Career/Directional/Game Plan Advice Needed

5 Replies

Thank you for anyone and everyone reading this post and thank you advance for any and all perspectives, feedback, advice and criticism.

A little background to set the context:

Approx 10 months ago, I met a full time wholesaler at a REIA and joined forces with him, working under him on a split. After a few months of working with him, a deal in the works, and high hopes I quit my full time job. Got a good base of knowledge working with him and was actually able to close 3 deals with his help. Without going into the gory details, that partnership ended 2 days ago.

I'm at a place right now where I have approx 6 months savings built up relative to my expenses, which I would prefer not to burn through if its avoidable. I'm thinking about four different options (but I'm open to any other suggestions):

1) Bootstrap and just hustle hard to wholesale some deals and build upwards from there.

2) Try to join forces with another experienced investor working with/for/under them to get some income coming in and stay in the REI game.

2) Switch my license to a Remax (or other well branded brokerage) and become a full fledged retail agent and after I have a little more money saved up, begin marketing again with direct mail, or pursue another strategy.

3) Go get a 9-5 that would give me some income, and also nights and weekends to wholesale, or pursue another strategy.

Once again, thank you in advance for any and all perspectives, feedback, advice and criticism. I really that wisdom that is available to tap into here.

Hey @Chris Elliott I think your plan is awesome! I especially like that you have 6 months savings, that is a super smart way to transition into full-time real estate.

I (foolishly) jumped in at a time where out of my wife and I, I was the only one with income coming in, and we had no savings to speak up.

It was rough to say the least!

I think your game plan seems solid!

Jaren Barnes, BA Homes | [email protected]

Jaren,

I appreciate you responding to my post. Which option would you go with?

Hi Chris,

1st off I'm a novice investor. However, I'm curious to know what happened with the full time wholesaler at a REIA? Or rather was the profit & strategy not conducive for you both?

Alisha

Alisha Decoteau, Win Win Home & Property Solutions

How much do you like risk?

1) Most risky - but if you have the experience and deals under your belt there is no reason why you can't succeed.

2) What are your chances of working under another experience REI? You can do both #4 and this at the same time if you can handle the hours

3) Not sure about this one - better to hear from an agent

4) Least risky. This will help you build your credit and value in the eyes of a bank.

Curious; why are you asking here, rather than from a mentor you aspire to be like?

Best,

J

Thank you all for the responses.

Jeremy, I am asking here because I don't have a current mentor in my marketplace and there are plenty of people I aspire to be like in this awesome community.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you