February 21st, 2010
Property developing good or bad?
i would like to know first should i complete year 12 then do a carpentry or builders course. Then work a few years as an apprentice and do some quick courses like plumber along the way. Keep building then buy a pretty cheap house and slowly develop[ it then start with a bigger project and over time make a lot of money. i am only 14 so the market should be pretty good in 5 or 6 years do you think this is possible.
At school i am also doing wood work which will help and systems which evolves circuts and all electrical things.
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Filed under: Buy Property
Your idea is not too far fetched. Building, carpentry etc. are good skills. plumbing, and electrician, require some intense training. Look into vocational school, if that’s what you want to do. Maybe you could find some part time work with a contractor.. and start learning with him. You may find that you would rather be doing something else. Yes we are all hoping that the Real Estate market will rebound in a few years.
Absolutely! Those are all great skills to have. You can buy foreclosed houses, fix them up, and re-sell them for a profit. This can be your full-time job, even. You won’t have to go to college. But you will need capital to buy your first house. It has to be cash, because no bank will give you a mortgage without a steady job.
The good part is, that it doesn’t have to be a good real estate market for this to work. In fact, I prefer the current one, because prices are low, so you don’t have to invest as much money to buy the house. If you walk away with $20,000 profit on a house, what’s the difference whether you pay $40k, spend $20k for repairs, then sell for $100k (current market), or you pay $70k for the same house and re-sell for $130k? People like lower priced homes.
Sounds like you have a good head on your shoulders–for now while in school–develop your math and business skills and take as many shops as you can–if their is a vo-tech option I would look into it…See what you are good at as even people that are good with tools have problems with certain trades….As you get older-look into what opportunities exist as far as Union apprenticeships in your area. Although not as good as the past-the Union can present excellent opportunities to learn—and may again be lucrative when you reach that point.. In the meantime- if you see someone working on something-ask if they need help cleaning up—this can put a couple bucks in your pocket—and most guys enjoy and appreciate a kid that asks questions and shows signs of mechanical ability and are glad to show you around…Who knows where this market will be when your time comes ? but the most success-full people in real estate are those that if not able to do there own work as least have a through understanding of building and individual trades….Good Luck To You !!