Legendary hedge-funder Bill Ackman of Pershing Square thinks you should ignore plummeting house prices and doomsaying gurus and step up to the plate.

Houses are now a screaming buy, Ackman says.

Ackman cites a variety of reasons, including low interest rates, significant declines in property values, and the potential to get cheap government loans in support.

Here’s the full presentation in which Ackman explains why he’s bullish when everyone else is now running away screaming…

Source-businessinsider.com

Question by helloitsme123123: I am thinking about flipping houses. I am only 20 years old is it possible for me to do this?
I am reallying thinking about flipping houses for a living because it seems really fun and rewarding. I am going to be taking construction courses at my school and most likley majoring in real estate. Is it possible for someone like me at such a young age to start flipping houses? Is it possible for me to get a loan from a bank to maybe start this process? Please give me any help or advice that you can. Thanks.

Best answer:

Answer by dragonbot
I’m trying to get into the same thing myself, but I recommend getting a day job and using extra money to buy houses, putting very little into them and reselling them. Good luck, you’ll need it.

Know better? Give your answer to this question below!

Question by rastapunker: Whats the best way to get into Flipping Houses?
I want to get into flipping houses. Do I need a real estate lisence? What education should i get? What are the legal requirements?

Best answer:

Answer by CJKatl
With your eyes wide open.

Flipping is not the cash cow it once was. I’ve been house hunting lately and there is a huge difference between a home where someone knew what they were doing and a home where someone thought slapping a can of paint up would be a money maker.

If you want to flip houses, you need to get construction experience, project management experience, and decorating experience. If you’re going to have to pay people to do everything, you’re looking at very little profit.

There are small, professional firms that do rehabs in this area and most people will only consider homes they’ve done. Heaven knows what kind of cheap slip-shod work was done by someone who doesn’t know what they’re doing but wants to make as much money as possible.

Among the gems I’ve seen:

The house where there was a space for a microwave above the range, but they put in a hood instead. But the cabinets below the hood were not finished. Once we noticed that, we started seeing corner cutting everywhere. Clearly, they ran out of money. And the house has been on the market for over a year!

The house that failed inspection. There was a water issue in the basement and a crack in the brick. The masonary guy I sent over said the house needs to be condemned. But somebody had put about 0,000 into it but missed getting the brick checked. Someone who thought flipping was easy. Someone headed to bankruptcy.

The house with the drive-through. The person didn’t have a clue and put these two windows extending out to the street that look like a drive-through. The house is laid out so funny that it will never sell.

The house with the backwards doors. The doors open up all over each other, making the house clumsy.

I could go on. There are many houses being renovated in my neighborhood. The ones where someone knew what they were doing sell quickly for around 0k. The ones that were done by someone who woke up one morning and decided to flip homes sit on the market under 0k.

What do you think? Answer below!