Hello, so about a month ago I received my Real Estate License in New York. At first, I just wanted to use it as a little tool to help me with my pursuit of being an investor (MLS access, networking, having access to houses, etc.) but I soon realized that I wanted to pursue being agent more as a full time job that I give my full efforts too rather than just a side gig for a little extra cash and the parks that come with it. It became apparent being an investor and an agent work incredibly well together, with a lot of things overlapping each other. That being said, I understand that becoming an agent is almost like starting your own business (as is being a real estate investor) and needs to be treated like one in order to be successful in both areas. My question for those out there who are both investors and agents, how do you keep both businesses seperate and in what ways do you let them overlap? Do you use a seperate CRM for both? Same with databases? And for marketing yourself through business cards and different lead campaigns, do you do those separately for each or do you find a way to do them together? Sorry for the overwhelming amount of questions, buts its been a bit of a headache try to basically start two businesses (closing on my first buy and hold as we speak) at once and any insight would be greatly appreciated from those who do it themselves!
Read this interesting book, Insider Investing for Real Estate Agents by Walter S. Sanford.
Good luck Joshua!
@Bevla Reeves Thanks for the suggestion! should be arriving tomorrow :)
@Joshua Powell . Hello Joshua, congrats on obtaining your real estate license. You are inquiring about times to run your real estate business along with your investing business.
Your real estate business is totally separate than your investing business for tax purposes and hopefully you’re not commingling each business activity.
I have clients who have used funds from one business to pay for expenses for another business they run. Or they have deposited funds from one business into another business. It can become confusing tracing the inter-company activity.
Also, the character of your real estate income may be different than the income from your investing activity.
I thought it might be worth pointing out combining activity from each business requires a conversation with your tax accountant as well.
Free eBook from BiggerPockets!
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.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you