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FAQ

I would like to start a real estate company in Virginia with two other people. Only one of us will be a licesed realtor. Is that OK? Are there any resources out there than can help me plan this company? Thanks!

Hi, okorder for some useful info on starting real estate business. Good luck!

I'm looking into possibly getting my real estate license but I don't know where to begin. Google wasn't any help, either. I'm just wondering about fees, length of schooling, etc. If anyone has any insight (even people not from Penn.) I'd appreciate it!

I took two classes at a community college which were RES101 and 102 Hope this helps

I would like to know how the whole process of buying real estate works. What I mean by this is house does buying a home to live in work. Also, I would like to know how buying land works, and where would be a good place to look to find inexpensive land. I have had a general plan for some time, now. What I am looking to do is buy some land and build my own house, myself. The only problem is that I do not know how the whole buying process works. I am sure there are taxes, and the buying process might be different in every state. If it helps answer my question to a finer degree; I live in Florida. Thank you.

Hi Cam, How do I say this and sound beliveable? I'm NOT a spammer, NOT affiliated with Carleton Sheets, NOR make a penny by saying this but I actually began my career by watching late night infomercials by him and Russ Whitney and bought these programs and the returns over the years are incalculable. I'm sure you can find these free somewhere now on the net, library etc. but suggest you buy since I think in those programs (I have the bank account to show it). Just seems fair for their time. Anywho, the biggest thing to remember is DON'T use banks if possible. I found partners, angels (private investors), creative financing, even trading a truck for a down payment on a rental, etc... and never borrowed a dime from a bank. It's common sense. Building/buying a personal home is TOTALLY different than investment real estate. I'll make it simple. EDUCATE yourself (I started before the net and now there are TONS of resourses available). I believe in basics. Beg, borrow, steal, buy, whatever Carleton Sheets course and just read it first. You WILL know where to go from there because it will open your mind. May sound corny but it sure worked for me. Good Luck

I am a residential real estate Broker in New York. I've sold a few commercial properties (although I was met with resistence) and get clients from time to time looking for commercial listings but I find it difficult to help them as the commercial real estate industry is like this secret society. Certain companies will only work with other commercial real estate brokers, Websites ALL require passwords and paid memberships and half of those websites are inaccurate on multiple levels. WHat is the point of this? Wouldn't it be easier to just make this information readily available to all??? Wouldn't more deals be done? If joe wanted to buy a space fr his clothing store wouldn't it get done quicker if all he did was type in commercial real estate for sale and 30 free websites popped up??? I just struggle to see the point.

It isn't secretive, it is just completely different from residential real estate. Generally speaking, residential agents have no business thinking that they know enough about the commercial side of things to represent someone. There is a ton of stuff that applies to commercial real estate that residential brokers are never exposed to and trying to work with a residential broker is frustrating because they don't understand a lot of what is going on. Would you use a commercial broker to sell your house for you? Of course not.

Potential $2million Inventor from South America?I have a potential investor from South America that has $2million dollars that he wants to invest in South Florida.Should I present to him new developments in housing and or apts, propeties or complex already rented, commercial real estates etc etc?? Should I mix it up? Should he buy only property or several?How would you go about investing these $2M, in real estate?Where do you wee the best ROI?

I fairly dont think its that easy. I'm reasonably getting began in a similair field and there are tons of matters that have got to be included. You have to find real property people. You want lots of capitol or traders in case you dont have them. Unless you need to run a number of credit. You must have a good eye and understand what you need and what is gona make you money. I might be going to open residences on weekends and continually checking the mls. I would even be following the valuers of residences in detailed areas and see how so much flats are for rent so you recognize what that you may expect. I'd additionally recomend now not skimping on inspectors in view that surprising issues can turn an funding right into a loss. Good good fortune.

Does anyone know of any good real estate investment groups in the Chicago area? Nationwide groups? Good websites? Thanks for your assistance.

www.okorder They are a Nationwide investment firm that is in Chicago. Their site has free resources, calculators and a very Massive directory.

I want to purse a major in Public Relations with possibly a minor in marketing. I want to work mostly in media and entertainment field but I was wondering if I could turn a degree in Public Relations into working in real estate?If so, how does it relate? Is it common for people with pr degrees to work in real estate? Do it affect the salaries?

Some realty agents hire PR people to get their names in the newspaper. Since real estate marketing is very similar to PR, you might have a great career in real estate. You are hired to put houses up for sale and your job is to attract buyers to the house.

The REI Investor, Tax lien deed Investor, The short sale foreclosure investor, The pre-Forclosure Investor, The Options Contract Investor, The Developer, The Forclosure investor. Are there any more unique types of investments other than what i have listed? If so fill me in ,im tryng to broaden my knowledge on the differnt types of Investment Opportunities in Real Estate. And when you answere the question let me know witch phase you like best and why, Thanks see see!

You are forgetting the ever popular speculator - a person that will buy a property at retail value, and then pray for appreciation. They are one part of the equation that lead to exploding home values during the big boom cycle. You are also forgetting rehabbers (what I do) - they buy at a discount (a lot of times from homeowners in distress) and rehab the property. Their exit strategies are normally sell at less than retail for a quick sale, or hold and rent for positive income. They are part of the solution for todays market because they repair homes that are dragging down the neighborhood, and they usually price for a quick sale which helps to correct inflated prices. They are a mixture of foreclosure, note buyer, and pre-forclosure investor.