Property development?? help 10 points!!?

Question

i am currently 16 and in my first year of 6th form and i reeeeallly want to get into property developing you know buying a run down house increasing the vlue and selling it for a profit. But in around 7years will this be a good option or will the house prices be so messes up that it is stupid to go into property developing, if one correctly how much money could be made yearly also?? Thankyou!! =D XD

Answer 1

It's ALWAYS a good option. I'd begin now by studying construction. Learn to use the tools to fix the places up yourself. If you don't know much then volunteer at some charity that fixes or builds houses. Get a job in contruction. The more you can do properly on your own the higher your profit will be.

And save up the money to start your project with cash, not bank loans.

Answer 2

For all the ups and downs in the real estate market there is no way to predict what will happen tomorrow aside from 7 yrs from now. But real estate has always been the quickest way to earn more money by investing in it. Learn all you can about it and keep up on the changes as you go. There are always buyers and sellers regardless of the price so you just have to be smart.

Answer 3

First of all, no one knows what will be happening in real estate five or ten years from now, and that might change in five or ten years after that.  Furthermore there are so many aspects of the real estate business, that when one is down, another is up.  What you describe is referred to as rehabilitating in the US.  Developing is considered, taking a bit of farmland or dessert, and putting a residential subdivision on it, or office buildings, or shopping centers; or tearing down a number of adjoining buildings to put a newer larger or different structure with a different purpose, or changing a warehouse in an older part of the city and remodeling for apartments or condominiums.  I once knew a man who learned the carpenter trade.  After a while he decided to build some houses with a partner.  They built a number of homes.  When the market died, he split from his partner and build some small apartments, then larger ones.  He did not sell the apartments but became a landlord.  One of his apartment developments was for 800 units.  When that market seemed less desirable, he build condominiums in California and Arizona and Arizona and Florida.  At that time his wife divorced him and she immediately died.  It became public information that before the divorce he was worth over one hundred million dollars.  He is now developing business offices and shopping centers.  He has appraisers and engineers in his employment.  The opportunities are there.  An education can also be helpful.  The guy I know was only a carpenter when he started, but a knowledge of appraisal, engineering, architecture, and law can help.  Some schools offer real estate majors and graduate work in this speciality.  The guy I knew did not have any of that.