Gilmer, TX · Member since 2020 · 10 posts · 6 votes
Hello, I'm Brandy! My long term goal is to be an investor, but as a beginner, I'd really like to start a new career in the RE world at least. (I'm currently working in healthcare.) I would like to still make an annual income from a ''9-5'' as I begin investing, so I can have more funds to utilize. I know there are several career options in this field. Where I'm located, in East Texas, there are a lot of real estate agents and realtors. I've been researching becoming a residential appraiser, but I wanted to ask y'all's opinions/advice on this job choice. Is it worth it? Why or why not? If it isn't really necessary, do you have any other recommendations on where I can start? Should I consider becoming a real estate agent, or just focus my free time on real estate investing? Thank you so much advance!
Real Estate Broker · Tyler, TX · Member since 2018 · 193 posts · 143 votes
5y
@Brandy Stewart I would say unless you are lower level healthcare, that you stick with that W2 income, just as @Dan Weber mentioned. His advice is on point...lenders will expect 2 years of 1099 income and tax returns...and unless you want to pay hella taxes, you'll want to deduct all that you can as an independent contractor.
There are a lot of agents in the East Texas area, and most don't make more than $40,000 a year...gonna be hard to save unless you go in and kick butt in your first few years (which can happen, but unusual).
Possibly try to find a duplex that you could live in one side and rent out the other, live in house hack will probably be the quickest, and least money down to get you started!
Realtor · Portland, ME · Member since 2015 · 655 posts · 552 votes
5y
Depending on what sector of healthcare you work in, I would suggest sticking it out there for awhile. Likely you will make better money there then you will in many real estate occupations at first like being an appraiser or a property manager. More importantly, if you quit your W2 job to become an agent (and maybe appraiser? - not sure if this is W2 or 1099 employment), it will be tougher for you to get financing until you show 2 years of tax returns. I'd try and lock down a house hack to get your investing journey started before you decide to switch careers. Good luck either way!
Real Estate Broker · Tyler, TX · Member since 2018 · 193 posts · 143 votes
5y
@Brandy Stewart I would say unless you are lower level healthcare, that you stick with that W2 income, just as @Dan Weber mentioned. His advice is on point...lenders will expect 2 years of 1099 income and tax returns...and unless you want to pay hella taxes, you'll want to deduct all that you can as an independent contractor.
There are a lot of agents in the East Texas area, and most don't make more than $40,000 a year...gonna be hard to save unless you go in and kick butt in your first few years (which can happen, but unusual).
Possibly try to find a duplex that you could live in one side and rent out the other, live in house hack will probably be the quickest, and least money down to get you started!
Lender · Denver, CO · Member since 2017 · 348 posts · 143 votes
5y
I think that if you decide to become a Real Estate Agent that you would have a pretty good opportunity to do well. With you being in the healthcare field you could come up with a program directed at healthcare workers and since you are part of that network you should be able to get some clients fairly quickly. I think this will also help when you decide to invest since you would have the network to a fill your rentals with healthcare workers.
Rental Property Investor · Brandon, SD · Member since 2015 · 1k+ posts · 1k+ votes
5y
Hi @Brandy Stewart, I started in healthcare too. I'm still doing a W2 job with 64 units. It sure makes it easier to get a loan when you have a job. You can always quit and self-employ later, when you can prove you are making money in real estate. Get your RE license and take the time to find a good broker who will work with you and work around your day job. Find out if it is working before you go full time. Best of luck!
Gilmer, TX · Member since 2020 · 10 posts · 6 votes
5y
@Dan Weber Thank you so much for taking the time to reply! I work in pharmacy, and you're probably right about making more money in this field. I didn't consider the loan financing side and how switching jobs could really impact my real estate goals. I appreciate your advice!
Gilmer, TX · Member since 2020 · 10 posts · 6 votes
5y
@Angie Shires Thank you for your reply! This is exactly what I needed to hear, and I understand what y'all are saying. I do like the idea of finding a duplex. I haven't found a deal worth pursuing, but I will keep searching. My husband and I are currently debt free and own our home. So we wouldn't have to house hack, and we could have double the cash flow coming in. I appreciate you taking the time to respond!
Gilmer, TX · Member since 2020 · 10 posts · 6 votes
5y
@Michael Glist Thank you for responding! That's a great idea, and you've made some really good points. I work in pharmacy, so I'm constantly interacting with doctor's offices, hospitals and other pharmacies. Definitely something to consider, I appreciate you taking the time to reply!
Gilmer, TX · Member since 2020 · 10 posts · 6 votes
5y
@Benjamin Aaker Thank you for taking the time to respond! Wow, 64 units, that's awesome! I mentioned earlier how I didn't really consider the loan financing being an issue not working a W2. So I definitely don't want to quit completely and start a new career. That's great advice, trying out being a real estate agent before I just dive in. I appreciate your reply!