Im a licensed agent and a licensed contractor. Ive saved up 50k with hopes of transitioning from contracting to Realestate.
I gave two goals. 1st is to accumulate enough properties to support my wife and i through our retirement.
2nd is to transition into real estate as a full time career. Id like to specialize in investment properties (multi family etc).
I have friends in the SEO marketing world and employees in my office interested in taking on some of my new direct mail marketing.
How would you handle the $, the transition, the marketing?
$50k should be plenty to get into the game with your first deal. It sounds like you're looking to buy and hold for rental income which is what I do. In my opinion there is no need to get fancy with marketing yet. Work your network as an agent and tell everyone you know that you're looking to invest in real estate. You'll be surprised how many people you know are or were involved in real estate at one time. And keep an eye on MLS, I still find deals there occasionally. See if you can find a motivated seller and if $50k is not enough for a 20% down payment in your market you could househack or try to get some seller financing. MLS deals may need a little tweaking to work, but a 10% price reduction with some seller financing goes a long way. I'd say start there, and save your marketing $ until you need a firehose of deals on tap to make your business run.
The transition from contracting to real estate probably won't be that bad since you'll start out just working as a contractor on your properties on the side. You'll need to decide what you want "full time" in real estate to look like. Will you just be rehabbing your own properties, will you be doing property management or self managing your properties, will you be acting as an agent helping others buy/sell property, or a combination of them all? No need to make a decision now though just jump in part time and see how it goes. You'll figure out pretty quickly what you like/dislike.
Goodluck the first step is the hardest but once you get the first property it will quickly snow ball.