Could use advice on new career path
Homeowner · FL · Member since 2020 · 7 posts · 4 votes
Could use advice on new career path
Most Popular Reply
Lender · 92703 · Member since 2022 · 326 posts · 538 votes
3yHey Wilfredo I would recommend looking into getting licensed to become a Loan officer since your in accounting working with numbers everyday would come easy to you. Having knowledge in all the guidelines and loan programs out there can help you in strategizing on how to use that money to reach your real estate investing goals as well as help others. Being a loan officer also allows you to work remote and help many people nationwide depending on where your licensed.
19 Replies
- Real Estate Agent · Puyallup, WA · Member since 2022 · 551 posts · 379 votes3y
If you are looking for a career in Real Estate and want to be around the real estate industry for your career. The best recommendations that I would have for you are become a Real estate agent, lender or a property manager.
- Real Estate Broker · Denver/Castle Pines/Colorado Springs, CO · Member since 2021 · 248 posts · 136 votes3y
Very hard to start investing while unemployed. You do have some fantastic avenues for you to get started however! One of the biggest investors I know is a CPA that specializes in Realtor and investor Taxes. This would be a great way to not have to pivot into a completely new career. After you establish a good w2, or somehow get approved for lending, the world is your oyster. Especially with access to VA loan, Focus in on househacking for a year or two and that will build your base while keeping your monthly costs down or hopefully negative! A good Quadplex would be a great springboard into investing for example. Good luck, keep us updated!
- Lender · Fort Lauderdale, FL (Lending in FL CT GA MI PA) · Member since 2022 · 470 posts · 349 votes3y
Nathan has some good recommendations, any of those will give you a great understanding of an aspect of real estate investing. You don't necessarily have to work in real estate to invest in real estate though. If you feel you are best suited for accounting and want to stay in that career, you can certainly invest on the side. If you do feel like you have a skillset that will work in a real estate career though, I think you will have an easier time with investing as you'll learn about the process of the deals for when you want to do some for yourself and you'll probably have contacts in the industry to work with.
- 3yJacob St. MartinPro MemberInvestor · Charlottesville Virginia · Member since 2021 · 348 posts · 346 votes
Hello Wilfredo, for you post it sounds like your end goal is not to have a full time job in real estate but to have a small portfolio of properties that generate enough cash flow for you to live off of. Is that correct? If so I would recommend going and getting an accounting job and funneling that money into real estate either actively or passively through partnerships. Then, once you have sufficient cash flow coming in you can decide what it is you really want to do and pursue that passion. If you are really certain that real estate is your passion than I would offer different advice.
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes3y
Quote from @Wilfredo O.:
Thanks for your service. I was a JTAC, retired in 2008.
Your financial background may be best suited for lending, but Property Management is another option where you can learn to manage investments, what makes a good investment, etc. You may be able to do some sales on the side or even buy/sell with existing clients.
The DIY Landlord Book4.7244 Reviews - Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes3y
Why 2-4? How much money a month will that bring you? Run some real numbers and you'll realize that won't even pay your gas bill.
- 3yDrew SygitBusiness MemberProperty Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
Try wholesaling to start as you need very little funds
Logical Property Management4.9465 Reviews - Rental Property Investor · Tacoma, WA · Member since 2023 · 14 posts · 14 votes3y
Having a w2 job will do a lot for you in terms of financing a property. While this may not sound fun, I would start by getting a job in something you're proficient at like another accounting job. You don't have to work a job in the realm of real estate if that's not what you want to do for the foreseeable future, but it wouldn't hurt. Another great option would be getting your real estate license and becoming an agent. This will help you learn your market and make relationships with lenders, title companies, and other agents - something crucial to successful real estate investing. I personally think that having great business relationships is what sets successful investors apart.
- Homeowner · FL · Member since 2020 · 7 posts · 4 votes3y
Quote from @Nathan Harden:
If you are looking for a career in Real Estate and want to be around the real estate industry for your career. The best recommendations that I would have for you are become a Real estate agent, lender or a property manager.
Hey Nathan,
Thanks for your response. I appreciate your input. I will take these into consideration and evalutate which path I can pursue. I'm trying to figure out how to transition some of the skills i've obtained in the field of accounting over to one of these suggested and get going on the path to invest in real estate.
- Homeowner · FL · Member since 2020 · 7 posts · 4 votes3y
Quote from @Max Ferguson:
Very hard to start investing while unemployed. You do have some fantastic avenues for you to get started however! One of the biggest investors I know is a CPA that specializes in Realtor and investor Taxes. This would be a great way to not have to pivot into a completely new career. After you establish a good w2, or somehow get approved for lending, the world is your oyster. Especially with access to VA loan, Focus in on househacking for a year or two and that will build your base while keeping your monthly costs down or hopefully negative! A good Quadplex would be a great springboard into investing for example. Good luck, keep us updated!
Househacking is something I've heavily considered over the past few weeks. The idea of it sounds like a no brainer to get started. I currently live a single family residential and am considering moving to a new location and renting out my current location. I have lived here for 2 years now and am trying to figure out how to go about this move if I decide to do it. Thank you very much for your input. Much appreciated.
- Real Estate Agent · Member since 2018 · 459 posts · 414 votes3y
I recommend getting a W2 to at least get your first deal. It’s the easiest way to get lending to buy, especially if you decide you want to house hack. Or go non-owner occupied. Either way, lending is significantly easier with a W2 job. When you have your first property under your belt, then decide if it makes sense to leave or stay. I think you might be in the lending space if you decide to pursue a self-employed real estate path. Give that a try for a few years. Or maybe you love socializing and can connect well with others and being an agent is the route to go. But if I were you, I’d highly rephrase the word “waste of time.”
There’s no wasting time unless you really are wasting it. Even in the non-real estate W2 space you can sharpen skills that will make you a better investor. From a waiter all the way up the totem pole, you can develop and hone skills and grow in entrepreneurship that will carry over to real estate. I worked in the Agriculture and logistics industry for 3 years and then Construction/junk removal space before becoming an agent. I wouldn’t be where I am without the skills, relationships, and tough opportunities from those jobs and business ventures. It’s all how you frame it I guess.
Either way, you’re not going to pick a wrong choice. And you can always change, nothing is set in stone. Maybe you try being a lender and it’s not fun and you go back to the W2 world after a few years. Not a waste of time. You’ll learn a lot in lending that’ll directly apply to your investing career. Maybe you’ve exhausted every ounce of skills and education you feel you could from an accounting job and then you become a CPA for investors? As long as every day you challenge yourself to learn at least one new thing that can apply to real estate down the road, you’re fine.
- Homeowner · FL · Member since 2020 · 7 posts · 4 votes3y
Quote from @Ash Hegde:
Nathan has some good recommendations, any of those will give you a great understanding of an aspect of real estate investing. You don't necessarily have to work in real estate to invest in real estate though. If you feel you are best suited for accounting and want to stay in that career, you can certainly invest on the side. If you do feel like you have a skillset that will work in a real estate career though, I think you will have an easier time with investing as you'll learn about the process of the deals for when you want to do some for yourself and you'll probably have contacts in the industry to work with.
Hey Ash, thanks for your input. For a long time I felt best suited for accounting but due to my last experience in the field, I am considering transition to something new. I am looking into transitioning the skills obtained from accounting over to something in the field of real estate. Something to prepare me to begin in investing one way or another. Whether it's from a partnership, whole saling, asset mgt, property mgt, etc.....
- Professional Property Investor · Brisbane, Queensland · Member since 2015 · 165 posts · 160 votes3y
@Wilfredo O. you might want to consider becoming a mortgage broker. This would complement your accounting skills and give you access to people doing property deals where you can learn how things really work. You will make new contacts, see lots of different types of deals and understand one of the most important aspects of property investing, how money really works.
One of the great challenges of changing careers is that we think that the new career will not have the same challenges our old career has. The reality is that they do. Not only do they have the same people issues, but they also have issues that you have no experience in handling yet.
For example, property managers deal with delinquent tenants, vandalism, non-payment of rent, malicious damage, disgruntled owners etc. Do you have the skill set to deal with these types of challenges every day? if so, then consider the career, but if not, then think long and hard about this as a career. It takes a certain type of personality to deal with these issues every day.
I wish you well in your future endeavors and hope you find your path. Just be sure to consider all the challenges a new role has and seek guidance from people already performing those roles. you want to know the good, the bad, and the ugly side of any proposed career.
Good luck!
- Investor · Longmont, CO · Member since 2016 · 185 posts · 156 votes3y
Quote from @Wilfredo O.:
I am a military veteran with an accounting background. I am looking to transition into the field of real estate. More specifically, an investor looking to receive rental income and/or fix and flip. I am trying to figure out which path to take to start on the journey to become a real estate investor. I am currently unemployed and am trying to decide to go all-in on this path to it, or get another accounting position, earn that income, and start pursuing this on the side?
I know there are many career paths to take when it comes to real estate. I just wouldn't want to put myself in a position where I'd be wasting my time.
My ulitimate goal is to have 2-4 investment properties and receive rental income from these properties. Does anyone have any input on where to start as far as work positions in the field of real estate to get earned income and pursue this ultimate goal?
Hey Will. I’ve been in your shoes. Quite literally. Former Intel guy here. Turns out I hated working for agencies and decided I wanted to do something different. I chose construction to get me closer to RE investing. What a journey. My income started at 52k and is now hovering around 185-200k per year. I’ve hopped companies a few times. I’m an estimator. I actually work for a company that’s local to your market and would be a great place for you to gain skills that will help you get to a position where you can better prepare yourself to run a portfolio. Shoot me a message if you’re interested. It’s not RE, it’s utility investing but it’s essentially the same thing. You get to see how a massive company operates to acquire, develop, etc. only thing you’ll be limited by is your ability to network in the company. I’ve learned more in a year than I have 3 years of self study.
Second point. Having a w-2 is essential. I’m finally getting my license, but if you start doing that now (be it MLO, RE agent, etc) and do it as a side hustle, you’ll make money on the side to throw into deals and you’ll learn more about RE quicker. You’ll truly know when the time is right to jump from your w-2. But don’t tie your shoe laces before you start running.
Feel free to reach out and connect, I’d be happy to put in a word at my company for you. They hire vets all the time.
- Homeowner · FL · Member since 2020 · 7 posts · 4 votes3y
Quote from @Jacob St. Martin:
Hello Wilfredo, for you post it sounds like your end goal is not to have a full time job in real estate but to have a small portfolio of properties that generate enough cash flow for you to live off of. Is that correct? If so I would recommend going and getting an accounting job and funneling that money into real estate either actively or passively through partnerships. Then, once you have sufficient cash flow coming in you can decide what it is you really want to do and pursue that passion. If you are really certain that real estate is your passion than I would offer different advice.
Hey Jacob, you are correct. My end goal is to have a small portfolio of properties that generate enough cash flow to live off of. I am currently trying to figure out which w2 job to get into to be able to funnel funds into an investment. Whether it's accounting or something related to real estate one way or another. Again, thank you for your input and guidance.
- Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes3yYou are an accountant that wants some rentals later. Be an accountant.
- Homeowner · FL · Member since 2020 · 7 posts · 4 votes3y
Quote from @Brian Wilson:
Quote from @Wilfredo O.:
I am a military veteran with an accounting background. I am looking to transition into the field of real estate. More specifically, an investor looking to receive rental income and/or fix and flip. I am trying to figure out which path to take to start on the journey to become a real estate investor. I am currently unemployed and am trying to decide to go all-in on this path to it, or get another accounting position, earn that income, and start pursuing this on the side?
I know there are many career paths to take when it comes to real estate. I just wouldn't want to put myself in a position where I'd be wasting my time.
My ulitimate goal is to have 2-4 investment properties and receive rental income from these properties. Does anyone have any input on where to start as far as work positions in the field of real estate to get earned income and pursue this ultimate goal?
Hey Will. I’ve been in your shoes. Quite literally. Former Intel guy here. Turns out I hated working for agencies and decided I wanted to do something different. I chose construction to get me closer to RE investing. What a journey. My income started at 52k and is now hovering around 185-200k per year. I’ve hopped companies a few times. I’m an estimator. I actually work for a company that’s local to your market and would be a great place for you to gain skills that will help you get to a position where you can better prepare yourself to run a portfolio. Shoot me a message if you’re interested. It’s not RE, it’s utility investing but it’s essentially the same thing. You get to see how a massive company operates to acquire, develop, etc. only thing you’ll be limited by is your ability to network in the company. I’ve learned more in a year than I have 3 years of self study.
Second point. Having a w-2 is essential. I’m finally getting my license, but if you start doing that now (be it MLO, RE agent, etc) and do it as a side hustle, you’ll make money on the side to throw into deals and you’ll learn more about RE quicker. You’ll truly know when the time is right to jump from your w-2. But don’t tie your shoe laces before you start running.
Feel free to reach out and connect, I’d be happy to put in a word at my company for you. They hire vets all the time.
Hey Brian, thanks for sharing. I will plan on reaching out to you for additional information. In the meantime, I will do some more research and follow up with you. Thanks again
- Lender · 92703 · Member since 2022 · 326 posts · 538 votes3y
Hey Wilfredo I would recommend looking into getting licensed to become a Loan officer since your in accounting working with numbers everyday would come easy to you. Having knowledge in all the guidelines and loan programs out there can help you in strategizing on how to use that money to reach your real estate investing goals as well as help others. Being a loan officer also allows you to work remote and help many people nationwide depending on where your licensed.
Join the conversationCreate a free account to reply, vote on answers and follow this thread.