First, I would like to start off by saying that I am very motivated to start investing in real estate. For the past year I've really become more and more intrigued with the idea of starting a career in real estate. Not only does the thought of having financial security apease me but the life style as well. I've been in the military for almost 7 years now and joined for various reason and one was because I didn't know what I wanted to do in life. I am 100% sure now that being my own boss is what I want to do. I know that real estate requires a lot of knowledge as well as motivation and knowledge is the only thing I'm lacking. I say all this to say, I have been scratching my head non-stop for the past few months with getting started. My first issue is? Not knowing which niche is best for beginner's (I'm stationed in Japan and there aren't too many that I can pursue). Second issue...what is a smart move in making the first purchase? (I don't have the funds to place 20% down on a home but if I did I don't feel like that is neccesarily smart. I would rather use that money to either invest in more properties or increase the value of my first property through renovations). Lastly, I absolutely do not want to wait 3-4 years until I have the ideal profile (funds, knowledge, etc.) to start. Maybe I sound bad for saying this but regardless what you do in life there will always be hurdles so waiting and prolonging the process I think will hinder me more than help me. Could you please offer a direction into where I should start? Sorry, I know this post is back and forth and has no direction in a sense but that is exactly my point, these are all the thoughts and the process that goes through my head.
You may want to consider working on getting your license. The process will help you build knowledge and you can start in the world of real estate without massive amounts of cash. Being a broker can give you an edge as well as experience and connections that you can use when you invest. Consider it an investment in your upcoming business.
Like Marius said, become a broker and generate $$$ to invest. Lately it seems like if the deals good, there will be gang of cash buyers ready to beat you on the buy.
Hi @Michael Alston ,
Have you written down any goals or a long-term game plan? If you set down your goals and work you way backward to your current situation, you may find that it will reveal the direction you want to take. Just for example, starting without enough cash for downpayment may indicate that you need to JV with someone on a flip or that wholesaling is the best approach to generate more capital. Once you've identified a couple of alternatives you can narrow it down based your own interest and desire as well.
Hope this helps!
@Marius [email protected] Z. Thanks for the ideal. For about the past 6 hours I have been researching how to become a real estate broker as well as what the job entails. I have to say, it's very interesting and has sparked my interest quite a bit. Have either of you ventured off to this side of the spectrum? If so, what schools would you recommend? The course sites I see are ProSchools and Mortgage Education? Have either of you heard of these? I heard a few good things about ProSchools on BP. Thanks again!
@Walter, I have but maybe my list is a little too broad. I really don't know what I could offer someone in a JV so I pretty much passed on that ideal. At this stage of my gameplan, I want to make myself more attractive to any potential partners. How narrow would you recommend I write my goals down?
I just took my RE exam. Washington posts stats on each school and it's pass rates. Rockwell had the highest rate so I went with them and was really happy.. I think they also offer a CA class.
@Marius, is that NMLS approved? I went on their site and I don't see Rockwell, I only see ProSchools and Mortgage Education as their approved online course sites.
They are at least approved in Washington state which is what matters up here.
Hey @Michael Alston welcome to BP! Just wanted to make sure you've seen this! http://www.biggerpockets.com/renewsblog/2014/01/29...
@Michael Alston Welcome aboard ! From my understand, NMLS is Nationwide Mortgage Licensing System. It is nothing to do to get RE license. You can attend community school to get RE license. They are require 3 courses. After 3 courses, you can take State exam to get RE license.
@Jason; No I was referring to getting a Mortgage Loan Originator license.
Don't know about the loan originator license. I was referring to the real estate broker license.
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