Real Estate Broker · Philadelphia, PA · Member since 2016 · 228 posts · 95 votes
Roughly 5 weeks ago I lost my job due to COVID. I originally had a plan to get my real estate license and use that as side income alongside my pretty well paying job. Since I lost my job, I was able to pull up my real estate exam and I successfully passed 3 weeks ago and am now a licensed agent in PA.
Real estate is a great passion of mine and I have been an active member of BP for about 5 years now, following all of the podcasts, webinars as well as reading the super informative books BP has to offer. Now I have tons of time on my hands to focus on real estate, but do not have any funds to invest.
I was looking to get some input on what some of you would do in my shoes. If you or anyone you know in the state of Pennsylvania are looking to connect or network I would be more than happy to see how we could work together either now or in the future!
Thanks again for all of the constant support this organization has to offer!
@Brandon Ribeiro hey brandon, sorry about the job loss. Where is Sellersville, PA? Maybe we can connect in person or over the phone and chat. I'm in Mechanicsburg. I like talking with other PA investors and learning and sharing. I am also getting interest in flipping some properties.
A partnership or joint venture may be something for you to look into. Since you have an active license you can work as a "deal finder" while the other party can front the money for the deal. You can always be added on to it later on. This is a good way to get your foot in the door with relatively no money down on your end. You could also house hack as you start to earn some income that way. The money you need upfront would be far less if you live in the unit and rent out by the room. It's a matter of figuring out what works best for you. Search the forums, there are plenty of people who started with no pennies to rub together but were still able to build.
@Shain Ismailovski thank you for your input, I will definitely try to find someone to partner with. I was house hacking, and have since had my s/o move in. My house is pretty small and not the ideal set up for a house hack with a significant other and my dog. I am looking to purchase my next property (duplex or tri) within the next year, which I will house hack and rent out my current house.
Roughly 5 weeks ago I lost my job due to COVID. I originally had a plan to get my real estate license and use that as side income alongside my pretty well paying job. Since I lost my job, I was able to pull up my real estate exam and I successfully passed 3 weeks ago and am now a licensed agent in PA.
Real estate is a great passion of mine and I have been an active member of BP for about 5 years now, following all of the podcasts, webinars as well as reading the super informative books BP has to offer. Now I have tons of time on my hands to focus on real estate, but do not have any funds to invest.
I was looking to get some input on what some of you would do in my shoes. If you or anyone you know in the state of Pennsylvania are looking to connect or network I would be more than happy to see how we could work together either now or in the future!
Thanks again for all of the constant support this organization has to offer!
Brandon, I'm in your exact same situation except that I'm in Los Angeles, where the state exam is backlogged through November. So, I'm just twiddling my thumbs until I can take the exam and be an agent.
In the meantime, I'm working on my leadership platform. Within a few weeks, this profile will be rebranded as The Investment Property Nerd. I'm writing scripts for YouTube videos, working on the website, etc etc etc. My ideal client will be the early investor who's looking to househack a multifamily, buy an SFR and build an ADU, or just buy their first investment property here in LA.
So, work on your brand, brah! Build the website, record YouTube videos, connect with other on Instagram, etc etc etc.
@Brandon Ribeiro hey brandon, sorry about the job loss. Where is Sellersville, PA? Maybe we can connect in person or over the phone and chat. I'm in Mechanicsburg. I like talking with other PA investors and learning and sharing. I am also getting interest in flipping some properties.
@Jon Schwartz yes that is a great idea! I’ve started creating some social media accounts dedicated to my real estate ventures. Videos aren’t so much my thing, but that is definitely a great route too!
@Brandon Ribeiro Sorry to hear about your job loss. However, sometimes life creates opportunities within what look like disappointments. Since you are a realtor and focusing on that aspect of the business you are an ideal deal source. You have access to listings and off market properties that come to your attention. If I were in your shoes, I would continue to focus on the brokerage business which does not require capital. As a side hustle, try and find fixer upper deals that you could offer to cash buyers. You can sell offer those homes for a commission or fee, or joint venture with a capital partner on them.
@Anthony Dadlani thank you for that advice, I thought about wholesaling as well but was unsure of the conflict with having a license. I actually have a deal that I could potentially wholesale but am pivoting to listing it instead
Why did you get your license? Presumably it was to help others buy and sell homes, not just so you can invest. Find a local investors group and meet with them. then start looking for places where the numbers are good and present those to the investors who are looking to buy. You will start to make money via commissions and also get a better feel for the market.
@Brandon Ribeiro If you are trying to build up some sales as an Agent, the best thing I know to do is call listing agents and ask if they would mind if you hosted an open house at one of their properties. If you can get some traffic, you will have a lot of shots at finding someone who doesn't yet have a buyer's agent.
Hey Brandon, I’m in the same situation and like the other Californian my RE exam won’t take place until late October.
I have the same questions too, what I’m doing is learning from BP podcast, taking additional courses from KW Bold, webinars on market updates, reading books to help build my RE and investment IQ.
Have you decided what brokerage you are hanging your license with? Network with the other agents in your market center, team leads want to see you succeed and will look out for you to set you up with a mentor, and get you in the field and front of potential money making clients.
Let me know if you want to connect we can discuss more ideas
@Emilio Plascencia yes I actually have found the brokerage I am going to hang my license with. I’ve submitted my application about 3 weeks ago and am just waiting for my license number. They said there is a delay because of the shutdowns due to COVID.
My broker is letting me do showings still which is great to get my feet wet
@Brandon Ribeiro I want to follow this thread because up until recently I was in the same boat. Inam slowly getting back to full-time hours but my previous plan is now set back. Hang in their my fellow rookie, I always say, how bad do you want it? That question always brings me back to my why.
In my market, unless you are already established, it is hard to make a living off of being a salesperson. The inventory is just so low. It may be a couple years before you gain the reputation.
The benefit of getting your license is it doesn't take away too much time. You can be an agent part time while still working a full time job elsewhere. My advice would be to get another job and cut out your living expenses to start.
Figure out how much money you need to make to get that first deal under your belt, and just hustle until you get it. Real estate investing isn't a get rich quick. Its like getting paid bi-yearly. It takes me personally about a year of hustling to land a deal.
People are always looking to good property managers which is a tedious, grinding, underappreciated job. If I were you I would consider trying offer your services as a property manager/project manager to some of the "movers and shakers" in your market. You will get to simultaneously learn the business while making contacts with the important people in the local market. I don't think you will make much money, but I would consider it an investment, and you can make enough to live on in the meantime.
Real estate investors come in all shapes and sizes but one of the universal complaints in that they can't find property managers that care about their investments as much as they do. Seems to me that there is a niche to be exploited there.
Look for a job in a property management office now that you have a license! I did this when I was first getting started and treated it as a "work to learn, not work to earn" situation (the pay wasn't very good), but I learned some invaluable experience in property management, leasing, evictions, etc. I probably gained more experience in the year or so that I did this, managing hundreds of properties than most investors will gain in a lifetime of self management. Plus this is probably one of the best ways to build a reputation with investors who you may be able to help with acquisitions.
@James Maradits thanks for the advice! I’ve already hung my license with a brokerage though- would I still be able to work for a property management company?
@James Maradits thanks for the advice! I’ve already hung my license with a brokerage though- would I still be able to work for a property management company?
It will depend if the PM requires you to bring your license over. Not familiar with your state laws surrounding this, but in Ohio it's not much trouble to move your license from one broker to another.
@Joe Cassandra great advice. Thankfully the team I have joined has amazing splits and provides me with Zillow premier, I’m starting to get leads coming in already and the team leader is passing me a bunch of warm leads this week as well because she is unable to handle all the business