I currently work a full time 9-5 job and lately I've been considering going into real estate as an investor. I'm considering buying and flipping houses or just renting them out, however there's just so much to learn and I'm afraid to take the next step prematurely. I'm a newbie and I don't feel like I know enough about the industry which is why I thought about getting a real estate sales agent license so that I can learn the industry and make some money selling houses in the long run. Eventually my dream would be to quit my job and do real estate full time, but I still need a source of income to take care of my personal expenses ( rent, bills,etc..) so I won't even think about leaving my job. I'm also open to doing both Real estate and keeping my 9-5, because I really don't mind it. My dilemma is, would it be worth it to get my license and be a sales agent part time? Although I work Mon-Fri 9-5, my job is pretty flexible where I can take outside cals and speak with customers. Only thing is, I wouldn't be able to meet anyone or show houses until after I leave work, however I'm fully reachable. I look at this as a great way to learn about the industry and potentially make some money on the side while learning.. I'm not looking for a way to get rich quick. I just need a plan so I can finally start making my way into real estate investing. Thoughts please?
this is exactly how i started and up until now. I have a day job and started buying property 3 years ago. I harassed my broker so much for showing on the weekend so he was like "why don't u go get a license, buy house for yourself and work for me?"
Study and getting the license will definitely give you the content of real estate but to get the context, the only way is doing the real thing. Also keep in mind that license and membership in the MLS are not cheap to maintain, so it will actually push you to go out and make some sale or it will cost you money
Welcome to BP! you are on the right track
Being an agent and an investor are 2 different things. I am both but in the commercial real estate space.
Figure out what your monthly break even is. If now with your job you take gross 5,000 a month and use all of it to live on then that's the number. Of course you could analyze and see how much you can cut. You might find expenses can go from 5,000 to 3,500 to breakeven.
Then have 6 months in reserves so 30,000 as an example before quitting as a minimum.
You could just go work for a real estate company as an employee and learn while you earn. Sitting a new home subdivision also is a way to make sales fast and not have to drive buyers all over creation taking a ton of time trying to get a sale etc.
Welcome to BiggerPockets, @Rebecca LeBrun .
Many residential home buyers are in your exact position - they cannot look at homes until after work and on the weekends. If you are upfront with when you can show houses, I don't think it would be a problem. Not everyone will be able to work in your timeframe, but it is a reasonable timeframe. It's not like you are trying to show them houses at 11:00 at night!
However, it is not necessary to become an agent in order to invest in real estate. Most states require you to hang your license underneath a more experienced agent for two years before being able to strike out on your own, so start looking for an agency that allows part time agents.
@Rebecca LeBrun It depends on your goal. Want to invest in real estate or sell and market homes for commission. There are rules about realtors doing certain things as an investor. Net listing, conflict of interest, etc are some of the rub points.
Someone else mentioned having to spend a considerable amount of money and time in order to be your own agent. This is true, but check your state realtor commission by-laws.
Then, finding a broker that let's you invest while being employed by them is a rare find. However, It's been done by others on BP.
Much success to you in your REI.
I had a full time job (9-5) and was a part-time realtor for almost 3 years, working evenings and weekends. It can be done and you will learn a lot about real estate this way!
Yes it can be done, but realize that with a license comes annual fee's that cannot be avoided if you want to maintain access to the MLS and other things like dotloop and showing services.
Annual cost is like $1,000 + for a cheap broker and potentially much more if you become affiliated with a national broker that will ask for more monthly fee's to maintain marketing and nice office space etc.
@Rebecca LeBrun - did you ever get your broker's license? Did you do any part-time real estate? Did you strike it full time? I'm thinking about following this path myself and would love to hear how things turned out for you!
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