I've posted about getting my real estate license, and now that I'm taking the plunge I've spoken with an agent and a few friends. My question is if it's worth it to simply leave my 9-5 and jump into real estate sales full-time.
I probably have 2 mos living expenses saved up, so I would need to be productive right away. However, with what I want to do with real estate (replace my income, build a real business, become an investor), I feel it's nearly impossible to do it on a part-time basis.
What should I do? Take the plunge (pulling 70 hrs a week starting from the ground up hussling) or should I keep my comfortable job and be patient for the real estate side to pick up slowly overtime as I transition.
I want to say thanks in advance for your responses!
Duane, you look like the kind of guy that can make it full time and being a Realtor is full time work. Take the plunge but associate with a great broker with a lot of quality listings. Also, a good Broker that will assist in teaching you the ropes as you get going. Some will give you a draw if you need it at times as well if you working every day and have deals in the pipeline. Good luck!
@Duane Smith I would get a bit more saved in reserves before quitting. What's your potential savings rate like if you pared down all expenses? Can you work a few more months and build to a six month reserve?
Hi @Duane Smith ,
I'm fairly new to this as well and just finished real estate school, I also think that you should try to save a little more money because getting starting with a broker can cost you about $1k in fees. Also keep in mind it may take a couple of months before you get your 1st client and/or deal. Best of luck!!
I suggest joining a team. You will probably start with a 50% split, but will start closing deals a lot quicker.
Wow these are all great reply's! Thank you all!!
I do believe I can make it, I love the idea of running my own business and investing my own time and money to earn income, rather than just as a W-2 employee.
To save for 6mos, I might need to keep working until April or so (and that's if I'm really working OT at my 9-5 and saving). Otherwise, if I try to balance my time between work and real estate, it could take me a year or so.
I'm dedicated to this, so I'm not quitting, but I do want to make as few mistakes as possible. Whether that's starting too fast, or too slow..
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