So I lost my job in June and pivoted to being a full time realtor. Do you recommend finding a full time job or part time job while getting started? I keep seeing my savings decreasing while paying my mortgage and bills, but have no real cash flow right now.
What would you do in my shoes? I have been working in sales/ project management my whole career since college if that helps
@Brandon Ribeiro I am also a new Realtor, after reading the millionaire real estate agent, and other agents that have been mentoring me. They all say you need to do it 100% if you want to be successful. Do you by chance have a few months of expenses saved up? That would help. I can imagine you could bank on a check within 3 months if you're all set up to start selling. (depending on your market of course)
I would have to agree, Go 100% all in!
I want to go 100% all in, but I’ve been unemployed since June and started studying and successfully passed my real estate exam in July. Im in PA, and it took over 3 weeks after I passed to actually get my license number. Now it’s September and I’ve been licensed for a little over 2 weeks.
So I’ve been depleting my savings for around 3 months now. I don’t think I can actually make it any longer without finding a job. I have about another months worth of reserves aside.
@Brandon Ribeiro sounds like we're in pretty much the same boat, I haven't worked in about 3 months and my savings is pretty much gone! Only been licensed a few weeks as well. You know there is a benefit to having a W-2 job for a couple months. Work long enough to qualify for a loan, house hack it, then go full time realtor once you can afford it. Depending on your market a few sales can give you the window you're looking for to really go full time and not worry about the bills.
@Jacob Stewart that’s my exact situation. I may be getting a job offer for a w-2 job that’s pretty much a remote position, so I’d still be able to answer my calls and conduct business during the day if I needed to
@Brandon Ribeiro duel hatting is much better if you can work remote and still conduct real estate business, I'd say go for it. But once you can go 100% realtor I'd just do that
@Jacob Stewart I think that’s the path I have to take financially
I agree with @Jacob Stewart
Working remote will allow you to devote more time to real estate. If you can also work on your business remotely and have they time and location freedom, it'll be even easier for you take on another full time or part time obligation.
@Brandon Ribeiro I’d advise joining a high producing team which will provide you training and leads. Without a large personal sphere it’s tough and expensive to get started. After 10 years as an agent, I now work by referral only and that first year on a team made it possible!
Hey there, going 100% in sounds great but it’s not feasible especially considering that you have other obligations, bills etc. Starting up can be very costly and difficult, marketing, desk fees you name it. Buyers are liars, everyone’s ready but no ones really ready, clients can ghost you be sneaky or go behind your back, be dreamers, shoppers etc. I’m being real it can take months to close a deal that may or may not even close. However, Real estate is super flexible. My suggestion is to get a job to cover your day to day expenses, partner up with someone in your office that you can trust to cover you if showing time conflicts with work. You Can have a job and schedule your showings around your schedule! You control the narrative.
Take it from me I’m a full time kindergarten teacher, and investor and I also do real estate part time and that is my strategy and it works. I’m honest enough. To say I don’t make enough going FT in real estate to quit my job just yet. Many times I’ve been fed up with my job and wanted to quit and do real estate ft and My broker has advised me not to quit my job just yet either. (Having the w2 helps with getting into other investments) So make it work for you. Get a social media profile and make it all about real estate to attract more clients, take them out on nights and weekends depending on your schedule. I’ve even realized these are the times most buyers can view anyway because they are off on weekends and get off work in the evenings. Not everyday you’ll have a showing so on those days you can go into the office make calls, post listings etc. So weigh your options. I like financial security and a cushion in the bank as well lol
I get it jump in 100%...when I first started we were fostering 9 kids had three of our own...
I drove a school bus in the mornings and afternoons and did cold calls door knocking and other lead generating item in between.
Now I’m a full time agent and I have 3 bio kids and 4 adopted kids and I’m the only money maker...(with 7 kids my wife hold down the fort)
How ever you do it dig in stick it out and get a in person mentor to help!
@Robin Searle thank you, I did join a great team that the team leader gives 100% of the paid leads to the people on our team, assigned by zip codes. The leader only wants to work her sphere and will invest on buying leads for us to work.
@Brandon Ribeiro You’ll probably be better off finding a steady income source for now. Even if it means listing items online you own and can live without. Cut every extra expense you can, which I’d bet you have done already. Hang in there!!
@Shelby Kyle I definitely have cut my expenses down. I think I may go the route of getting a W-2 job for the time being. It would make it easier in getting approved for loans too
This is a people business. The more people you touch, the more money you make. A w-2 job will get in the way of that. Survival comes first though. Lots of people have side jobs in the beginning before they transition to full-time. Just don’t expect to make the big bucks out the gate if your time is taken up with going to a job.
@Kat Earle I totally understand that. If I could afford to not have a steady income and do real estate full time as I am now, I 100% would. Unfortunately I have a mortgage and bills to pay, and my savings will only take me so far.
Ya, I'm just starting out as well and lucky enough to be in a unique position where I won't need to work. The great thing about holding a job that some people in a few podcasts have mentioned is that a W-2 job helps you be lendable for when you want to buy properties or do a BRRRR strategy and refinance. I can't remember which one off the top of my head, but a realtor started working in a property management company who could offer him the job and he then uses the company to manage the properties he buys. I thought it was beautiful strategy! Good luck on whatever you decide!
@Jacob Stewart yeah you do I agree 100% when I did it part time it was a waste had to quit my job and dive in full time
I’m with a Direct marketing company to earn money for investments. It can be done anywhere at any time so it would not interfere with your real estate. And you could meet people who may need a realtor and vice versa. I know doctors and attorneys who are in the business!!
I know people may roll their eyes at this platform, but it can be as lucrative as you want it to be (depending on the company). Even Robert Kiyosaki (Rich Dad Poor Dad) recommends Direct Marketing! 😊
@Brandon Ribeiro I think you should do just that with still having the goal of going full time real estate one day unless you love your w-2 Job. So when you start working, save all that you can, keep expenses low and keep selling real estate.
Update, 3 months in- I have 1.2 million in settlements scheduled for December, and I also work part time with a wholesaler moving off market deals to investors making about 3-4k additional per month!
keep your head up if you're starting out and everything will work out. I've tried staying positive throughout this transition and just grinding away every day working endless hours, but the days seem short because I'm on my own time and I'm doing something I love doing.
Since you got good college training and working experience, I would keep working as a real estate agent while also looking for a job based on your college education and previous job experience. The economy will recover and jobs will be available. But keep doing the real estate agent work too. Finding a job with good income will make it easier to transition to real estate investing, eventually achieving sufficient cash flow and financial freedom.
Many would say do it 100%. That's the nature of sales...
However, I would say try to strike a balance. Those that say do it 100% will generally tell you that it will take 3 years upwards to 5 years to really get established. So, that's hard to survive on savings for three years. If you are not from a sales background, there is plenty to learn. And, if you don't know real estate, in general, you've got to learn all of that.
I think the issue is while you are working full time on a W2 job, are you going to put in the effort on nights and weekends, for example, to work on your real estate agent career. For those "not so motivated or dedicated," they will drop out. That's all.
Diversification is still your friend. Good luck.