Hello I’m 23 years old with 30k in student loan debt and decided I’m going to become a real estate agent I know you don’t need to be a agent to invest in real estate , but where would you guys start in my situation any advice would help thank you all so much (I’m in the California/ Los Angeles area by the way )
Real Estate Agent · Tampa, FL · Member since 2020 · 411 posts · 373 votes
5y
If you start being an agent 30k in debt a few months later you'll be 50k in debt. Being an agent is a business, and to get it off the ground requires investment. I brought not enough as capital and suffering the consequences.
Real Estate Agent · Tampa, FL · Member since 2020 · 411 posts · 373 votes
5y
If you start being an agent 30k in debt a few months later you'll be 50k in debt. Being an agent is a business, and to get it off the ground requires investment. I brought not enough as capital and suffering the consequences.
Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes
5y
@Christian Hernandez have you identified a brokerage to hang your license with? If not, this should be your first step. Network and interview at multiple brokerages. Find what's best for you and identify how the brokerage can help you succeed in the industry. Also, if you do not have any prior experience in sales, I highly recommend you shadow/assist a successful agent your first year. This will allow you to understand and grasp the ins and outs of real estate and will set a foundation for you. Some simple things you can do now, let everyone know that you are becoming a real estate agent. This a relationship based industry. Forgot about having a fancy website or business cards. Your main objective is to talk/network with as many people as possible, primarily letting those individuals know that you are a real estate agent. Feel free to reach out if you want to discuss more. Always happy to chat!
@Michael Dumler and I thought about Keller Williams , and my cousin does pretty well as agent and he was willing to help me get started as well and I have 2 or 3 people who are willing to purchase a property through me as a agent
@Ronald Allen Barney how much would you recommend and I have 2 people who are willing to purchase a house through me as a agent
Normally I would say bring about $25k with you into the business to cover your living expenses during that initial dry spell and to fund marketing campaigns that are about $7k a pop. But with 2 strong buyer leads that could change the requirement. I'd still want about $10k in addition to that as startup capital. $10k was what I brought but I had no leads, no real contacts in my market, and the contacts I have back in Minnesota seems to be a demographic of lifelong renters, lol, sucking wind here. I did one marketing campaign the wrong way and that pretty much shot my wad.
Tbh my passion is in real estate it was never in schooling and my goals are to be financially free so I wanna start as a agent maybe open my own brokerage , and start doing doing fix and flips
Lol for sure got you and if you don’t mind telling me what was wrong with the marketing campaign you started ?
Direct mail has to be repetitive over time and I spent my budget on a "golden letters" campaign (on the advise from some dinosaur at my market center whose "mastermind" classes I will never attend again), didn't have budget or writer's cramp resistance to keep up with that over time. Easier and more effective to just mass mail, but NOT cheaper. I didn't bring enough investment capital to this business and it's hurting.
Real Estate Consultant · Boston, MA · Member since 2021 · 62 posts · 57 votes
5y
@Ronald Allen Barney@Christian Hernandez Even though it stings, it's is a good lesson to learn about marketing. Its almost always better to mail a smaller list over time, than to just blast a bigger list once. Targeting and refining your data based on motivation or distress will help keep your quantity down. Then pair that with a personalized mail piece and watch your direct mail ROI increase =)
Real Estate Coach · Riverside County, CA · Member since 2017 · 238 posts · 157 votes
5y
@Christian Hernandez
First place I would start is a part time job to pay bills while you get your business up and running.
Second and could be right now is to sign up to get your license. I used licensesolutions, $80 to get your first 3 certificates done. That takes minimum 54 days to complete.
Then apply for your license, need about $500 for this, now sit back and wait 4 months for BRE to give you a test date, study hard in this time to make sure you pass first time.
Now licensed, expect to pay around $2k in fees for boards and broker etc. get the right training and get to work. Until you are licensed you can’t help a buyer, unless you work alongside a realtor. In the meantime, learn to find leads for investors… maybe that could bring a deal while you are waiting for license.