Hello All

Due to personal reasons I moved to Missouri and started working here, and after some significant life events that occurred during my time here, I quickly found out that I do not want to be stuck here with a job living in an area I'm not happy with. 

I'm contemplating on quitting my job here to jump with both feet in and become a full time real estate agent to start off my REI career. I have been studying/researching about REI for a while now and I know I want to eventually be living off rental incomes while doing some flips and buy and holds. And the reason why I chose Indianapolis is because I'm attending IU in the fall for a Master degree (online) and I want to be closer to the school so I can tap into the network there.

Any tips or advices for someone like me who is at a cross road and about to make a very big change?

Thanks in advance for taking the time to read and respond, I appreciate everyones inputs!

@Steven Liu While I am new to investing I have a little life experience under my belt and the words "Quit my job and jump in with both feet" are missing a key element "a real plan".

- What RE niche are you interested in?

- Have you researched which area of Indianapolis you will focus on?

- Do you know how you will fund your first property?  Do you have reserves to cover operating costs of being a landlord?

- How are you going to support yourself when you quit your job before you transition to Indiana?

Those are just a few things you should get a handle on, I would never discourage you from following your dreams, just hoping you figure out which direction you are going in.

If you will be moving to Indiana in the Fall I recommend you keep your job and save as much as you can and take this time before you move to learn your market and what it will take to hit the ground running when you get to Indy.

Please, please keep moving forward with your RE goals just don't go running blindly in the night without a flashlight to light your path.

Maybe you can look into getting your RE license when you get to Indy and you can learn while having access to other RE professionals and market information while you attend school.  Read Brandon Turners BP article on what RE agents should know about working with investors.  You can earn income helping Indy investors and also learn from them.

Good luck

Originally posted by @Cheryl P. :

@Steven Liu While I am new to investing I have a little life experience under my belt and the words "Quit my job and jump in with both feet" are missing a key element "a real plan".

- What RE niche are you interested in?

- Have you researched which area of Indianapolis you will focus on?

- Do you know how you will fund your first property?  Do you have reserves to cover operating costs of being a landlord?

- How are you going to support yourself when you quit your job before you transition to Indiana?

Those are just a few things you should get a handle on, I would never discourage you from following your dreams, just hoping you figure out which direction you are going in.

If you will be moving to Indiana in the Fall I recommend you keep your job and save as much as you can and take this time before you move to learn your market and what it will take to hit the ground running when you get to Indy.

Please, please keep moving forward with your RE goals just don't go running blindly in the night without a flashlight to light your path.

Maybe you can look into getting your RE license when you get to Indy and you can learn while having access to other RE professionals and market information while you attend school.  Read Brandon Turners BP article on what RE agents should know about working with investors.  You can earn income helping Indy investors and also learn from them.

Good luck

 Hi Cheryl!

Thank you for the very detailed response. My plan isn't just to quit and start doing REI, but I wanted to start out as a real estate agent while learning the ins and outs of the area and get an idea of the market/buyer behaviors. This was included in my initial post, but maybe because all my words were jammed together it didn't stick out :)

But I definitely understand the part about having a plan and not treading the water blindly, which I 100% agree with!

Thank you!

@Steven Liu welcome to BP and Indianapolis!

As mentioned above, going full time can be a challenge.

It took me over 6 months to start making a living - after quitting my very high paying W2 job [that I hated] but regretted [a little] quitting too soon.

Luckily, I had a comfortable savings to live on and a understanding/supportive wife.

Getting your license is a good idea. It will take several weeks of class time to get it. Plus, don't forget it costs almost $200 per month to be a member of MIBOR. [MLS]

We are in a very active sellers market and it's easy to sell properties but very hard to find them priced right to sell.

You might do okay as just a listing or sales agent while building up your wholesale and investor business - but it will be tough.

I hope that helps.

Of course, you need to read The Ultimate Beginners Guide to REI here on BP

If you haven’t already, please read/listen to these books ASAP!

Flip2freedom episode 77[http://www.flip2freedom.com/a-3-step-formula-to-a-successful-balanced-and-insanely-profitable-2012/] - podcast - LISTEN TO THIS TODAY!

Rich Dad Poor Dad

Rich Dads Cash Flow Quadrant

Rich Dads Increase your financial IQ

The Real Book of Real Estate

The ABC’s of RE Investing

The ABC’s of PM

Rich Dad RE Tax Advantages

The 10X Rule

The E-Myth

The 4 Hour Work Week

BiggerPocketsPodCast

Wholesaling101 You Tube Channel

Kent Clothier – You Tube Memphs Invest channel

Hi @Steven Liu !!

I agree with Shawn. It can be a challenge, and it can be tough, but it can be done. 

I'm currently going through what it is you're looking  to do (I'm a couple months in) and yes, it is hard at first, but persistence breaks resistance. So just keep at it, learn step by step, and eventual things fall into place. It can be easy to get discouraged, but you just gotta be willing to push through that.

Best of luck, and feel free to reach out. 

Cheers!

Steven,

With your persistence and dedication, I am confident you will reach your dreams. If you have any real estate legal questions, feel free to PM me. Happy to help.

Thank you, everyone, for your advice and encouragements!! I'm still doing the plus and delta to make sure I'll not become a liability and is fully motivated to make this move (in my mind I believe I am, but I have to make sure to make a plan and follow through)!

I'll make sure to keep everyone updated as I progress through this.

Looking forward to connecting to everyone in the future.

Want to drop a quick update. I am moving to Fishers Indiana next week for a new position. I decided to keep working as that will help me qualify for financing easier. So now I am very excited to start meeting Realtors, investors, basically anyone that is willing to share their expertise of the Indy market and maybe get some deals done together!

Happy connecting, cheers!

Awesome, glad to hear! We're around if you need anything!

Steven, I am a Real Estate Agent in Fishers.  Please give me a call.  I currently work with several investors.  Welcome to Fishers.

@Steven Liu

I'm live just north of fishers, let me know if you need any help getting connected in the Area.  Thanks. Brett. 

@Steven Liu - welcome to BP and to Fishers.  I am a NE indy investor.  Feel free to reach out when you get into town. 

What type of REI are you looking to start?