Best Way to Learn the Biz?

Question

Hi there,

New to the forum and been reading all of the suggested material.  One of the mentions from the article are getting mentors.  However, I have a day job as an Underwriter for a well-known insur. corp.  Needless to say, it is dull as hell and I have no interest in pursuing it further.  My goal for the day is to get done with my work quickly so that I can spend more time on reading RE info.  They talk about promotion in a few years, and I see that as my timeline to scoot from the position.  Are mentors really valuable if you have a day job?

To go along with this, I was possibly thinking about switching to a role that was more involved in real estate.  Becoming an agent was considered, but I've read it takes a few years to build a book of business...and you aren't really getting paid until you build a client base.  I would like to be earning a salary while getting training from a corp is possible.  What other types of jobs would be helpful?  Appraisal?  Underwriting home loans to understand the process?

I just didn't know if there was any advice for this or what others have done besides read, read, read to start out.  Obviously mentors won't really want to pay you when you will just go out on your own.  Greatly appreciate the input.

Ryan Befort · Answer

The paid positions that would greatly further my education while being able to pay the bills would be ideal.  I just didn't know which would be considered a waste of time/money/resources.  I've seen several appraisal jobs on various job boards and such.  Didn't know if it was just better I stick to the school that was mentioned above+free reading on all of the forums or finding a short term job (and dropping the UW job) in RE.

Not really sure what types of properties I am interested in because I might change my preference when I actually see the work involved.  My "dream" however, is to rehab/build/whatever else in luxurious homes.  I have a fascination towards those more-than-likely fake realtor shows you see on TV selling high end houses haha.

Karen Margrave · Answer

Ryan Befort Bill Gulley is right, you have a good start on your foundation, but taking some real estate classes would be helpful too. You might be able to find some type of paid position working somewhere in the industry where you can get more hands on type of experience, maybe working for someone doing construction project management, appraisals, construction, or as an agent (depending on the health of the market in your area) and your interest.

What types of property are you interested in?

Ryan Befort · Answer

That's for the replies.  Just sucks working a job you aren't passionate about and wasting 10 hours of precious time when you could be getting more rest, reading, planning instead of doing the same mundane tasks.

Bill Gulley · Answer

If you are an Ins. underwriter, you're over worked, under paid and a sharp guy.

You have the very best e-mentor right here on BP, lots of seasoned and informed folks.

First, go to a local RE School for Realtors, you do need the basics and you need information of your state laws and local customs. After the school, you can get a license but you can just take the course.

The school will introduce you to people starting out like yourself. If you play your cards right in that class, ask how a Realtor can invest or assist investors, you may get several wanting to work with you, it's a social business.

After you know what the rules are, you will know what a Realtor can and can not do, so you won't be seen in the RE community as some wheeler-dealer with a guru program. That helps establish your reputation.

Then, when you have an understanding of the big, legal, ethical picture, you can look at the programs that investors use. At that point, you'll be able to spot the BSer's and the dude that pushes some program as the ultimate way of doing RE. Many have no idea of what they are doing, but because they never got thier tails sued off they think thier way is best, you need to be able to spot them before getting involved.

Learn RE financing, it's almost as dry as insurance. Go to the fannie mae, HUD, and government sites and read the underwriting rules. You'll see what a lender can do and can't.

I'll go ahead and plug myself, seems others do, read here about seller financing and my posts.

I'm glad to see you here, you have some real advantages starting out due to your background that will become known later as you are in the finance arena. Good luck!

Manuel A. · Answer

The way I did it... so far... for rehabbing houses...

Go out and do it. Admittedly, I do have an "e-mentor" who has guided me quite a bit, but the best way to learn, I feel, is:

1. Work out how the flip will happen in your head. From searching the MLS, to estimating repairs, to closing with your buyer. This builds confidence and will help you know where your going as you progress through your first deal.

2. Make sure you're confident, then execute.

It's that "simple". Make a plan, become confident, execute. At least, that's what I feel. Of course I haven't gotten past the, offer stage (none of my offers have been accepted...), BUT! I have actually put out offers, so I know I can do this. It's the best way to learn in my opinion (well, besides having a mentor). You can get everything you need from this site. You just need to find it, or ask it :)

-Manuel

Silvio Brigliadoro · Answer

If I may suggest, find the Real Estate clubs in your area and start attending the meetings and networking with other local investors, speakers, etc. It may be a great way to meet mentors, RE trainers, etc.

Account Closed · Answer

Ryan there is no better way to get going in this or any other business than by working with a mentor. It will cut you learning curve way down and get you going while everyone else is still reading and hoping.
Good luck,
Joe