I am in the process of investing in a rental property. However, I have realized that while i continue to work on becoming a full time investor I would like to immerse myself in the Real Estate world to absorb as much knowledge as possible.
The problem is that I am unsure of what direction to go in. I currently work in Manufacturing/Operations for consumer products for a large corporation. That being said, I dont have experience currently in a real estate related field. I was considering getting my property management cert. would any one recommend that? Also, if i do get it I hear property managers only make on average about 36k/yr!? Thats less than half of what I am currently making and LA is not a cheap place to live not to mention I would definitely not be able to Invest.
Any direction would be highly appreciated! I am looking for something stable and salaried if possible as I know that will allow me to get loans a bit easier.
Thanks a million!
Become a licensed real estate agent. In most states its relatively inexpensive and pretty quick. Most states also require you are an agent to be a property manager.
Then you can help folks buy and sell homes while building your property management. Learn the biz from many sides all at once!
it depends on how aggressive you want to be, what area of real estate you want to be involved in and how much reserves do you have?
Some people have jumped right in. Sink or swim.
Whereas others, have learned on the side while working on a full time job. And eventually transition to full time when their investments generate enough cash flow.
Keep in mind, being a realtor is not easy. You're 100% on commissions, there is no guarantee you will be good at it, and most first time realtors fail.
Yes, average property manager doesn't make much, average realtor doesn't make much and eventually fail and quite. Lesson learned: don't be average.
Stable, salaried, and decent paying is a tricky combo in RE ... you will likely have to make a compromise somewhere on that list. You can do commish based part time (agent, mortgage broker, handyman, etc.) until it builds up and stabalizes before quitting your day gig. Or you could go work for a large RE company as a construction manager, developers assistant, title company officer, bank underwriter, etc. but may need to take a pay cut in exchange of the stable salary. Dealers choice.
Buying your primary and house hacking it (renting rooms in a SFR or units in a small multi), putting in some sweat equity, etc. is also a reasonable way to get some hands on experience without too much extra risk (assuming you don't over leverage).
Going to local REI clubs to network is also a good way to immerse yourself and learn risk free. You could volunteer to help experienced investors in small ways for free ... this will get you some experience and who knows with time and experience if you add value to them you may be able to monetize it if/after you prove yourself.
Those are all great Tips! Thank you everyone for the input. My main goal/priority is to be an investor full time. So I want to find something that would not handicap me in my ability to do that, but would also allow me to learn the industry from the inside out. Im hoping thats not too much to expect? haha! I would be willing to take a small paycut if necessary. @David Faulkner Thanks for the specific suggestions! I will look into those roles at respected RE companies.
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