that is the root of much poverty and exploitation. I suggest reading Progress and Poverty by Henry George. He lays out in a detailed manner the problems with our current system of land ownership, and provides a brilliant solution to it.


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Re: Real Estate.Is there anything illegal about this? [Re: Silversoul]
    #4455742 -

how so? care to go into it a little bit

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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #4455760 -

I made a big thread about this subject in PAL. If you've got time, you can read it here.


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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #4455789 -

Unless you're going to be a real estate agent [as opposed to an investor], with a phone glued to your ear 24-7, I wouldn't worry so much about social skills; providing that you have a good sense of common courtesy, respect and manners.

More importantly, engaging in such work would only help you build your social acumen... as long as you go through with it.



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Coffee should be black as hell, strong as death, and sweet as love.

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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #4455811 -

I've been seriously considering putting some of the money I have 'accquired' over the years into a real estate investment scheme just like the ones which have been described here. Seems like a good way to legitimize my income.

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Re: Real Estate.Is there anything illegal about this? [Re: GabbaDj]
    #4455943 -

You don't need a real estate license, people do this every day.

You don't even need money down, many places provide financing up to 100% of the homes value. 

I've been in the mortgage business for 5 years, and I underwrite files for people everyday who do this.  The only way finance companies deter you from doing this is charging prepayment penalties.  But, most places will give you a higher rate, in exchange for not having to pay a prepayment penalty. 

My opinion is, but as many multi families as you can, and research the neighborhoods first, to watch the trend of property values.  And try to buy property with tenants in it already.  Then there's no worrying about who you'll rent to.

:thumbup:


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Remember, remember the fifth of November
The gunpowder treason and plot.
I see no reason why gunpowder treason
Should ever be forgot.


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Re: Real Estate.Is there anything illegal about this? [Re: Liz]
    #4455950 -

When ti comes to investing, theirs no market like real estate. The returns as a whole out way all paper investments. It's just important to know what you're doing and like everything else research it first.
Take care

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Re: Real Estate.Is there anything illegal about this? [Re: BetaDelta]
    #4456003 -

Find your local foreclosure auctions and go to them....However, don't buy from them unless it is a real good deal....wait and watch what properties don't sell and make a note of the bank that got stuck with the property. Then, watch your local paper for the bank to put the properties up for sale. If it doesn't sell right away you will probably be able to get it cheaper than the foreclosure price...typically a LOT lower. Thats where you make your money.

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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #4456257 -

yes this is one of the best ways to help yrself get started in life
i have a friend who is about 28 (maybe 29)
who has plenty of money all b/c when he got out of the army, he did this exact same thing
now he lives in a nice house, drives a maserati, buys pounds at a time, and lives off his savings while he pursues his masters degree.


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:beakedwhale:

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Re: Real Estate.Is there anything illegal about this? [Re: muse_sick]
    #4456324 -

Ooo Maserati great minds think alike the Gran Sport is the most beautiful car ever. :wink:

That is exactly what i want to do make money live of it and study for something else.

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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #4456354 -

there is lots of people who do this research "real estate investments" if you have good credit you can even get a loan and rent it out and have it so that the renter pays your morgage and when the value goes up you can sell it and make bank with out spending a dime there is a guy on tv that wort a book about it has a infomerical and sells you plans on how to get this shit set up


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See?
Yes, with my own three eyes.
Depression, Misspells , wanting everying thing i cant have haveing nothing i want

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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #4456406 -

No, it's quite legal. That's what my parents have been doing. They bought a fourplex about 15 years ago for 150k, and now it's worth over 500k. Then they mortgaged that bought another house. You don't make much money if you sell it right away though, you have to wait for propery value to go up. In about 20 years the 4plex will be worth around a million, and I get to inherit it!


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Re: Real Estate.Is there anything illegal about this? [Re: HELLA_TIGHT]
    #4456436 -

yeah my parents are doing it too with a townhouse its only six months old and they could make 30 or 50k already (im not to sure of the exact figure) if they sold it now.But i wasnt sure if it was legal on a mass scale since it seems so easy!!

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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #4456452 -

That's how Donald Trump made all his money.


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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
    #19017160 -

Nice thread resurrection.  Interesting to see what people were thinking about in terms of real estate in 2005.  Bet they would've liked to know how THAT turned out...

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