What's the best job to aid your real estate development?

Question

Listening to the podcasts, Josh and Brandon have mentioned several times that newbies should get a job that's somehow involved in real estate.  This way you can learn the industry and educate yourself while saving money to eventually start your own career.  My question is; what is the best job for a newbie?  Is it a banker so the can learn the financing aspect?  Is it a property manager so they can learn the tenant process?  Is it an appraiser, real estate agent, contractor, commercial lender, insurance producer, handyman etc?  Obviously each position requires different skills and have different advantages i.e. compensation.  With that being said, what is the best job for a newbie who wants to develop their real estate skills?

Andrew Syrios · Answer

It probably depends on what type of investment you want to focus on. If you want to do buy and hold, I would say property manager. If you want to do wholeselling, probably a real estate agent. If you're going into flipping, either appraiser or something in construction management. If you want to do commercial real estate, then maybe in commercial finance or commercial appraisal.

Then again, all of these jobs will help educate you about real estate, so there's no "right" answer for any given niche.

Account Closed · Answer

For what it's worth, I've worked in financial services, then as a project manager for a real estate developer, then as an asset manager for a real estate developer.  Now I work for a an investment fund buying apartment buildings.

Every one of these jobs has taught me a ton about real estate.

Dawn Brenengen · Answer

@Christian Bors I agree that there is probably no wrong answer to this. Once you are in the business at all, you will learn a lot about the various other aspects. I sell real estate and do property management. I have learned about lending, appraisals and construction in the process. Just get into whatever interests you. The more you know, the clearer the vision will be for what you want to do.

Anthony Gayden · Answer

This is a good answer. Many of us who invest in real estate do not work in real estate. I'm not saying that there is anything wrong with working in RE, but it isn't necessary.

I personally realize my shortcomings, and my strengths, and realize that a sales focused job would not be the best way for me to utilize my strengths. Working in RE, which is a sales focused industry, would probably not be good for me.

Dawn Brenengen · Answer

Yup, it would just depend on what you want to learn.  Each aspect of RE is different, so it would just depend on what you want to do.  I picked sales agent, and I originally started in new home sales, working for builders.  I added property management to my services four years ago.  I started investing in my own rentals ten years ago.  I used to do a lot of my own rehabbing and maintenance.  Now I hire it ALL out.

Christian Bors · Answer

@Dawn Brenengen @Mary B.

Thanks for the input guys.

What I was trying to get at was if you had to pick one career, what would it be. I understand there is value in many careers, but I was trying to start a debate to see what people think. For example, say you just graduated from college, what field would you  want to join?

For me personally, I am already in a field that exposes me to the industry. I am banker. This has allowed me to understand the financing aspect of the industry.  And with competitive compensation, this career has helped me progress fairly quickly into my real estate career.

Mary B. · Answer

@Christian Bors I doubt that there's a wrong answer and there isn't just one answer either.  Some of these 'job aids' require a license depending on what state you're located in so do your homework.

Kudos,

Mary

What's the best job to aid your real estate development?

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