Need Some Advice in Real Estate

**Edman32** · 04-19-2008 03:50 PM

I am a 20 yo male and a Sophomore at Penn State University. I am studying Economics, but have always been interested in real estate. My mom has been a real estate agent for 23 years and has been very successful. My ultimate goal in life is to own my own custom home company. For the last year and a half I have interned on and off for a very successfully custom home company in my area *Monogram Custom Homes* (monogramcustomhomes.com). Anyway this summer I would really like to flip a house the problem is my mom is very skeptical about me doing all of this right now in time. I personally really want to do this and prove everyone that says I can't do it wrong. I am a very handy guy also so I can fix the place up myself. Here comes the problem..Money. I have asked my parents to support me "money wise" until I sell it, but that seems to not be working. I know if I begged enough I might be able to get it, but if I can do this all on my own I would blow so many peoples mind that have been telling me otherwise. I would feel so good about myself and like I said everyone would be in aw. Anyway I need some help on how I can get the money. I don't want to spend much around 80k to 100k possibly less if I can find the right house. I don't think any banks would support me with money as I don't have a job and it would obviously be a risk for them, but I really really really want to do this and need some advice on where to go from here. If someone can lead me in the right direction on who I should talk to or where I should look it would be very great full.

Thanks everyone,
Eddie

**Gaulkin** · 04-19-2008 04:16 PM

How much money do you actually have?

**Edman32** · 04-19-2008 04:34 PM

Personally I don't have much. Like I said I am a college student that lives off my parents.

**Gaulkin** · 04-19-2008 04:38 PM

Well, i hate to be negative but you have no job and im assuming limited credit. On top of that you have no experience flipping. I doubt you will be able to flip anytime soon especially with the credit crisis going on right now. You can do hard money lending but you have no money for a down payment so you would have to look to investors, and with no experience there not going to want to give you money either.

**Edman32** · 04-19-2008 04:41 PM

Like I said.. I might not have ever flipped a house before, but I have been around real estate my whole life. I have been working for a Custom home company for over a year and a half. I know how to do it I just don't know where I am going to get my money! Arg so aggravating I hate it!

**Gaulkin** · 04-19-2008 04:43 PM

After what just happened banks don't really care where you have worked, they just want you to show them the money and amazing credit.

Ps. Flipping may seem like this AMAZING investment like they present it on TV but in reality its not. It is a great investment for people who have lots of experience and know what they are doing but for someone who has no money and want to put it all on the line, the risk to reward just is not there.