I am a new agent that got started in the business in January of 2019. I've only gotten 1 listing, and been working with multiple buyers but have yet to get to a closing. My goal was buy at least 1(my first) invest property. With no income at the moment, and a unsure potential amount for the future, how do you suggest I get started? Pick up a second job that pays a wage or salary to have income?
I'm part time. My schedule allows me to to work RE 3 days a week and can also do anything on a computer at my job which is crucial. When I first got my license I was told that it will USUALLY take 6 months to see any profit.
Hang in there, Keep putting yourself out there, don't be a "Secret Agent". The best advice I've received while doubting my new journey...."It will come". Of course, it will come only if you put in the work but it will come.
Some will tell you that you need to be "All In" to make it work which I believe is sound advice if you have no responsibilities and plenty of time to door knock, hold open houses; pretty much put your feet on the street. BUT,if you do, then I believe working that full time job is key until you get your business up and running.
As far as the investing goes, don't invest if you're broke. Some on here will say that having a full time gig while investing was their biggest blessing. Just my .02 cents..
@James Barnes in my opinion is correct! But there is always a way to get started in real estate if you are hungry enough. You already touched on one, which is a part time job. This can help you get your emergency fund or working capital fund increased faster. Maybe you live you your part-time job's wage and when you have your next closing you could start investing with the entire amount.
You could also try wholesaling- find a great deal then flip it to another investor and make a few bucks.
Or find a great deal and partner with a pro/mentor in you local area.
The theme being, if you find a great deal you will be able to get into it with limited money. Maybe it won't be owning the property by yourself but it will start getting you in that direction.
Finally, education! You can't get enough of it. And if you can't buy right now you might as well become the most knowledgeable about the area you want to invest in.
@Derek Diamond Amazing advice as well. There’s always a way.