Big Money Forum >> Real Estate
Real Estate Training
One of today's biggest industries is the real estate business. There is so much money that can be made if done properly. Big money forum is here to offer the resources and information needed to supplement your real estate endeavors. If you are new and want to learn how to do real estate, this is the perfect place to be because you can ask questions and get advise from experienced members or read about the latest industry news and business opportunities in the region. Our state by state, international and real estate training forum is located at our Real Estate Forum
Now that you have a major resource that deals with all the aspects of real estate training such as mortgaging, finance and investing, we can explain some of the basics of real estate. Real estate is generally a permanent, immovable asset that is fixed onto land. Generally, it's the land and anything attached to it! You actually don't need to have a house or anything to have real estate. It's important to know this in training as this is what is going to be the deciding factor on making money, even though it's a very basic real estate concept.
Amount of Money in Real Estate
The real estate industry is IMMENSE! The business accounts for 54% of the entire developed United States Economy, which accounts for $62 Trillion. $48 Trillion is invested into residential real estate properties and $14 Trillion is held within commercial real estate assets. This is how much the real estate industry is worth. The other 46% of the economy is generally held in equities, stocks, bonds and other business. I would be happy to make 0.000000001% of that, which is a fairly decent real estate flip for $62,000. There is so much money floating around, it's not even funny!
That should be motivational for anyone training to be in real estate. Just make that small fraction and you start living fairly decent. Each property is different and has different values. It all depends on the location. If you are in a city, you are closer to the money. It's all just a matter of supply and demand; most people want to be near the city so they can get money. In turn, they will likely pay more to live there. For businesses, you want to have property that is near areas of customer traffic and highly seen, which means more money, so you'll be paying more to develop in these spots. Training in real estate requires that you get a keen sense of these ideas.
Business and Locations in Real Estate
Of course you want to train to find the valuable locations, but a lot of people are looking for real estate for living in. You'll probably want something more than just land in particular. Note that in the above paragraph, all you needed was land and you have it made. Training in the suburban real estate areas is most important for the average real estate agents and business since this is the most common way to make money.
In the Real Estate Investing Forum, you may search for property leads or offer up a sale in your state. The basic initial conditions you need is a property to invest in anyways. You will get good training if you look for houses in substandard condition in a neighborhood full of nicer houses. To put it frankly, you want to grab the crappiest looking house in the bunch, as long as its price is reflecting it's value. These are simply the hidden gems of real estate.
You can research the value of houses with other agents or the person selling the house. This is something that requires the most training in, knowing the value of the real estate market. Next you will also want to look for foreclosed properties, which are properties that lenders take away from defaulted mortgage loan borrowers. Usually you can get a major bargain because the lenders are selling the properties to get that loan money back, whether it's a bank or other lending institute.
Putting Investment into Real Estate
The next step is getting a mortgage loan, which provides the funds to buy property and improve it. The goal is to try to sell the improved house at more than the value of the loan. The advantage of starting off with a substandard house is you don't have to put as much effort and money into it looking nice. Even a mowed front lawn and a freshly painted exterior will make it look thousands of dollars more valuable to a potential buyer.
You need to be careful when you are buying a house like this. You should examine the inside to make sure the house is not in poor or dangerous conditions such as foundation problems or a serious problem that would make the costs higher than the potential revenues. This is another idea for training in a very valuable real estate skill. There is tons of money to be made by finding the right house that qualifies under this very crucial but basic check list.
There will be more articles about real estate in the future, this on is just some of the basic information and pointing out a few of the many skills I train in to make wiser real estate decisions. In the mean time, feel free to as any questions at our learning center in the real estate forum. There are successful experts there to give advice in this industry.