Hello BP world
Im currently working construction and renovation. Working for an hourly pay of $18. I have learned a lot about the structural make up of a building which has been very useful. I do have long term goals of rehabbing and holding multifamily properties.
My hourly pay is just getting me by. I have been taking my agent licensing course and plan on working for a broker some time soon. As mentioned is Scott Trenches book “set for life”, he recommends taking a job which can potentially ear more (in my case it is real estate sales). I see being an agent as a way of accessing the MLS as well as leaning the ins and out of what it takes to purchase and sell homes.
The idea of switching from a steady hourly pay to commission is a bit scary. I can set it up where i’m able to work both construction and agent part time.
Once the spring/summer/fall season comes around here in upstate new york, the second home buyers market will be hot.
The potential to earn more cash is there with being an agent. The education is there with being an agent.
**Im wondering if a commissions based job will hurt my chances of receiving a loan in the future?
Unfortunately, yes. A lender will most likely want to see 2 years of full time employment and they'll average your commissions. I know because I almost hit a similar roadblock. Luckily before I went full time as a realtor, I made a point to get another mortgage when I was a full time contractor.
thank you for your response
Sure thing, Daniel.
If you don't want to stick with the day job you may want to consider researching a creative option that doesn't require you to qualify for a mortgage, like Subject-To.
The nice thing about being an agent, though, is that you're able to start working on that career without having to leave another. Of course, the most successful agents are full-time and work insane hours. But you can definitely get your toes wet without leaving your job. I'm both a commercial and residential agent, and I work primarily with investors. I can only do showings after work hours when my husband is able to stay with my daughter, or I have to bring her with me (like I'm doing today). So my schedule is pretty limited, but most of the work I do is actually researching and phone calls, which I am perfectly able to do from home. You could absolutely swing both, and see what kind of potential for you there is as an agent. If you decide not to continue with it as a career, the cost of the class is still not time wasted; you'll be a ridiculously educated buyer, and can potentially have access to the MLS, like you said.
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