Where to start as a newbie

Question

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 )

Ronald Allen Barney · Answer

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.

Account Closed · Answer

What are your goals? In what timeframe? What is your degree in? Why not pursue a job in that area?

John Slater · Answer

@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.

Hit me up if any questions.

Christian Hernandez · Answer

@Ronald Allen Barney

Gotcha thanks for the lesson wil be sure to be mindful of my mail listings and so on thank you all for the info

Christian Hernandez · Answer

@Anthony Caruso for sure thank you for the advice will put it to use it’s greatly appreciated

Anthony Caruso · Answer

@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 =)

Ronald Allen Barney · Answer

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.

Christian Hernandez · Answer

@Ronald Allen Barney

Lol for sure got you and if you don’t mind telling me what was wrong with the marketing campaign you started ?

Christian Hernandez · Answer

@Bill Conlan

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

Ronald Allen Barney · Answer

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.

Where to start as a newbie

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