Hi BP Community!
After reading “Set for Life” & the “Cash Flow Quadrant”, I’ve cone to the conclusion that my current job has me TRAPPED!
I’m only in town 8 days a MONTH with my current job & would love to change this.
Does anyone have any advice on how best to get a job in Real Estate with the intention of gaining knowledge & experience.
Any & all suggestions would be most appreciated, THANK YOU!
Good morning Tony,
There are plenty of ways to get involved in RE but it really depends on your experience and what exactly you're looking to learn.
Jobs in construction, property management, and real estate sales are the big ones that come to mind.
I'm an agent and I can tell you that I've been able to add values to others (buyers, sellers, investors, other RE professionals) and learn a ton... ALL while expanding my network considerably.
I'm not too handy and the day to day of property managers didn't really attract me so this was a natural fit... Also, I was a counselor for 9 years so dealing with people is one of my strong suits...
If you'd like to connect and discuss your situation in more detail, I'd be happy to help out any way I can.
Best of luck to you!
I appreciate your feedback & I can definitely see how having 9 years of Counselor experience would be a HUGE advantage as a Realtor.
I currently work for a Large Tonnage Refrigeration company as a Field Foreman.
I enjoy the fast paced ever changing environment, I love being the leader & the one who others look to when the deadline needs to be met.
I’ve invested a great deal of my time listening to audiobooks, podcasts & reading to further my growth & potential to excel.
In the area where I live, (Boise,Idaho), I see a lot of Realtors that are “comfortable” & who spend their time looking good out at the clubs. Rather than over delivering with outstanding Customer Service & 10X level work.
I’d like to take advantage of this potential oversight.
But I have no network & real estate presence.
I’m also deeply fascinated with the Marketing world, I recommend the “I Love Marketing” podcast by Joe Polish.
So, with all that info. How would you suggest I best enter the Real Estate space?
Many people get into being an agent. I'd advise against that unless you have a nice cushy path or already have the network to know where you'd go. Sounds like that's a no.
What do you do for work? Does it cross over at all to where you can get some good experience? Perhaps at a next job?
Most hands on experience I have came from doing stuff. For instance, when I bought my first house I just started renting rooms etc and that got everything rolling.
Sound advice, I don’t think I’m the “Networking” type & I need to get in there & get the experience.
Probably to just go & get my hands dirty helping someone in the Real Estate space solve their problems.
My crossover experience is to get things done from a leadership role, more than from a networking facilitator.
Hello Tony! You picked a good site to be on. Probably what you need to do a deal is to work on educating yourself. It's all pretty simple but there's a bunch of it. I've been a member of this website for about 3 years. Since I am bedridden I've been able to do this full time and I am still learning but i, if possible, I think I would have started my career in real estate. You , probably, should start your education that includes all of the real estate investment and later on try to settle on one or two niches that you like and concentrate on. There is one thing I feel I must mention and that tell you to be aware of what you see on the Internet and lots trying to sell you something with ignorance and emotion. One thing I have had to learn that strangers know the Internet allows them a vehicle to make emotional sales and there is no law to worry about and many crooks do that. Another thing I have had to learn is not to trust anyone you do not know and most of them do that the same way which you will notice. I have spent so much time on the Internet I have learned to beware of most people you run into there and/or meet. You will know that most successful people do not even read the email that is sent to them and how to control outgoing email that is evidently too expensive. You will get email that you should not get and they put you in a box and treat you like the ones that do pay attention to them, even if you are different.
Te next thing I would do is probably to go to an area that you know best and are able to learn more about like its demand. What else I have learned is that the place you pick might be popular with regards to sells. I have learned that this location means more sales do take place there and might have more competition but that is OK. You need to be a dominating factor in whatever you chose as your niche. Treat others as respectful as you can and want to be treated in a positive way. Another thing is to always build on your buying or selling lists. You will learn that is something you should not slack on. Some of your prospects might be your friends or people you know and that you need to keep up with them and make sure they know what you do. They might just refer you to someone else.
Once you decide what you want to do is to set some goals and each goal can have several pieces that allow you to celebrate more as you seek them out. I'm sorry this letter is so long but there is much to say. When you start out investing, which is the most difficult thing you can do, continuing your education should increase your confidence but experience will to. Another thing is your flexibility might help you in your decision as well but when you start out stay fairly close to home and do what is average in your chosen area. Do not start out doing anything that is unique and you can do that later once you have enough experience. One of the best ways to start is by "House Hacking" if you have the flexibility. Even though it is insured which usually require a minimum occupancy period of typically one year it does take a 3% down payment and might even allow less or no rent. You should typically get a three to four unit house that should help you out with the mortgage monthly payment and the rent you pay.
Know the area you select well. Many products you offer may have owner financing but to try to get it can go better if you show them the math and how they could make more money by doing that as delaying any tax liability. Instead of owing any income in full the next year they can spread it out over the life of the loan. I listen to a gentleman every week that lives in Boise, Idaho. You also need to know how to take the word "no" more than you will hear "yes" and not to take it personally. On some deals you'll have to learn to just walk away and work on the next deal. There is much more I could tell you but that can come later. I have about 30 years of experience in construction as well as real estate which i use to have a broker license in Texas for about 30 years. If you think I could help you with anything to contact me through this site. I am still on it about everyday. Good luck to you!
@Michael Lee I can tell that you’re obviously very passionate about Real Estate & I greatly appreciate you taking the time to offer me your wisdom.
I agree, there’re plenty of Sharks out there just waiting to take advantage of people entering Amy new space.
I intend to do the “house-hack” as my first deal.
I can see the great Risk/Reward ratio in real estate, that’s why I’d like to get as much in depth knowledge & experience as possible.
Perhaps I should just start looking for Real Estate leaders in my local area & asking them what their biggest pain points are. And tell them that I will gladly solve their bigger problems.
Thank you for taking the time to offer up so much advice!
Check out the Boise Investor Group, which you can find out about on Meetup.com. You can meet a lot of investors in different areas of real estate, as well as some agents who are investor focused. They have regular meetings with very educational topics. Good luck!!!
I appreciate the advice, I messaged the leader of that group 2 weeks ago & did not receive a reply.
Therefore, I’m not overly motivated to attend, especially since it’s on a day that I fly out of town for work regularly.
I did however sign up for the local “Rich Dad Poor Dad” Real Estate seminar coming in June.
Based on the previous BP discussions, I know that I shouldn’t expect too much from the event. But it’ll be a great opportunity to Network ;)
You've received some great advice on here.
Being that you're more accustomed to the management role, I'd suggest something similar to what @Tricia McMasters suggested...
Get out an meet investors. Meetup, BiggerPockets, facebook, wherever you can find events, check them out. I will say that many of the attendees can be newer to real estate and may not have much knowledge or connections to help you in the short term. However, its still a great way to meet like minded people and possibly meet a future mentor.
BP also has "keyword alerts" that you can set up. You can get alerts anytime someone brings up "Boise house flipping" or "Boise investor" and meet people that way.
Finding a mentor who you can add value to can help you answer a lot of your questions... who knows? With your experience, you may find yourself managing projects for a house flipper looking to scale his/her business...or any number of opportunities...
Lastly, I have to say house-hacking is an excellent way to get started! The majority of my clients are small multi-family investors including house-hackers. My most recent clients went from spending $1,800/month rent for a 1-bedroom apartment to now paying $1,100/month for the remaining portion of the mortgage after their tenants pay the bulk of it!
Educating yourself will certainly bring you to the best decision... its all about the time and effort you put into it.
Keep doing your thing!
My husband and I actually started out by doing the Rich Dad training, so I think that's a great place to at least consider. I've since learned that there are about a million real estate investing "gurus" out there whose programs we could have gone through much more cheaply. Many people who post on Bigger Pockets are pretty "anti-guru" because they feel like you can learn everything you need to know by reading and watching the resources on this site. I think that's probably true if you have a ton of time to spend on it, but we didn't. My husband worked a full-time job and I worked part-time and had two kids, so we paid for training and it was totally worth it. Our learning curve was cut down significantly. I'm not endorsing Rich Dad and don't get paid or anything to mention them, but good for you for checking out a training program. Lots of them are good, even if you have to spend money on them.
Also, don't get bothered if no one from the Boise Investor Group got back to you. They didn't get back to me, either, but we went anyway and it has been one of the reasons we've been successful. We've made a lot of great connections and learned so much from the speakers they bring in.
Anyway, that's just my two cents worth. I don't post on BiggerPockets much, but your post about being in a dead end job caught my eye because my husband was right there with you.
If you do go the paid training route, check out @MichaelQuarles. He's posted here a lot and his program looks great. (Again, not associated with him in any way; just trying to give you some resources.)
Originally posted by @Tony Delgado :
Does anyone have any advice on how best to get a job in Real Estate with the intention of gaining knowledge & experience.
Any & all suggestions would be most appreciated, THANK YOU!
From your self description, it sounds like you enjoy eyeball-to-eyeball interactions with people and understand that marketing is a contact sport. I happen to be just the opposite, but it takes all kinds to make the world go 'round.
To get your feet wet with limited capital and keep your existing day-job while you learn, you might want to look into real estate crowdfunding. I'm toe-dipping in this space and have made hard-money loans and bought distressed-mortgage notes for small amounts of money using Reg A+ funds. There are crowdfunding threads on BiggerPockets if you want more info.
Thanks! You are welcome! When you go for a loan go "shopping" to find the best deal but getting an insured loan will be a little easier to get. You should probably ask the current owner if they will provide you some financing? You never know what they might offer. You never know what they will offer you and it might be better than the conventional insured loan. Just about everything is negotiable.
@Tony Delgado It depends on what area of real estate you're interested in. There are a lot of options. Your best bet would be to talk to people working in the industry. Get some insight before starting to apply for jobs. Good luck!
@Abel Curiel great points, thank you once again
@Tricia McMasters I have no doubt that the money you spent on shortening your learning curve was a wise investment.
And you’re right, I shouldn’t get too overly concerned with Cameron not messaging me back. I very easily get frustrated with people when I expect too much out of them lol
Thank you very much for your “2 cents” keep em coming!
@Michael Lee Thank you sir
@Rachel H. Getting to meet the people in the industry before applying for a job would be wise. Thank you
You wrote that you intend to "house hack" as your first deal. You might want to read “Why You Shouldn’t House Hack to Get Started in Real Estate” by Engelo Rumora https://www.biggerpockets.com/renewsblog/dont-house-hack/, but more importantly read the counter-comments that follow, which provide an education in themselves. There are some pretty strongly worded opposing views in that thread.
Also, I’d invite you to let the BP family walk you through your plans as they evolve. Based on your “house hack” comment, it appears that you want to get into investing or do you want to get into the realty side? If its investing, you might consider sharing how much you plan to invest and what options you’re considering, then let people guide you with advice as your plans unfold.
I've been investing in SFHs in the Boise/Meridian area for the past 10 years. I consider myself a successful SFH investor, but I'll be honest in crediting two things to my success; 1) Kiyosaki's books Rich Dad Poor Dad (and Cash Flow Quadrant) and 2) my real estate agent who has repeatedly been recognized and awarded as one of the top selling agents in the valley (for his company). He has always given me 200% and treats me as if I’m his only client. And, most importantly, because I’m an OOS investor he always offers to solve problems for me. I have learned so much from him, primarily because he also invests in SFHs personally and understands it from the investors perspective. The last SFH house I bought 8 months ago was sight unseen. My agent took care of everything for me and I never stepped foot in Idaho. If it’s the selling of real estate that you’re interested in pursuing I’d search out successful agents and offer to buy them lunch and ask sincerely if you can learn from them. If they see that you’re sincere and if you present yourself in integrity they’re apt to be willing to teach you.
Hope that helps!
Essentially it’s both, I look to do a “house hack” for the financial benefit & the experience. As well as possible shift into a career in Reality to learn the in’s & out’s.
Like I mentioned previously, clearly there is a GREAT reward with Real Estate, but if done incorrectly. You will sink your own battleship.
The biggest motivating factor is that I’m out of town so much for work, otherwise I’d just do the house hack & self-educate.
I’m glad to hear that your “Investing in Idaho” (That would be a great website name by the way), thanks for your support & advice.
Another thought worth mentioning. If your primary interest is in rentals consider apartments over SFH's. It is a myth that it requires experience. Call several brokers and tell them what you are looking for and some of them will actually call you when they find what you are looking for before it is listed on the MLS so you will have less competition. I do believe that local Agents can help you by telling you what to look for and avoid. The same is true with building officials. The more experience they have, the better.
Brilliant, I love dispelling myths!
I would love to land something like that, I’m glad to hear that it’s actually achievable thanks for the advice.
@Tony Delgado It sounds to me like you need to get out of that job to have more time. Whether that be a direct job change, or if you are earning well, start investing and get some properties that can help provide additional income which can help in that process. If you want to become an agent, for most people it is a tough start with a good amount of expenses, so unless your spouse is able to provide for your family needs or you have a lot of savings, you will need another source of income. Or if you decide to change to a local job where you don't travel so much the rental income could help offset any decrease in your current income. I'm sort of in a similar situation, I don't travel but am working an average of 55 hours per week. I'm acquiring rentals to help offset my income so I can eventually walk away completely or at least first change jobs to work less hours and spend more time with family, even if it pays less then the rental income will help there, but continue building my portfolio so I can in the near future retire completely from a w-2 job to enjoy life experiences with my children before they are all grown and out of the house. Like the BP motto says, "Life isn't meant to be lived in a cubicle" or a passenger plane or car in your case.
I agree 100%! I feel the exact same way & wam to employ the same strategy. Do a house hack to compensate for the pay cut. I work 12 hour days & some times do “double tours” where I’m gone for 24 days straight.
I’m divorced so there’s no spouse to offset expenses.
I hope you achieve your goals sooner than expected!