How can i become a property tycoon?

Question

How can i become a property tycoon?

Answer 1

Becoming a property tycoon really isn't that hard as long as you have the financial backing. It isn't something you have to do full time either. You can keep your job (if you have one) and still do this. Depending on where you live, there may be cheap houses to get started on. Then there are a few things you can do. I recommend starting with buying a house, maybe a 2 family and renting it out. You have to make sure you can cover the mortgage and taxes and bills first. If you don't want to do that, you can buy an investment property. These are houses that either need a lot or a little fixing up before you can sell or rent it. Try searching for "handyman specials" that are in your area or wherever you want your house to be. Try making a deal with the seller and get it for as cheap as you can. After selling your first one or two, you should have financial backing to keep doing this.

Answer 2

try buying some property

Answer 3

I believe the game Monopoly is available in all good toy stores.

Answer 4

Some of these answers are cracking!!  I wish that it was that simple - but I guess in many ways it is - it just takes time and money :)

At the moment the UK market isn't a great place for being a tycoon in the property market although it could be argued that now is a buyers market, so given that you have some $£$££ and can afford the mortgage rates you could be in a good position.  And I guess that what you are talking about is owning lots of property.

If however you are think that due to financial constraints you are going to have to start small, then you might want to look abroad for your first property.  You can buy off plan - which is before the property is finished - and usually affords you a heafty discount.  Then once it is complete you will have already increased the value and your profit, so you can either sell or keep it as rental property.

This is just food for thought more than anything, but have a look at this site for some more ideas:

http://www.ready2invest.co.uk

Answer 5

1. win the lottery

2. buy some property in a run down area

3. buy the ny yankees and move the team to where you bought the property

4. sell for profit

there you go, sorted in 4 easy steps

Answer 6

The best way is to have a rich dad like Donald Trump did. Otherwise you buy 1 house and rent it out.  The house will go up in value and the mortgage will go down a little each year.  So you are slowly getting rich.  Some of your friends will think you are a tycoon after you buy your first rental.  I think you need 8 to qualify.  Get to work.

Answer 7

Get a bunch of property, buy some pin striped suits and start smoking Cuban cigars.