Why are there so many scams everywhere?

Question

Chinmay J. · Answer

Bad approach if you ask me.. Again its my opinion, so take it for what it's worth.  You don't need to avoid or quit full time job. I make 6 figure income in my IT job, and yet able to increase my RE knowledge. How? Combination of multi tasking, taking action, and little bit of delegating. I am also a licensed realtor in Virginia, and getting my license has been the step in right direction towards increasing my knowledge.

It doesn't take a full fledged 60 hrs a week commitment to jump on resource like BP and read what experts have to say. I have learned a lot from reading and contributing to the Forums. I listen to podcasts in my car regularly.

Having a full time 9-5 job allows me to get approved by a lender. Its a breeze when you have decent income coming in. It also allows me to increase my net worth by virtue of having benefits like 401K and not to mention paid vacation and health insurance.

I will admit, that I don't have a wife or kids, or even a gf to eat up my time, and the only vice I have is my love for baseball.

If I were you, I would stop avoiding getting a full time job and increase your knowledge while still working.. You gotta learn to walk and chew the gum at the same time.

A million and one thanks to posters like Jay Hinrichs, who if they choose to, can sit in a hammock on a beach all day long sipping beer, but still choose to come here and contribute.

Jay Hinrichs · Answer

because real estate is very hard.. but it has been romanticized into peoples brain that its the road to richs with little money and no credit.

listen to @Mike H.  he is giving you solid and actionable advice.  I got my license at 18 and look at me at 61 I am still working  :)  And loving every minute of it.. ( sometimes )

Mike H. · Answer

I think one of the issues you have is that there are very few real estate companies out there. I would bet most of the ads you see out there are by some company trying to sell some training program or something stupid.

To me, if you were to want a job in real estate and one that you can leverage to add to your investing toolkit, I would think a real estate agent/broker would make the most sense. You'll be looking at lots of houses. You'll get access to all the listings for quicker showings and can pull your own comps fairly easily. And you'll make money.

Plus, you might get the opportunity to be an agent for an investor or two and learn what they're doing.....

Mike Dymski · Answer

You can't get in the car, pick up the phone, get online, or do much of anything without getting pitched, up-sold, contracted, rolled over, bent over, etc.  It's annoying and hard work to find and maintain what you want...we are starved for transparency and simplicity.

Mike H. · Answer

@Jay Hinrichs.

Or you identify someone really successful like Jay who has a legitimate real estate company that you could learn a lot of different strategies from and then email him once a week until he folds and gives you a job working for him.

That would be an idea for a plan B.  :-)

Chinmay J. · Answer

Most people are not going to give you advice to jump in RE with both your feet - especially given the fact that you are only 22. Most people will tell you to start earning a paycheck and slowly but surely start investing in RE.  Once you have enough years under your belt, you can decide whether you want to transition to RE full time.

Yes, most people who have changed the world didn't follow the traditional path of 9-5 and working for someone else. If you think you can be the next Bill Gates, Warren Buffet or Richard Branson, by all means go for it.

No one in right mind advises anyone to take unconventional approach. That's something you have to do on your own.. Good luck.

Jay Hinrichs · Answer

@Matt K.  you simply get what you pay for... although we do have to remember our average transaction out our way at least in PDX is over 400k..  and your way over 700 to 1mil average probably.

in some markets 400.00 for transaction coordination may not be viable.. someone may have to work for 200 a file or something like that..

out our way brokerages are just places to hang your shingle these days.. there is no floor time there is no support.. basically at our brokerage I walk into the office and our office manager Patty is 90% of the time the only one in the office.. everyone works from home .. these days.. at least were we live.. some will have an office but are rarely there..

James Wise · Answer

@Tom Conant The issue is you are looking to Real Estate Investing to avoid the 9-5 job but then applying to jobs. Your just trying to get a 9-5 job in the real estate space my man. 9-5 jobs in the real estate space that pay hourly include but are not limited to

• Accountant
• Administrative assistant
• Secretary
• Maintenance technician
• Property manager
• Assistant property manager
• Runner/Gofer
• Bookkeeper
• Marketing manager
• Leasing agent

Anything outside of that purvue will be a sales position which isn't a job. It's a business, your business. That's going to be commission only & be self driven by you.

Also worth noting that wanting to avoid having a 9-5 job is probably the worst reason one should get into Real Estate Investing. Real Estate Investing is for those with a large amount of money they need to invest. Real Estate Businesses like the ones I mentioned above are how you avoid the 9-5 job.

Jay Hinrichs · Answer

@James Wise  Jim I don't know If you have this but out on the West coast we have

TRANSACTION Cordinators... these are 1099 folks that work at home and keep real estate agents paper work all in order.. our brokers out here won't give you your commish check unless every single document is done correctly.. Missing an initial on an addendum  NO pay go get then your paid.

So most high producing agents hire the transaction coordinator and introduce them as their assistant..

we pay them 400 to 500 a file.. and at the end of the day they coordinate all busy work most High producing agents don't want to do .. And we get our checks on time every time.

A good TC like Wendy who my wife hires to handle here transactions.. will have  10 to 20 agents they are doing this for..

So a very nice cottage industry for someone who wants to work at home ... and is UBER detail Oriented usually has a license and understands contracts and what needs to be done and not.. so not un common for Wendy to make 7 to 10k a month doing this for all these agents.. 5k in a bad month.

This could be a nice spot for all these folks that want to get started in real estate but need that 9 to 5.. And or simply do not wish to deal with the public and be a salesperson.. not everyone is good at selling RE... as we know..

at least out our way Wendy's pay per transaction is maybe 2 to 5% of total commish due the agent and it releases agent to sell more and not get bogged down in paper work.

Much like Mortgage brokers that work for themselves many out source transaction coordination and putting the file together to ship to underwriting .. much of that is done by stay at home moms on a fee basis.

Derrick E. · Answer

With your carpentry skills, why not get a W2 job. Save up and buy a cheap house, then fix it up yourself and start renting it out? Then repeat until your rental income is making enough for you to live comfortably while just managing the rental properties?

Why are there so many scams everywhere?

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