As college graduation approaches, it becomes more evident that I must choose a path for my career. I will be graduating with a double major in Finance and Economics and am interested in banking and financial services. I really enjoy the work I have been doing with local investors since I earned my license in August. Wondering if anyone has experience in both areas (banking and RE) that could explain the advantages of choosing each career path. Thanks guys!
I have done both.
Being a RE agent/investor/owner broker/ NPN:
Pros: Having your own business, strong sense of accomplishment, being able to go whatever direction you want, freedom, getting to know the business from the retail end.
Cons: Easy to get off track, inconsistent cash flow, must be super driven, long hours.
Banking (Commercial Loan servicing/Bond markets)
Pros: Weekly paycheck, lots of folks to learn from, good business models to learn from, intimate knowledge of how the entire process works from the bank side.
Cons: 2 weeks vacation per year, co-workers, bad bosses, limiting environments.
My suggestion: Go work for a bank, learn as much as you can, get debt free quickly, build your REI business as fast as possible, then decide what you want to do. Some folks stay in banking to get the cash, some bail to do REI.
You'll need banking connections to be involved in RE. and you'll make RE connections being the banker. Why not start with banking for a few years and do RE on the side. It may become more obvious over time which direction you really want to go in.
@James C. @Karen O.
Thank you guys for the response. That has been my initial plan but I don't know anyone who has had experience in both careers. Really nice to get input from people who have done both.
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