What is the best path to get started in Real Estate?

What is the best path to get started in Real Estate?

Commercial Real Estate Agent · East Providence, RI · Member since 2014 · 80 posts · 10 votes

We all know taking action is the most important part of any investment/business venture.

However taking the first step is often the hardest when you do not know what road to travel down. After reviewing the basics to RE investing on this site I really enjoyed the outline of career ideas that allow you to earn while you learn.

Right now I am employed as a relationship manager ( Call center) at a bank. It pays fairly well but I can not wait to get out and start doing something that will push me closer to my goals. On top of that the job is repetitive.

Goal- Learn real estate. Acquire property's that cash-flow a substantial amount of money, giving me the freedom to live a lifestyle free of employment.

I do not feel confident in my knowledge/experience/connections to jump in right now. I also lack the capital to make mistakes during the learning curve. I know many here have experience and an abundance of advice to share.

Question- What is the best way to get started. EARNING AND LEARNING. Do I become a Realtor? Property manager? Mortgage broker? Also Which path did you take and why or why not has it been the right or wrong choice?

The ideal situation would to hook up with an investor as an assistant. But opportunity like that are probably few and far between.

ANY FEEDBACK IS GREATLY APPRECIATED

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Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
12y

I have been an agent since 2001 and love it. There are so many ways to make money as an agent, you just have to find one or two that fit you. If you want to be a serious investor it is a huge advantage to be an agent as well. I have 10 long term rentals and 8 fix and flips right now and I would not have gotten half of those if I was not an agent.

I would read Gary Kellers books and learn all you can about real estate. Talk to some local agents and see what they think about real estate and your local market. Remember about 10% of agents do 90% of the business and most agents don't work that hard. I think the stats show 22% of agents don't even work 10 hours a week towards real estate. If you work hard, plan and do the things that get you deals you can be in the 10%. Don't let people tell you there is no money being a real estate agent.

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  • New to Real Estate · Jackson, TN · Member since 2013 · 32 posts · 4 votes
    12y

    Have you checked out this article yet? VERY informative! A ton of info and advice without being overwhelming

    Getting Started in Real Estate With Less Than $1,000

  • New to Real Estate · Jackson, TN · Member since 2013 · 32 posts · 4 votes
    12y

    It was written by Jaren Barnes and I just stumbled onto it digging around the BP articles.

  • Investor · MN · Member since 2014 · 137 posts · 19 votes
    12y

    I am starting in the same spot as you. As I am exploring different routes I do not know what route I want to pursue (agent or mortgage broker). My goals are as follows:

    Post on BP twice a day? (asking a question and/or help someone else)

    Go to REIA meetings once a month (increase as time allows it)

    Learn something new everyday!!

    Excited to start this journey with you!!! Best of luck!!

  • Commercial Real Estate Agent · East Providence, RI · Member since 2014 · 80 posts · 10 votes
    12y

    @Walt Payne

    Hello there, I have listened to many of the podcast and they are very informative. The big reason for wanting to get out of the day job is because I know I will most likely stay stalled there. Without connections, experience, or know how I am very unlikely to take any action. I know myself.

    Diving into the real estate filed would allow me to possibly meet and befriend people that are already doing it. It would also give me some hands on experience while earning income.

    I do understand your point as W-2 income makes it easy to get a loan. Maybe real estate appraisal would be a good way to get into the business while maintaining a w-2 income.

    Just an idea. Has anyone gone into appraisal ? I mean you would get first hand experience on property valuation.

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