Archive for December, 2010

Question: i want to buy condos in Panama City and San Destin Florida but i want to rent them out after i buy them?
what process do i have to go through in order to do this? i plan on starting in spring 2010 right after i graduate from high school…. do i need any school for this??? please help any information is wanted and 10 points goes to the most detailed or to the first one who answers if everyone is saying the same thing
destin condos

Best answer:

Answer by Colanth
You don’t need anything but knowledge and money, and to be old enough to enter into a contract. You most likely won’t have any credit history, so you won’t be able to get loans (especially not in the current financial climate), so you’ll need cash.

You’ll have to learn how to do due diligence (check the property to find out everything there is to know about it.) You’ll probably do best by buying foreclosures, so you’ll have to learn how to deal with people who are hurting.

Get a part-time job in a real estate office dealing in condos, if you can. You’ll get a better education in real estate there in 6 months than you could in college in 6 years. Talk to the broker, and tell him/her what you plan on doing, that you’d appreciate the opportunity to learn the business, and that you’ll do whatever they need done – sweeping the floors, cutting out ads, going for coffee – as long as they teach you. (You might even get paid something, but the education you can get will be worth a lot more than they’d ever pay you.)