I finally decided to get my Real Estate License. My wife and I have been doing a few home flips since 2015. I am a licensed NC Commercial Plumber and just turned 50 years old. I won't be able to do this type of hard manual labor much longer. I have worked on homes for 30 years and know more about homes than anything else. I passed my NC state and national tests yesterday.
Now, I am trying to figure out what to do with my license. I live in the Ocean Isle Beach / Holden Beach area. I passed the school exam and the state exam on the first try, so I worked my butt off to do so..... This is the way that I roll. :)
I would like to get out of my plumbing career pretty soon. If you were me today, what direction do you think you would take? …. I am wide open to all suggestions!
I am in the same boat being an agent and having some trade experience, I've learned so much in the last 3 years from reading and interviews. Here it is in a nutshell:
Take all that active income (Plumber, Licensed agent) and put it into passive income. For me it is rental properties, you have a unique background that will allow you to manage sub contractors effectively, I would use that for value add properties, purchase with cash/hard money/private, rehab them, and find local banks to refinance your costs out. And you said your wife was involved? Thats awesome, have her involved in the business helping to build the passive income.
5-10 years you can easily replace your active income. The goal is to put your passive income goal on the wall, make sure it exceeds your expenses, attack it every day, and once you hit it, you are financially free. Then come back and post your success story:)
Congrats on your new license! When I took them I passed both state and national first go as well- was told first time pass rate was something like 17%. Incredible.
As far as, what to do now- what do you mean? Are you asking about using the license to provide services to others or just use it as a tool for your own investments?
Do you want to work with clients?
So, my suggestion would be to use your existing resources and connections in your area. As a plumber, you are bound to know people in real estate of every angle. Contact them, go to lunch, grab a coffee. Whatever you do, make sure they know that you are now a licensed agent and ready to get referrals for purchases and listings. Maybe take some extra time to spend with investors so they know you are familiar with real estate investing. Most Realtors are not as familiar as they think they are in this matter.
Congratulations Mike!! Send me an email JESmith at EdwardMG.com and we can schedule a call to see how we can help.
Thanks Everyone for your suggestions! … I have a lot to think about.