New to Real Estate · TX · Member since 2019 · 21 posts · 13 votes
Hello BP, I am planning on resigning from my current job and pursue the career of a Real Estate Agent. I am not happy in my current position, although the money and benefits are good, I feel as if I am not reaching my full potential, and do not fill my purpose in my current field. I know I’ll be going hungry for a while, and it will set be back on my RE investing and FI journey, but I am confident I will be happier in a agent position. I currently have about 3 months of savings for expenses put back, and I plan on having that up to at least 6 months worth before making the switch. I am 23 years old so I want to make the change while I’m young, even in these uncertain times. Does anyone have any tips or advice while I go through this process of receiving my license and transitioning careers? Any insight would be greatly appreciated!
Real Estate Broker · Fort Lauderdale, FL · Member since 2018 · 196 posts · 191 votes
5y
I personally got fired and had to come to real estate. zero savings, zero plan, zero support. It's NOT easy at all but I survived off my hustle. I will say though that if you have good consistent income coming in, to this day I wish I had consistency. I always advise people in your situation to not quit a good paying JOB to find another JOB. I'd repurpose the good paying job and invest a bigger portion of your paychecks. You don't want another job, you want another way to generate income.
Put the money to work, not yourself. What if you made enough to get preapproved for a triplex? Now you started an early exit plan to be a full time investor, each year buying 1 more property. At a certain point you can quit, hire a management company and relax.
My biggest stressor is that I can do everything i'm supposed to do as an agent, put an entire deal together, and any party at any time can flake and crash the whole deal thus crashing my efforts.
NOW If your passion is being out there meeting, talking, moving and shaking, then this is for you. Every day for me is a thrill ride packed with excitement, stress, anger, and relief. Its always hectic but I wouldn't have it any other way.
Real Estate Agent · Dallas - Fort Worth, TX · Member since 2015 · 89 posts · 33 votes
5y
@Dalton Dykes - You are young and can take chances. I would recommend to find a mentor and follow them for 3-4 weeks to see u really want to be a RE agent. Offer to help out ur mentor by doing whatever you can for free
Don’t quit ur day job until you get your license, select a broker and hustle for a few months. Start by doing Open houses for ur mentor or other high performing agents. There is a Facebook group to host Open houses on other listings. As others pointed out, have 1-year savings and $10k-$20k for ur business expenses
I am a RE agent in Dallas and took 3-years to transition from part time to full time RE agent and cross my full time job income. Now I am a developer too. Feel free to reach out to me
Real Estate Agent · West Hartford, CT · Member since 2016 · 449 posts · 476 votes
5y
@Steve Morris Hey Steve, I am in the exact same position as you. Working in a 9-5 that I dislike, wanting to be an agent while also building a rental portfolio and here is what I would say.
1. Get your license and start being an agent while doing your w2 job. Building a network of clients and a funnel of leads/ closings does not happen over night. You can find time to do showings and meet with clients after work and on weekends. Once you start to build your pipeline and feel comfortable from both a financial and stability standpoint, then make the decision to quit.
I got licensed and joined a Brokerage this January. It costs money to join a firm and hold your RE license.... depending on state around 3k per year, so be prepared for that. I am on track to surpass my W2 income through both the agent business and rental income, however, I still haven't quit. Besides the income there are a lot of other factors being w2 employed brings you'll want to sort out. Do you have a plan to get health insurance? How much do you expect to pay? Do you plan on contributing you our own IRA? Have you decided on a Brokerage to join? While all relatively easy things to accomplish, have a plan in place.
I will say this, if you are determined enough and you treat RE agent as a full time job, honestly probably more hours than a 9-5 you will succeed. I find myself working more hours than the 9-5 because its my own business. Let me know if you have any questions of if I can be of any help!