2 weeks ago I walked into work thinking it was a normal day only to find out that it was actually my final day. The company was not doing well and I was the youngest and least tenured in the company so I was first to go.
I had originally scheduled my real estate exam for late August. When I got the news that I lost my job I was able to move it up to July 28th and I have already found a team that I am going to be a part of with amazing splits and support.
My main reason for writing this post is that I had set a goal for myself to buy my second property by the end of this year. Now, without a W-2 job, what suggestions do you all have to make this happen? I don’t have very much saved up and I originally had a pretty well paying salary job. Is this still feasible? What should I do to make this happen?
I see this whole loosing a job as a good thing that happened and will propel me into real estate head on as I have been wanting to do this whole time but haven’t been able to let go of a nice salary job (comfort). Now I am forced to step outside my comfort zone and make things happen!
Hey @Brandon Ribeiro , sorry to hear about the unfortunate turn of events. Luckily you were already working on a back up plan. Starting out as a real estate agent is tough in the beginning. Not trying to throw a wet blanket, but it's not unusual to struggle to gain momentum in your first year. You are taking the right approach by joining a high performing team to expedite the rate you learn from those who are already doing well.
Back to your rental property question, now more than ever, banks are asking for employment history multiple times during the transaction. Until you have a year of proven sales, it may be difficult to secure traditional financing. You are going to have to find some alternative financing and get creative if you don't want to wait. Seller financing, hard money, etc. With what I said above, I would recommend saving up your money to weather any low times in your new sales career.
Awesome input, thank you for the advice! I really had my heart set on buying a sfr with some land for myself and significant other to move into and rent out my current property- it’s one side of a twin.
@Brandon Ribeiro , I agree with what @Ryan Hoover stated above. Welcome to real estate sales! It's great you've already got a team lined up. Regardless of the training your new team will give you, I highly suggest you read Ninja Selling: Subtle Skills. Big Results. by Larry Kendall, it might change the way you plan to attack your new career, it's the most thorough explanation of how to start leveraging your sphere of influence in your sales career. It has been well worth the $20 investment!
Awesome! Thanks for the suggestion, I just ordered it!
@Ashley Salisbury the book is amazing! How has it worked out for you so far?
@Brandon Ribeiro Glad you're enjoying it! I'm slowly working my way through creating my CRM and systems. I've applied the 2 personal notes a day which has been great, but I'm just returning to Tennessee real estate from a short (18 months) stay in SoCal for my husband's job, so I feel like a brand new agent again!