Choosing a profession to benefit your investing

Choosing a profession to benefit your investing

Green Bay, WI · Member since 2019 · 22 posts · 23 votes

I've got an interesting question for investors of all experience levels. 

This time next year i will be exiting the military after 8 years and will not only be starting into my strategy of buy and hold investing with the ultimate goal of financial freedom, but beginning my career path outside of the military. I have a healthy amount of capital saved to begin investing, and will be using this next year to keep building my funds and continue my research and learning process.

So my question is this:

If you could start over (or are already using this approach), would you choose a real estate related profession to give you an edge with your investing? Or is it ultimately irrelevant and just being an active investor will give you all the know-how and edge that you need?

Examples: Becoming a licensed contractor, working as an agent or property manager, working at a bank in the loan department...

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Rental Property Investor · MN · Member since 2017 · 864 posts · 555 votes
7y

Hey @Chris Piette! Choosing a profession that would give you paid for knowledge and learning in the RE investing world, like the examples you gave above would be great!! Is it 100% necessary? Absolutely not. However, if one of those fields intrigues you, go for it man!! By the way, thanks for your service!!

Just dedicate your spare time to learning and taking action. Build your power team of contractors, realtors, Property managers, CPA's, Attorneys, Insurance brokers, Mortgage lenders, etc, and use their knowledge and experience to accelerate your growth!

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  • Rental Property Investor · MN · Member since 2017 · 864 posts · 555 votes
    7y

    Hey @Chris Piette! Choosing a profession that would give you paid for knowledge and learning in the RE investing world, like the examples you gave above would be great!! Is it 100% necessary? Absolutely not. However, if one of those fields intrigues you, go for it man!! By the way, thanks for your service!!

    Just dedicate your spare time to learning and taking action. Build your power team of contractors, realtors, Property managers, CPA's, Attorneys, Insurance brokers, Mortgage lenders, etc, and use their knowledge and experience to accelerate your growth!

  • Dan H.Pro Member
    Investor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
    7y

    I think a lot of skills go into making a well rounded RE investor that can pivot as required to maintain optimal returns. 

    However, I believe that it is much easier when one has money to play the game at a high level.  This does not necessarily imply a job that has to pay a ton, but a job that allows you to save a lot.  For example, I met people that were contractors for oil in Alaska.  They got paid well but they also had few things to spend money on allowing them to same a high percentage of their earning.

    So pick a job that can start building the bank role.  It is bonus if it is related to RE and double bonus if you like it.  Use it as a stepping stone to reach your goals.

    Good luck

  • Green Bay, WI · Member since 2019 · 22 posts · 23 votes
    7y

    @Jake S. Thank you for your perspective, I had a similar thought process on utilizing a job to gain knowledge and credibility within the RE realm, and with a background in and knack for construction am leaning  towards becoming a licensed contractor.

  • Rental Property Investor · MN · Member since 2017 · 864 posts · 555 votes
    7y

    @Chris Piette Go for it man. They are in high demand right now so I think that'd be a perfect choice!!

  • Green Bay, WI · Member since 2019 · 22 posts · 23 votes
    7y

    @Dan H. I couldn't agree more on being able to pivot and remain flexible and I believe that applies to all forms of investing, and that's kind of funny that you mention that, I've spent a fair amount of time trying to convince my lady to move up to Alaska to take high paying jobs to stack cash (and enjoy the immense beautiful landscape) while we're relatively young.

  • Rental Property Investor · New Castle, DE · Member since 2016 · 376 posts · 158 votes
    7y

    If I could start all over I would prefer to have worked with a PM or in a real estate office to get the experience. I own one buy and hold, but my ultimate goal is to have a PM company. I've got a design background and designed kitchens and bathrooms so I can build relationships and close sales/deals. If I had more experience with working as a PM, I'd be more comfortable in handling evictions, marketing and the many tasks that go into being one to make your business in REI a success. Since I don't work in either of those industries, I'll learn along the way and reach out to this awesome community for the answers :)

    Well wishes ... Cassandra

  • Investor · Kenai, AK · Member since 2015 · 12 posts · 11 votes
    7y

    @Cassandra Siffird  If you are interested in learning property management,  I've said it before, but I'll say it again,  You should read The Book on Managing Rental Properties: A Proven System for Finding, Screening, and Managing Tenants with Fewer Headaches and Maximum Profits By Brandon and Heather Turner.   Also, Landlording on Autopilot: A Simple, No-Brainer System for Higher Profits and Fewer Headaches by Mike Butler

    These two books enabled me to build the management part of my business (which I think is the hardest part of BRRRR)

    LA

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