If You Had The Opportunity For A Fresh Start, What Would You Do?

Question

Hey BP! My name is Darcy, 26 years old living in the heart of NYC. Last month I got laid off from my job as an IT BRM for one of NYs largest REITs. Prior to jumping back into the job force, a majority of my time has been dedicated towards learning the ins and outs of real estate investing. I have become obsessed with the idea of creating long-term wealth through passive income.

With time on my side, I thought it would be advantageous to spend two weeks acquiring my NY real estate salesperson license. My eyes are set on becoming an investor, but I thought pursuing the licensing education may give me a competitive edge and teach me more about the industry.

Would love to gather some thoughts and feedback. If you were 26 and had the opportunity for a fresh start, what would you decide? What would be your recommended next best move?

Jenni Ellis · Answer

@Darcy Reynolds, great question! Looking back, I would say the biggest advice I would give myself is to take the leap. I bought my first house when I was 25 and turned it into a rental by 27. I then bought another property and shortly thereafter a small apartment building, etc. The one thing I got hung up on was feeling like I didn't know enough, and feeling like I needed to learn just a little more before jumping in. In some regards this is true, however, I have always learned better by action. With that said, I would find someone who has done what you are looking to do, and act as your mentor through the first few transactions. I would also make sure you have enough money in reserves in case something goes wrong.

A key factor into success in any area of your life is this: look around and see who are the 5 people you hang out with the most. Are they in positions you aspire to be in, can you learn from them, or are they holding you back?

Finally, as a young female in a mostly male dominated industry, I was intimidated and felt like I didn't belong. Once I learned that I did belong, and built my confidence, nothing could stop me! I am now negotiating non-traditional deals, asking for sellers to hold the mortgage, starting into investment syndication, etc. The sky is the limit, when you believe in yourself.

Darcy Reynolds · Answer

@Rachel H.  I went back and forth with this for a while, it is great advice.  I am just finishing up my class to become a licensed salesperson and want to aggressively pursue that for some time, but I would say applying for another RE firm is definitely not out of the cards.

Rachel H. · Answer

@Darcy Reynolds Sorry to hear about your layoff. If you're set on learning the business of real estate investing, you may want to consider working for another firm in the field. Getting your license will help you learn the laws. It may also open doors to job opportunities and networking events where you can meet others doing what you want to do.

Best of luck with everything!

Darcy Reynolds · Answer

Excited to report back that I have gained traction since my initial post.  I am enrolled in a Real Estate school, hoping to be officially licensed by October.  Thanks to all for the motivation, it truly helped.

@Moises R Cosme I agree that transacting will help me, especially since I am the learn-by-doing type.  I am unfortunately bound to my lease for the time being.  Once it expires, I would love to pursue that route.  Systems are KEY and what I have been focusing on. My goal is to prepare myself so that once an investment opportunity arises, I am ready and aware of the next best steps.  I appreciate your support and will reach out!

@Jenni Utz  Thank you so much for this insight, it means a lot.  I always tend to get hung up on feeling like I don't know enough and need to become a SME before taking my next leap.  Similar to you I learn best by action which is one of the key drivers that made becoming an agent so enticing. "The five people you hang out with...", what incredible advice!  I truly respect your perspective as a woman in a male-dominated industry.  Before working for the REIT I was with Amazon where there were many times I was the only woman in a room of 50+.  I love empowering other women to feel confident and achieve their greatest potential, something I find myself doing within my close network frequently. We rise by lifting others, one of my favorite sayings I try to embody.  Would love to connect.

@Anthony Wick Unfortunately I am bound to my lease for the time being.  I do recognize there is great opportunity outside the east and west coasts which is why I have been reading up on long-distance investing and how to build that team.  Will continue my due diligence, I appreciate your advice.

Anthony Wick · Answer

Move...out...of...New...York...

I'm serious. Stay off the east coast and the west coast. I lived in California for 8 years. Horrible financials.

Moises R Cosme · Answer

1. Getting your Agent's license AND transacting will give you the background necessary to make fewer mistakes once you push into investing

2. If I were 26 I would:  (a) become an Agent, (b) buy a 3 family property with an FHA or 5% down conventional mortgage & move out of it after 2 years and buy another 3 family and do the same.

Long term wealth is all about leveraging through systems - use the experiences you gained working at the REIT to develop systems.  Develop systems BEFORE you start investing, the better your systems the better your results will be.

I hope this helps!!!  Message me if you think I can help, me & my team will answer questions and assist as much as possible

If You Had The Opportunity For A Fresh Start, What Would You Do?

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