New to Real Estate · Pittsburgh · Member since 2023 · 7 posts · 3 votes
Hi BP community,
I'm at a crossroads in my career and could use some guidance. I've been working in the medical cannabis industry for 3 years, and while its a well-paying salaried position, I recently discovered working in this industry complicates my ability to secure a competitive loan to begin my investing journey.
Considering this, I've been contemplating obtaining my real estate license to become an agent. The idea of becoming a real estate investor has always excited me, and I believe this change could align better with my interests and help me learn skills and build knowledge.
Regardless, I am seeking a new job and I'm torn between finding a position in a similar line of work in a different industry or taking the risk of changing careers to pursue my passion for real estate. Has anyone here made a similar transition, and if so, what challenges did you face? How did you navigate them, and do you think it was worth the risk?
I'd appreciate any insights, advice, or personal experiences you can share to help me make a more informed decision.
Developer · Member since 2020 · 4k+ posts · 4k+ votes
2y
Right now is a bad time to be changing jobs. Even a worst time to fully go into real estate sales.
Would still work on the license but not go full time. Also you need to figure out your RE strategy. Wouldn’t just be an agent.
When you worn out on a Sunday evening with your day job and your REI and have some momentum in your next career. That's when I would think about switching.
Developer · Member since 2020 · 4k+ posts · 4k+ votes
2y
Right now is a bad time to be changing jobs. Even a worst time to fully go into real estate sales.
Would still work on the license but not go full time. Also you need to figure out your RE strategy. Wouldn’t just be an agent.
When you worn out on a Sunday evening with your day job and your REI and have some momentum in your next career. That's when I would think about switching.
Real Estate Agent · NH & MA · Member since 2021 · 457 posts · 291 votes
2y
I'd agree with Henry's points here, the # of real estate sales happening this year is around 40% less than prior years and thousands of agents are leaving the industry. This isn't a time where I would recommend jumping ship completely from a salaried position with steady pay to a 100% commission career in a slow market. Do it part time, be sure you want to go full time and get a bit of momentum first before jumping ship.
Also becoming an agent won't make it easier to qualify for a real estate loan either, you'll likely need 2 years of tax returns as an agent to qualify.
Investor · Pittsburgh, PA · Member since 2022 · 18 posts · 13 votes
2y
I'm currently taking the courses to get my license in the same market! I don't think it needs to be an all or nothing approach. I plan to work as an agent part-time to build experience, confidence, and clients before I consider leaving my salaried position. If it doesn't work out, it will still be useful for my own investing to have my license.
Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
2y
If the motivation is to better position yourself to obtain real estate loans, I don't believe leaving an employer who presumably offers you a W2 salary to become a realtor where you are an independent contractor/ commission based income earner is going to help. There are certainly other benefits that could come from fully immersing yourself in the real estate industry as a realtor, but being more marketable in the eyes of a lender certainly is not one of them.
Right now is a bad time to be changing jobs. Even a worst time to fully go into real estate sales.
Would still work on the license but not go full time. Also you need to figure out your RE strategy. Wouldn’t just be an agent.
When you worn out on a Sunday evening with your day job and your REI and have some momentum in your next career. That's when I would think about switching.
Makes a lot of sense. Will most likely look at pursuing the license on the side, and build some momentum before deciding to go further. Thanks for the insight!
If the motivation is to better position yourself to obtain real estate loans, I don't believe leaving an employer who presumably offers you a W2 salary to become a realtor where you are an independent contractor/ commission based income earner is going to help. There are certainly other benefits that could come from fully immersing yourself in the real estate industry as a realtor, but being more marketable in the eyes of a lender certainly is not one of them.
That’s a great point. Going all in would probably create new issues on the loan front. Thanks for that!
I'd agree with Henry's points here, the # of real estate sales happening this year is around 40% less than prior years and thousands of agents are leaving the industry. This isn't a time where I would recommend jumping ship completely from a salaried position with steady pay to a 100% commission career in a slow market. Do it part time, be sure you want to go full time and get a bit of momentum first before jumping ship.
Also becoming an agent won't make it easier to qualify for a real estate loan either, you'll likely need 2 years of tax returns as an agent to qualify.
Eventually doing it part time seems like the best route. Allows me to learn while still having that steady source of income. Thanks for the reply!
I'm currently taking the courses to get my license in the same market! I don't think it needs to be an all or nothing approach. I plan to work as an agent part-time to build experience, confidence, and clients before I consider leaving my salaried position. If it doesn't work out, it will still be useful for my own investing to have my license.
Represent the burgh! That’s a really smart plan. I think I’m going to look into courses and take a similar approach. It won’t hurt to have the license regardless. Thanks for the insight!