Is real-estate a good business to get into? Flooded?

Question

Realistically - if a person knew NOTHING about the real-estate business, would it be a bad idea to pursue this? is the market saturated with agents? Is it possible to make a decent living selling/flipping houses?

How big of a roll does CREDIT play when a person is first starting out?

Thankyou much

Answer 1

You've got to do some research first. You're combining a whole bunch of different ideas and concepts.

You ask: Is real-estate a good business to get into? Flooded?

ANSWER: It's fine, if you know what you're doing.

You ask: Realistically - if a person knew NOTHING about the real-estate business, would it be a bad idea to pursue this?

ANSWER: Yes. It would be a terrible idea to pursue if you knew nothing about it. You need to learn, then decide.

You ask: is the market saturated with agents?

ANSWER: Not anymore. There may still be too many agents, on average, for the number of properties. But nothing like a couple of years ago. And there's always room for a good agent.

You ask: Is it possible to make a decent living selling/flipping houses?

ANSWER: Yes, it's possible making a decent living selling houses. But now is not the time to try to flip houses, at least in most markets. It's time now to buy and hold.

You ask: How big of a roll does CREDIT play when a person is first starting out?

ANSWER: It plays a big role at all points. However, it doesn't necessarily have to be YOUR credit. It can be a partner's credit. It can be a co-signer's credit. It can be a hard money lender. (Four days ago, I decided I needed another source of credit. True story. I contacted a hard money lender. Two days ago, I received a preapproval letter for $500,000. Because it's a hard money commitment, it has nothing to do with my credit, but rather the equity in any property I wish to buy. But I can include that with any offer I make.)