I am beginning my journey into real estate and investment next month with my state's licensing course and exam. I already have a broker lined up. My mom has been the secretary for a broker for the past 30+ years. So, I grew up around the office, already have a positive relationship with the manager, and will be taking the licensing course at no cost.
I have spent my first 8 years out of college as a teacher. I have my master's and my principal certification. But I have realized that all the principals I know hate their life and are at school 24/7. I just had my first child and I know that isn't for me. Working for public education has also frustrated me to no end and I know I need out. My students are amazing and I love working with them, but other than that I have reached burnout.
My main question to those of you that have made the jump from a W-2 position, or to those of you that made the jump from part time to full time...when did you reach the point where you said "ok, it's time"? I realize that this will be different for everyone.
For me, being in education, my teaching contracts are for 1 year. So each April/May, the decision is either to go full time, or commit to another year in the classroom. When I reach May, if I chose to leave teaching, I would have approx 4-5 months expenses banked, about 2-3 months working real estate part time, and I have 1 client that already wants to buy and list with me, with 2 others potentially wanting to buy with me. I also have a wife, 9 month old, and a mortgage. I should add that I have the most supportive wife I could ever imagine and will be behind me 100%.
I'd love to hear your experience and advice. Thanks in advance for reading this book.
@Michael Wegener I used to be a teacher although I became a real estate agent a few years removed when I was let go during the recession so I think I have a good perspective where you are coming from. In your situation I feel you can go part-time easily as many teachers make good agents with summers off and the summer being the busiest time of year for home buying. I would recommend that once you have built up enough business as a part-time agent to where you can support your basic expenses that would be a good time to quit. With that being said, some people just operate better with their back against the walls, so you may feel the need to jump in and you obviously have a strong source of knowledge from your mother to help guide you to a quick start so I would not say that it's a bad decision to just jump right in. If you jump right in make sure you have money to market heavily. We spent about 1000 a month in marketing and committed to a plan for 12 months and that for me part-time as we have 3 young kids. We gave it at least 6 months before changing our strategy but committing to always finding new leads is your must to succeed.
I am sitting in the same boat as you are. I just got licensed and signed with a brokerage but I have a really good paying job (Synthesis Chemist with MS in Chemistry) that I am sick of. I am sick of the corporate nonsense and endless meetings that never accomplish anything except squandering time that could be used to address the issues that drew us to the meeting in the first place......
Needless to say, I'm teetering on the edge of jumping in FT. I have several rental properties that cash flow pretty well but I have never done real estate agent work before and never been in a sales position. I do have significant RE experience from an investing standpoint through.
I just had my first child too, and the lack of guaranteed benefits is really the only factor holding me back, because of the astronomical costs of healthcare when purchasing on your own. Something like 1500-2000 per month....insane.
For now I will build the funnel for leads in my spare time and slowly dip my foot into the RE agent pool to feel the water. I wish you the best of luck! If there is ever anything I can help you with just PM me.
@Colleen F. Fantastic idea for a seamless transition.