Originally posted by Slammed89Integra@Sep 9 2005, 07:46 PM
My dad did a house recently for a 29 year old dude with the same degree I'm going after. The house cost 500k before they started renovating, bull dozed it, put another 500k into it, and sold it for 1.5million in 6 months. The 29 year old that put the 500k into it initially doubled his money in 6 months.
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Sounds like he got lucky and did things when the market was in his favor... it doesnt always work that way.
Depending on where you live..... there's a lot of new people jumping into the real estate field becuase of the market over the last 4 years. I've had a few job offers to work for mortgage companies making (so they say) BIG money 80K+ a year. I truly do believe that type of money can be had easily at this current time. however, it will die off soon and with that hundreds of jobs.
the market is still booming in the DC/MD/VA area. Just keep in mind after something like what we've just had happen, when the market does take a crash, and trust me it will, house values will sit still if lucky if not they will take a loss.
$200K house at 6% cost about 1300-1400 a month. 200K house at 8-10%.... you do the math. it WILL happen it's just a matter of time, and when that does happen people like house builders will make AVG money at best. however in 10-15 years when the market takes another major jump you will make money out the ass.
As of right now real estate is the last thing on my list of things to get into. Even if I could make an easy 80K over the next 12 months, it's not worth it just to start over again with a new job after I'm laid off.
BTW in some cities in TX it's smarter to buy a new house then an old one because the values are standing so still that there's no point in buying a used house. It use to be like that in Maryland back in the late 80s.....