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 buckwheat
Cynically Insane
Registered: 12/09/02
Posts: 11,179
Loc: Not Enough Characters to ...
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 Real Estate.Is there anything illegal about this? 
#4455447 - 07/26/05 12:33 PM (18 years, 8 months ago) |
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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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Krishna
कृष्ण,LOL
Registered: 05/08/03
Posts: 23,285
Loc: oakland
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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
#4455450 - 07/26/05 12:34 PM (18 years, 8 months ago) |
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probably something with taxes that will screw you over, but i dunno.
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 Infrared
sleeping
Registered: 07/15/02
Posts: 12,988
Loc: Chicago, USA 
Last seen: 2 years, 2 months
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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
#4455453 - 07/26/05 12:34 PM (18 years, 8 months ago) |
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people do it all the time
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When chemistry is outlawed.. Only outlaws have chemistry
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Druggie04
Stranger
Registered: 10/27/04
Posts: 1,351
Loc: NC
Last seen: 10 years, 11 months
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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
#4455454 - 07/26/05 12:34 PM (18 years, 8 months ago) |
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No, it just takes alot of money to get started.
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Jim
Registered: 04/07/04
Posts: 20,922
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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
#4455456 - 07/26/05 12:35 PM (18 years, 8 months ago) |
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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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Jim
Registered: 04/07/04
Posts: 20,922
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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
#4455461 - 07/26/05 12:36 PM (18 years, 8 months ago) |
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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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buckwheat
Cynically Insane
Registered: 12/09/02
Posts: 11,179
Loc: Not Enough Characters to ...
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Re: Real Estate.Is there anything illegal about this? [Re: Infrared]
#4455469 - 07/26/05 12:38 PM (18 years, 8 months ago) |
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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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Noetical
Flip Horrorshow
Registered: 11/28/04
Posts: 9,230
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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
#4455471 - 07/26/05 12:39 PM (18 years, 8 months ago) |
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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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Krishna
कृष्ण,LOL
Registered: 05/08/03
Posts: 23,285
Loc: oakland
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Re: Real Estate.Is there anything illegal about this? [Re: Noetical]
#4455487 - 07/26/05 12:43 PM (18 years, 8 months ago) |
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Quote:
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...
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AliceDee
-L S D-
Registered: 08/10/03
Posts: 3,957
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Re: Real Estate.Is there anything illegal about this? [Re: Krishna]
#4455493 - 07/26/05 12:44 PM (18 years, 8 months ago) |
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reason people dont do this is cuz most people arent rich as fuck...
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GabbaDj
BTH
Registered: 04/08/01
Posts: 19,682
Loc: By The Lake
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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
#4455503 - 07/26/05 12:46 PM (18 years, 8 months ago) |
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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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Drink_Punk_Soda
Now with ExtraVaganza!?
Registered: 06/14/02
Posts: 1,677
Loc: Nowhere fast
Last seen: 3 years, 1 month
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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
#4455509 - 07/26/05 12:47 PM (18 years, 8 months ago) |
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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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rod
Ψ
Registered: 06/29/05
Posts: 3,727
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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
#4455531 - 07/26/05 12:52 PM (18 years, 8 months ago) |
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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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Noetical
Flip Horrorshow
Registered: 11/28/04
Posts: 9,230
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Re: Real Estate.Is there anything illegal about this? [Re: Noetical]
#4455539 - 07/26/05 12:53 PM (18 years, 8 months ago) |
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 much better then I said it krish
Edited by noeticbuzz (07/26/05 03:09 PM)
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Drink_Punk_Soda
Now with ExtraVaganza!?
Registered: 06/14/02
Posts: 1,677
Loc: Nowhere fast
Last seen: 3 years, 1 month
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Re: Real Estate.Is there anything illegal about this? [Re: AliceDee]
#4455540 - 07/26/05 12:54 PM (18 years, 8 months ago) |
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Quote:
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.
Quote:
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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John
ssdp.org
Registered: 08/08/03
Posts: 7,026
Loc: Vancouver, B.C.
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Re: Real Estate.Is there anything illegal about this? [Re: Drink_Punk_Soda]
#4455591 - 07/26/05 01:06 PM (18 years, 8 months ago) |
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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. 
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There's a thin line between sanity and insanity... and I just snorted it.
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SkorpivoMusterion
Livin in theTwilight Zone...
Registered: 01/30/03
Posts: 9,954
Loc: You can't spell fungus wi...
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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
#4455610 - 07/26/05 01:10 PM (18 years, 8 months ago) |
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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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buckwheat
Cynically Insane
Registered: 12/09/02
Posts: 11,179
Loc: Not Enough Characters to ...
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Re: Real Estate.Is there anything illegal about this? [Re: SkorpivoMusterion]
#4455712 - 07/26/05 01:27 PM (18 years, 8 months ago) |
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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?  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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Silversoul
Rhizome
Registered: 01/01/05
Posts: 23,576
Loc: The Barricades
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Re: Real Estate.Is there anything illegal about this? [Re: buckwheat]
#4455734 - 07/26/05 01:30 PM (18 years, 8 months ago) |
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Quote:
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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buckwheat
Cynically Insane
Registered: 12/09/02
Posts: 11,179
Loc: Not Enough Characters to ...
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Re: Real Estate.Is there anything illegal about this? [Re: Silversoul]
#4455742 - 07/26/05 01:31 PM (18 years, 8 months ago) |
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how so? care to go into it a little bit
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