Job Switch, Which to choose- Goal is Multi-family Ownership

Multi-Family and Apartment Investing
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Job Switch, Which to choose- Goal is Multi-family Ownership

Josh KoettPro Member
San Diego, CA · Member since 2014 · 43 posts · 7 votes

Hello BP Community,

     Thank you for reading my post.  It may appear a little discombobulated, but I will try and stay on point. I'm thinking about switching careers from construction to either real estate or healthcare. I currently work  with my buddy doing small residential remodels. I've been considering leaving the trades for a while.   My ultimate goal is Financial Independence through multifamily investing.

      I've been taking night classes for the past year in healthcare and my real estate license. My question is whether to choose a job in something real estate related  like an agent, property management team member, loan assistant, etc. thinking that this job will keep me informed and in the loop to purchase a multifamily deal when it arises.  My other option is to go into RN nursing school.  It pays more, but It will be 20 months of schooling, no paycheck, and I wont be in the real estate loop. Any advice on jobs to reach my Financial Independence Multi family goal faster?    Thanks again

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Chris Eaker
Buy and Hold Investor · Knoxville, TN · Member since 2013 · 450 posts · 270 votes
9y

@Josh Koett I fail to see how any of the options you laid out will help you reach your goal. If your goal is to become financially free through multifamily real estate investing, then learn multifamily real estate investing and go buy a multifamily property. You day job is basically irrelevant. You won't have it for long if you start buying multifamily real estate.

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  • Ray Harrell
    Investor · Chicago, IL · Member since 2016 · 1k+ posts · 930 votes
    9y

    Nursing will only help make someone else rich and you will be paid nominally for your time. Pursue and invest your time in what you enjoy, and you'll never work a day in your life! I'd rather make $50K a year doing something I absolutely love than $100K a year doing something I hate at a place I hate going to being around people that I despise!

    1Reply
  • Craig CurelopBusiness Member
    Real Estate Agent · Post Falls, ID · Member since 2016 · 1k+ posts · 1k+ votes
    9y

    @Josh Koett - Ray Harrell makes a great point. If your goal is financial freedom through real estate investing then I would recommend you seek synergies in your life. That means working in the field you're interested in. 

    Nursing will delay your financial freedom by 20 months and tens (or hundreds) of thousands of dollars in debt. 

    My recommendation would be to pursue your passion in real estate. The money will follow. 

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  • Joseph CatalanoPro Member
    Rental Property Investor · Lewiston, NY · Member since 2014 · 192 posts · 97 votes
    9y

    @Josh Koett I would get into the Real Estate field.  It will give you numerous paths and opportunities that you will not have in health care.  Also it will give you a great chance to make contacts, contacts that have contacts.   You never know who has that next great deal for you to buy and the more contacts you have the better the chances.

    1Reply
  • Zach Scheer
    Investor · West Hartford, CT · Member since 2015 · 102 posts · 29 votes
    9y
    I'm an assistant property manager going for my Community Association license. It's a lot easier to learn when it's something your interested in and can relate it back to work. I use a lot of what I learn at work to run my own property. I would try to get into the asst. manager position if you can. If you are organized and a quick learner you'll blend right in. If you start as a leasing agent it may take a while to get to where you want to be. Just my two cents.
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  • Chris Eaker
    Buy and Hold Investor · Knoxville, TN · Member since 2013 · 450 posts · 270 votes
    9y

    @Josh Koett I fail to see how any of the options you laid out will help you reach your goal. If your goal is to become financially free through multifamily real estate investing, then learn multifamily real estate investing and go buy a multifamily property. You day job is basically irrelevant. You won't have it for long if you start buying multifamily real estate.

    2Reply
  • Andrew Campbell
    Multifamily Syndicator · Austin, TX · Member since 2015 · 127 posts · 247 votes
    9y

    Totally agree with @Josh Koett.  You don't need a RE license to become a multifamily investor, and if that is your goal, what actions can you take to get you closer to that goal?

    Of the two options you laid out, seems like doing something in the real estate arena, with less debt would be the better option. 

    Good luck!

    0Reply
  • Josh KoettPro Member
    OP
    San Diego, CA · Member since 2014 · 43 posts · 7 votes
    9y

    Thank you all for the replies.  Much appreciated!  Josh

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  • Thomas S.
    Member since 2016 · 13k+ posts · 12k+ votes
    9y

    Investing requires money. You need to figure out which path will best finance your investing. Wealth through real estate investing is a slow process not a race.    

    Choose based on a long term plan.

    1Reply
  • Ryan Koehler
    Arlington, VA · Member since 2013 · 115 posts · 40 votes
    9y

    Josh - if you choose to go the full-time job route, I'd definitely recommend looking into underwriting positions at multifamily real estate firms. Great way to learn the business while gaining experience and saving up cash to invest in your first deal. 

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  • Josh KoettPro Member
    OP
    San Diego, CA · Member since 2014 · 43 posts · 7 votes
    9y

    Thanks Ryan Koehler, do any big companies/firms stick out that you'd recommend? Or should I go with a smaller less known one? Thanks

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  • Ryan Koehler
    Arlington, VA · Member since 2013 · 115 posts · 40 votes
    9y
    Originally posted by @Josh Koett:

    Thanks Ryan Koehler, do any big companies/firms stick out that you'd recommend? Or should I go with a smaller less known one? Thanks

     Josh - if you are looking for a company with the best training programs for multifamily underwriting, I'd recommend the GSEs (Freddie Mac and Fannie Mae) or the large multifamily Servicers (Berkadia, CBRE, Wells Fargo, HFF, Walker & Dunlop, Prudential, Arbor, KeyBank). If you are looking for the most hands-on experience, I think looking into firms that trade and invest in multifamily is a great route to take. Let me know if this help.  

    I know that Freddie Mac Multifamily (where I work) is currently hiring underwriters in our DC, Chicago and LA offices.

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  • Brie SchmidtBusiness Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
    9y

    @Josh Koett - Just keep in mind that a change in careers will require 2 years of experience to use that income to qualify you for a loan.  So if you make a switch you won't be able to purchase any investment properties using that income for 2 years 

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  • Manolo D.
    Contractor · Los Angeles, CA · Member since 2015 · 4k+ posts · 1k+ votes
    9y
    Josh Koett What trades do you do? You can step up skills and be superintendent or foreman, it's the same as the trade but at least you don't work with hammers if the position is high enough. Residential remodels is a tip of the iceberg in the construction industry, at least try commercial, industrial or government if you want to step up, or if you want to stay in residential, try tract homes, pay is almost the same.
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  • Crystal SmithPro Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2014 · 2k+ posts · 1k+ votes
    9y
    Originally posted by @Josh Koett:

    . Any advice on jobs to reach my Financial Independence Multi family goal faster?    Thanks again

     Given that you're in the trades, you're already tangentially involved in real estate.  I've found some of the most successful investors started in the trades.  They became an expert in their particular trade, then learned everyone else jobs.  What they needed to grow from the trades was financial acumen so they could start buying & selling for themselves.  

    If being an RN is a dream then do it.  If it's not then keep your job, pursue a real estate license & start building a network with property managers, loan officers,....  

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  • Don KonipolBusiness Member
    Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
    9y

    Ownership of real estate investments can be successfully accomplished while holding down a full time job.

    Nursing pays a hell of a lot better than the entry/mid level jobs in real estate.  Good pay in the real estate field is obtained when one rises to investment decision making positions (for which one needs significant education, experience and talent), or on a commission basis by being a top "producer".  If, in an honest self evaluation these appear unobtainable, then becoming an RN will, if you are frugal, provide you with enough income to diligently save for investment.  Further, your income will provide a good base for borrowing to leverage the capital you save.  This is of course, assuming you have an interest in the medical field, and not just doing it as a way to make income.

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