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August 8, 2008
HELP!
Hi, my name is Taimur [Tay-more] Azizullah
I'm going to be a Senior in High School this coming fall and I am really interested in Real Estate, my intention is to purchase a brownstone, flip it and then sell it.
I would to start this process once I am in college, I plan to attend Long Island University's Brooklyn Campus. Purchasing a brownstone or any type of property in Brooklyn to flip be a wise choice?
Comments
Taimur,
yes, flipping a property in Brooklyn is a wise choice and very easy. Just watch one of the hour shows on Bravo or HGTV and you will learn all you need to do to make a ton of cash $$$$$$$.
Posted by: owner12 at August 8, 2008 1:01 PM
I'm confused. How do you sell a building you've already flipped?
Maybe I should watch one of those shows, too?
Posted by: serpentor at August 8, 2008 1:23 PM
It's real easy if you've got the cash to begin with and can stand to take a loss. Why wait until you are in college? Prices may go up by then. Buy now.
Posted by: yaakovdoe at August 8, 2008 1:27 PM
I hope you have lots of cash, because this isn't a great time to be a college student looking to get a mortgage. If you're flush or have other investors, go for it...I suppose. But it's a little unclear what you're asking. If you really don't know the first thing about this maybe you should team up as an active investor with someone else who's done this before and learn as you go. Either way, realize that it's risky - in addition to the possibility of making a big profit, you could also lose a lot of money.
Posted by: henrystreet at August 8, 2008 1:54 PM
House flipping is to this decade what day trading was to the '90s. It is a form of gambling. Unless you can afford to lose the money you using to buy and renovate this house you should choose another form of investment. Flipping was viable when house values were skyrocketing on a daily basis. With the current credit crisis and house prices cooling off, you have sort of missed the boat. Don't believe everything you see on TV.
Posted by: hancock1 at August 8, 2008 3:08 PM
Owner12 is being sarcastic. And no, a college student can't "afford to take a loss" Yaakovdoe. Flipping just isn't happening now. That's so 5 years ago.
Posted by: traditionalmod at August 8, 2008 3:44 PM
Is this Ole Man Goota Moolah syndrome and doesn't know what to do with it? I think the whole thread he started was a joke.
Posted by: Iknow at August 8, 2008 10:07 PM
Uh, yeah. Joke. Yes.
Posted by: donatella at August 9, 2008 2:19 PM
No "IKNOW"..in fact im bein dead serious..my "ole man" actually has no money n instead of relying on a family with no money to help support me through college n the rest of my life I am trying to seek a beneficial investment that can help me live the way I want to live. Is there anybody willing to help me?? If so please e-mail me at t_azizullah@yahoo.com
Posted by: t_azizullah at August 11, 2008 12:45 AM
ha ha ha .....
Posted by: landlord at August 11, 2008 8:56 AM
...missed the boat. Consider yourself lucky.
Try internet pornography. I hear college kids are into that stuff.
Posted by: IMBY at August 12, 2008 10:36 AM
I'll sell you my house.
Posted by: Dumpstress at August 12, 2008 12:13 PM
Taimur:
It's not that easy. How will you afford to purchase? You need assets and income to get a mortgage. Why would a bank loan you a significant amount of money, especially now that mortgage brokers are being EXTRA careful? How would you even make the mortgage payments? Where will you get the thousands of dollars in closing costs and legal fees?
How will you make the tax payments? Where will you get the money for the remodeling? How will you know who to hire to do the work? How will you know how to facilitate and schedule the process? It's not as easy as calling a plumber and an electrician and buying a new sink!!
It's also a horrible market for sellers right now. How would you even sell a remodeled brownstone when the market is at it's worst and people are having trouble getting mortgages, keeping their jobs, etc? Additionally, are you aware that you will get taxed when you try to sell? There is a "flip tax".
You need to be realistic about what kind of undertaking this is, the gigantic risk and the staggering expense.
The best lesson you can learn is that real estate is a LONG TERM investment. Invest in real estate by buying what you can afford and buying the property you want to live in for many years.
I agree with the others who insinuated that you should stop being so inspired by the flipper-tv shows out there.
Posted by: macki at August 13, 2008 12:43 PM
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