hey, i want to go into property development/investing when i'm a little older (i'm fifteen) and wondered how to go about it. I'm not rich but could get a bit of money. i think i will have to buy property abroad at first as the UK will be too expensive. How do i know what areas to buy in? How do i know when to buy and sell? should i trust property selling websites? do i need to visit the area abroad before i buy? how much does it cost to renevate a property? Does anyone have any tips on this topic? Please help Thanks
Sep 08, 2012, 01:56 AM
Yes, Tawny, I have a number of tips ~ none of which you are going to like. Good for you to be thinking ahead - now, get a grip and understand that reality is, if you want to "play" in the real estate world, you will need several milions of dollar to even begin to compete.
My best advise? Head off to college, take as many math courses as you can; major in structural engineering and minor in architecture. Those are my "tips" = looking forward to you becoming part a regular part of the Real Estate Message Board here...
PS, Although grammar isn't "cool" anymore, you do need to spend some time on it so people don't automatically disregard your posting/ resumes or whatever just because your post comes across as uneducated. Starting with "I" - you know that a pronoun at the beginning of a sentence needs to be capitalized whenever you use it before a noun, right?
Think I'm being picky? You haven't began to see picky. You are 15 years old - time to develop skills... good luck and I mean that sincerely! :This message has been edited. Last edited by: Idaho Resident,
Sep 08, 2012, 10:50 AM
Good for you! I think it is great that you are thinking about your future.
As you work toward your goals one of the first things you will need is a business plan...it will help you fine tune what your priorities are and help keep you solvent. You have asked a number of questions that show you have some basic understanding of business.
In order to know what areas to buy/sell in, you study not just the real estate market but the demographics of an area. Property selling websites are a tool to use to find properties but you would have to do your due dilegence.
As for property renovation cost...it is all dependent on the condition and what the costs are to bring it up to code. It is very risky to buy property site unseen -- no telling what you are getting into.
I respectfully disagree with IR as to the funds needed to get into property investment. It really depends on your goals, how you manage your property, how you go about purchasing the property etc.
You also will need to check various local ordinances as to taxes, restrictions, zoning, and other laws pertaining to property ownership and maintance.
Sep 10, 2012, 10:40 PM
real estate lady
Want to learn about real estate in fastest time possible. Go get your real estate license. Not sure about other states but in Florida .. college education not required. While you are making money in the biz, flip a few houses for yourself. However you are required to disclose you are a Realtor.
Sep 25, 2012, 06:53 AM
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Oct 18, 2012, 02:22 AM
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Oct 18, 2012, 02:48 AM
Well, now this thread is becoming ridiculous ~ and violating all of the rules HGTV has set up for the boards as well. Hmmm, Alex, saw this was your first post ever - did you read the rules re no advertising? Same for Lyan ~ where are the mods when they are needed? Oh, probably busy intercepting legitimate posts even as I type.
HGTV ~ Need to take some care here. You are being inconsistent re the rules and regulations ~ either let posters post what they want OR quit micro-managing by deciding what words will trigger an interruption/delay (also known as Never) in a post. You can't have it both ways....