Sick of Dead-End 9-5

16 Replies

Hello, my name is Cameron. I have worked construction for the last 6 years and can’t take it anymore. I am very interested in real estate investing and have been cramming as much reading and studying in that I can handle. I’m interested in becoming a real estate agent. It’s a whole new world for me as I’m also trying to learn the trade. My concern is I live in a rural southern Minnesota and have a mortgage. Is it realistic to make a living as a real estate agent with minimal houses near me? Is there anyone in the area that can recommend which broker to go with? This is my first post and all insight will be greatly appreciated! Thank you

@Cameron Rees It certainly can be done, people quit their jobs and become Real Estate agents all the time.  Most start part-time and build a base of business first and that is definitely what I would recommend.  

I don't know enough about Sleepy eye to know how much business there is in the area, but one factor is the number of transactions, the other is the dollar size of the transactions.    As a new agent, you will be required to work for someone else so I would contact the local brokers and meet them for coffee, ask them lots of questions and see how it sounds.  

Pick the one you like the most that you feel would provide you with guidance and preferably let you work on their deals since you really do need transactions to learn.  Don't worry about commission splits to start you need the training and transactional guidance.  Once you learn you can always renegotiate your pay or leave for another broker.

In short, I would not quit your day job yet.  Get started part-time first.

@Tim Swierczek Thank you so much for the reply! One issue I may have (hopefully not an excuse), I work for a highway construction company and really only have some Saturdays and all Sunday’s to show places. I do have winters off though if I choose to do so. Maybe I could try get my license before the winter. Thanks again!

@Cameron Rees That does make it harder to work because a Realtor needs to generally be free for clients in the evenings.  I'd still start with coffee meetings with the local brokers.

Originally posted by @Tim Swierczek :

@Cameron Rees It certainly can be done, people quit their jobs and become Real Estate agents all the time.  Most start part-time and build a base of business first and that is definitely what I would recommend.  

I don't know enough about Sleepy eye to know how much business there is in the area, but one factor is the number of transactions, the other is the dollar size of the transactions.    As a new agent, you will be required to work for someone else so I would contact the local brokers and meet them for coffee, ask them lots of questions and see how it sounds.  

Pick the one you like the most that you feel would provide you with guidance and preferably let you work on their deals since you really do need transactions to learn.  Don't worry about commission splits to start you need the training and transactional guidance.  Once you learn you can always renegotiate your pay or leave for another broker.

In short, I would not quit your day job yet.  Get started part-time first.

I agree with Tim 100%. I just got my realtor license but am keeping my full time job while I work it. I'm actually in a unique situation though where I'm kind of my boss so I have a lot of flexibility with my own schedule and I know most people probably don't have that. That doesn't mean you can't make it work though, definitely sit down with local brokers like Tim suggested and if you like to read and you haven't read "The Millionaire Real Estate Agent" by Gary Keller I would definitely pick that one up. Since you're probably going to be part time to begin with make sure your broker has plenty of hands on training and support they offer for newbies. Congratulations on doing something and getting the ball moving!

I would not steer you away from becoming a real estate agent , at least not at first , give yourself time to learn and mature, save your money. With your background in constuction though I would think you would love doing fix and flips , maybe even become a licensed building contractor. This is the path I took myself although I never entertained the idea of becoming a real estate agent.

As a real estate investor there is nothing that will pay off more than being able to accurately cost things out, get good at putting numbers together because that will lead to forming an accurate premise for investing or not investing in a property. Of course there are many other skills you will have to develop and knowledge of all the processes of property and deal avaluation but knowing how to accurately cost things out is one of the most important things you will need to know. 

Welcome and good luck to you

@Cameron Rees I have no opinion about being an agent or not (actually I do, but you don't want it:), but I would lock up a house to buy if you're ready at all and get the mortgage before you quit.

I assumed you meant you have construction experience? Buy that BRRRR or flip before you quit. Nothing harder than trying to qualify for a mortgage with no w2.

I'd set a dollar amount of savings to achieve before I quit.  The tighter you guys can budget, the sooner you get to make the change.  In the meantime learn and research some options.

Good luck with whatever you decide.  I quit the cubicle and moved to a trailer park to save money so I get what being fed up with the status quo is like.  I had savings and a clear plan.  I suggest you do as well.

@Steve Vaughan Thank you for the advice. I may stick it out for a year or two and build up some capital before I dive in. So many options to toss around I appreciate everyone’s input. It’s actually more complicated then I explained. I own a house in Illinois (with 4 dogs and a fiancé), but live with family in Minnesota right now. She will move up and we will live in Minnesota. I just don’t know if I should buy a place now for primary residence and house the dogs that way we can sell the place in Illinois. She is in nursing school and will move up here after that. Any suggestions? There is a place that I can get for a decent price that is actually being rented right now but I don’t want to mooch off my mom as I’m living with her currently. Thank you guys and gals so much for the help.

Originally posted by @Cameron Rees :

@Steve Vaughan Thank you for the advice. I may stick it out for a year or two and build up some capital before I dive in. So many options to toss around I appreciate everyone’s input. It’s actually more complicated then I explained. I own a house in Illinois (with 4 dogs and a fiancé), but live with family in Minnesota right now. She will move up and we will live in Minnesota. I just don’t know if I should buy a place now for primary residence and house the dogs that way we can sell the place in Illinois. She is in nursing school and will move up here after that. Any suggestions? There is a place that I can get for a decent price that is actually being rented right now but I don’t want to mooch off my mom as I’m living with her currently. Thank you guys and gals so much for the help.

 If I woke up in your shoes (But not knowing what other debts and stuff you currently have) I'd stay with mom, contributing to be above 'mooch' status and not just buy a 2nd primary. Unless the primary is a househack that brings in income. Probably tough with 4 dogs.

Save and earn all you can. Don't buy anything that doesn't create income.  Primary residences put plainly are just boxes we sleep in that cost.  Stay with mom, get out of debt, save a big ol transition fund and prepare for the storm.

@Steve Vaughan Thanks again for input! I actually am debt free besides my home the only issue is the dogs need a place before I sell my Illinois house. They cannot stay at my moms. Thankfully two of the dogs are really old (I love dogs but 4 is too much).