Tim asked:
I want to know if I can make enough money to quit my job and whether it is wise to enter this profession given the current housing market.
I want to know if I can make enough money to quit my job and whether it is wise to enter this profession given the current housing market.
{ 7 comments… read them below or add one }
if you do not have tenants lined up you are thenext foreclosure waiting to happen
Don’t give up your day job.
There are lots of bargains out there but you need to really know what you are looking at. You also need enough financing to do the remodeling and then rent it till the market eases up.
If you watch the TV house flipping shows, you’ll see that a lot of those homes go unsold and the person flipping really makes very little after all the carrying costs.
The question should be “Can I make a living buying foreclosures?” Maybe. It requires a lot of money and a long time horizon for profits to appear under any market conditions. Given those requirements I would think only the rich or people using other people’s money should even try it.
Buying foreclosures is a great way to make legitimate income. If you visit, you can enter the forums and interact with a lot of investors, most purchasing foreclosures
real estate is all about knowing local market – ideally do deals in the block where you live. It is also all about financing, and these days it is hard to find so you should have plenty of equity aside. You seem too inexperienced to make it your job – you may end up buying too early, when prices will fall further, and you would be in trouble with your financing. This business is full of details and is time consuming – try to get a share of the pie by investing in some funds linked to this trend, and do not trust the fund manager too much either…
Flipping properties can be a good way to make a quick buck, but I would not suggest quitting your day job. I’ve done it once, and I made a handsome profit. I also held onto the property for two years, and had to deal with some terrible tenants.
Playing with real estate is not a full time job, and does not bring with it a guarantee of profit or a weekly paycheck. If your financial situation is such that you do not need to work anyway, then good for you. Otherwise, you’ll need to flip a property or two before you quit your job.
Have a look at, they have a little info and a lot of listings.
Hey Tim, good question, you seem to me like someone that would be interested in this website, there is loads of information available to you there.