Hi everyone! I am finding myself in a situation with my current non-real-estate related career, where I might need to move on from my current job. I'm wondering, if there are any ways to start out as an employee for a company that would give me great investor-related knowledge and experience, to help start my real estate career? I know one can always become an agent, but sometimes that can take a while to establish and become a steady source of income. I'm looking for something immediate, that could be beneficial for the long-term investment minded individual. I'm in Puyallup, WA and would appreciate any insight or thoughts.
Thank you in advance!
Hi @Timothy Gordon - Welcome to wonderful world of real estate investing! What exactly are looking to do in real estate?
Do you have any skillsets that would allow you to be a handyman or work construction? Are you looking to work for a property manager and manage properties?
Things like fix and flip, and wholesaling usually take a while to build your business, and pay off.
Hi @Aaron Nelson ! My eventual goal is to own large multifamily for passive income. As for the exact route to that goal, I am not sure yet. I understand that they all take much time and effort to accomplish successfully. As far as my experience level, I have been a mechanic in the railroad and equipment industries for my entire adult life, so I am very mechanically inclined. As far as house repairs, I have done basic window and door moulding/trim, light plumbing and electrical, nothing too extensive. I am also open to the property management end of things, as this would be a skill that would come in handy for large multifamily operations. I'm still a tire kicker at this point, but I would like to be able to take some kind of actual physical step towards my real estate career soon. Now that my career is at a possible turning point, I am interested in exploring my opportunities to work in a real-estate related field.
There are a lot of options in the real estate world that you can get into to learn different aspects. If your goal is to own multi-families, then I would start educating yourself on the equations, terms, financing and acquisition methods for that asset. In the mean time, becoming a part time agent exposes you to a plethora of real estate situations. You can also volunteer to assist other investors in exchange for mentor-ship. I live in Puyallup, if you want to grab coffee sometime.
@Timothy Gordon - While you're exploring, check out local investor groups like REAPS and start networking. You may find a local niche that you can start fitting into now, and you'll build up your knowledge base at the same time!
If you switch careers into real estate or something with variable income, you'll typically need 2 years of proven income in order to qualify for a loan, so I would consider that as well. Maybe you can stay in your current job for six months to a year, build your networks and knowledge base, and then make the leap? Sounds like @Timothy Tooker would be willing to talk about the local markets too, and that would be a great relationship to have in your team. Good luck!