Real estate agent/ Uber driver? For supplemental income.

Grand Rapids, MI · Member since 2016 · 9 posts · 4 votes

I just finished my pre licensing course to become a real estate sales agent. I am now aware of the need to budget money in between sales, to attempt to protect you from being broke. I currently work 2 jobs. Once I pass my state exam, have a broker, etc., I want to continue to work one job to make sure I have back up income in between sales. But I don't want to be held back from succeeding by being unavailable %50 of the time. I am also a registered Uber driver. What are your thoughts on being a Real Estate agent and an Uber driver? I think it would be an awesome option of making supplemental income and having a "job" that would allow me to take a call and be available at a moment's notice. I would in no way pitch to every rider that gets in my car. But when natural conversation comes into play, as it does the majority of the time, I think it would be a great way to protect myself financially and further my success as an agent.

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Jay HinrichsBusiness Member

Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

@Matt R. just FYI I got Mindy Jensen to up the vote in a day from 3 to 5... so you can vote away.. I accept any and all votes.. LOL

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y
I like it.. I have been thinking about being a uber driver as well.. I have a Tesla and I was thinking I could be an UBER X driver... and something to keep me busy a few hours a day.
I also would not mind selling cars on the weekends..
I think with Uber you could just go out early in the morning quit about 9 or 10 that's about when real estate wakes up. maybe even 12.
good thought.. also you can get @tuckerMerrihews new app to spot homes that could be targets.
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David Faulkner
Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes
9y
I've read some analysis that says that at least in SoCal, Uber drivers earn around the equivalent of $20/hr (Michigan may be less, IDK), though it varies. Peak hours are mornings weekdays and Friday-Sat night 9 pm - 2 am, so would not interfere w/ RE, just a question if that kind of rate is worth your time for that kind of job, or if you could do something else more profitable to earn side money. Also, not sure if you would be concerned as a female alone in a car picking up a bunch of drunk dudes to give them a ride... I could see how that may be a risk for Fri-Sat evening peak hours.
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Chloe Landon
OP
Grand Rapids, MI · Member since 2016 · 9 posts · 4 votes
9y
to clarify, I already AM a registered Uber driver. I am very familiar with the system. There are are times of high profitability and low times. I think it would be worth it to have it be my side job. I can stop taking trips whenever I want, whether its for 5 minutes or just to stop and eat. I'm just concerned about how it may portray me to my riders, potential clients, my peers. Again, I would never target any of my riders, but if the conversation naturally gravitates to the question I commonly hear, "So do you have another job when you aren't driving?" I could tell them that I am a real estate agent and decided Uber was a great, flexible job, that helps me be a full time Real estate agent, and also helps me learn even more about my city.
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David Faulkner
Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes
9y
Ah, ok, got it ... should've read closer ... yeah, I don't see a problem with it so long as you are not pushy with unsolicited "You want to buy a house?" for every rider even if the topic doesn't come up. Even one slightly more aggressive thing you could do, but subtle enough to not be over the top IMO, would be if you have a decent rider then at the end you could hand them your RE business card and tell them if that you appreciate their business and if they ever need a ride or you can help them with anything else feel free to give you a call.
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Richard Ball
Real Estate Agent · Port Huron, MI · Member since 2012 · 295 posts · 82 votes
9y
@Chloe Landon I like it, it's all about the hustle. Whatever it takes to give yourself the competitive advantage. Like @Jay Hinrichs mentioned if you are also an investor it could be a great way of finding potential deals too. One last thought if you do Uber as well, which I recommend you do, get yourself some of those large magnets that stick to your doors that advertise you are an agent. Come up with a clever marketing campaign like the Lincoln Lawyer but for Real Estate and Uber.
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Jeremy Jackson
Real Estate Agent · Brandenburg, KY · Member since 2015 · 277 posts · 68 votes
9y
Uber sounds like a great way to learn a lot more about your area (neighborhoods, developments, etc) and network to potential clients, while earning some dough. I like it.
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Van Blackman
Real Estate Broker · Chicago, IL · Member since 2015 · 122 posts · 103 votes
9y
Hi @Chloe Landon !
First off, wow! I want to commend your for taking on both of these jobs at once. I was in your shoes once upon a time, and know how much work it is! I used to drive for Uber in Los Angeles, CA while acting as a licensed real estate agent, working close to 90 hours per week between both gigs. There are some really good things to take away from working for Uber and simultaneously being an agent, as well as a negative or two:
1. The good - As you've already said, you'll be meeting SO many people that could be potential prospects, or at least know potential prospects that they can refer to you. Always be sure to carry your RE business card on you in case someone asks for it. Even if they don't, give it to them anyway! That's one of the magical things about Uber... one minute you're driving alone, and the next you're driving a total stranger, while earning money, AND they become your next client/partner/spouse, etc.! In addition to the people, you will also be gaining knowledge of your market because you'll be asked to drive everywhere to pick up and deliver passengers. It truly is a great way to make some quick money when you're a RE agent.
2. The bad - depending on the schedule that you set for yourself, there is a possibility that you will burn out sometime during your driving career. I know I did, pretty early on! I loved driving for Uber in the beginning. Eventually, I grew to hate it. You have to deal with people that you don't want to talk to, a lot of the people in your car are partying (I felt like I was missing out), and then of course, the time you could be spending building your network of buyers/sellers is all being spent driving around drunk kids for little to no money. RE is a business that needs your total attention. I would never recommend RE to someone that was not going to dive 100% in.
3. The ugly - Uber simply does not take care of their drivers enough for me to continue working with them. After you save for taxes, car maintenance and unexpected surprises, there is not enough in your bank account for you to feel like all the time you're spending in your car is worth it. Also take into account all of the miles you're racking up on your vehicle! It's a lot.
When it's all said and done, I'm glad I did it for a while because it is what kept me afloat. I would discuss getting on some type of draw system with your broker for a while until you get your feet wet. That way, you can do the RE thing 100% without putting a lot of time into 2 jobs.
Hope this helps!
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Chloe Landon
OP
Grand Rapids, MI · Member since 2016 · 9 posts · 4 votes
9y
@Van Blackman, So much YES to everything you said!!! I loved Uber in the begining, grew to hate it a bit, felt like I was missing out, etc. And their treatment of drivers is completely UNFAIR. But I was thinking the same thing! Using Uber as a means to an end. Only temporarily until I become more established, knowledgeable and comfortable. Thank you everyone!
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Luis Capriles
Investor · Lynn, MA · Member since 2015 · 66 posts · 19 votes
9y
@Chloe Landon ,
I did uber for 3 month (usually n the mornings ) to pick up some extra cash. I had business card , flyers all over( cup holders, door panels etc ) . That leads me to 3 sales , just let the conversation flow , when they see your business cards and flyer some of your riders will engage some type of conversation that's when your sales skills come to play.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y
@Van Blackman I just signed up for LYFT.. mainly to have something to do if I find myself board on a rainy day in PDX which is pretty often... also I don't generally drive at night so I would only work mornings for a drive or two..
when I take Lyft in Vegas I talk to the drivers most really don't like the night or pick up or delivery from casino as the riders are half the time pretty wasted.
I use it in Vegas to from our kids house and the airport.. so that's a pretty easy drive for the Lyft driver .
as well as I live in the number one income area of our state so if I only take rides out of this area I should pick up some successful people and we can talk business if it gets to that..
Any way I could have the shortest lyft career on record like one ride an done or I could like it.
I have a brand new Tesla and I am thinking I can get the premium price for picking them up in a luxury car.. plus I don't pay for gas.. And I have a super charger right by my house so I don't pay to charge either.. So my fuel or energy to move the car is free. and there are no oil changes or tune ups.. just tires.. and with the regen braking you hardly use the breaks.. its really a genius car and totally the right machine I think for running folks around...
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y
@Richard Ball PS my other reason is Tesla has a referral network I am certain I put people in my Telsa that live and work in my Hood.. and I drive them to the airport on Autopilot never touching anything I will sell them .. what happens is you have a customer code.. I have TWO Teslas so I get two codes.. when a person buys one they use my code... the buyer gets a 1,000 discount .. If I get I think its 15 sales in a quarter I get a BRand new 150k Tesla for free... or something like that but I know like 10 sales is a 5k power wall.. and other goodies.. at least as much as buying real estate and finding some strategic partners is in my mind.. winning that P100 with Ludacris speed is something I will try for as well.
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Ron Dayley
Clarksville, TN · Member since 2016 · 238 posts · 96 votes
9y
My first month after getting my license, I spent every day in classes. My 2nd month I worked on lining up sales. 3rd month I broke 1 million in sales, 4th month 1.5 million. I can't imagine working real estate part time. That being said, I own MMA/BJJ gyms thats bring in money every month but I only show up once in a while to see how they are running. Being a Realtor is a full time job if you want to make a "living" off of it.
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Joel OwensBusiness Member
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Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
9y
Chloe why don't you go work and sit at a subdivision for a large builder?
Typically the sell out takes 1 to 2 years and then they move you to the next development once that one is 85 to 90% sold out.
Some can make over 100k a year doing that and you save wear and tear on your car.
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Matt R.
Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
9y
I use lyft all the time. Uber lyft has changed the LA night scene a bit as no one has to drive anymore so there is talk of changing closing hours to 4 or 5am. Another cash flow twist to this new share econ thing is renting out your car to others. It could be for uber or just anyone on a weekly or monthly or longer. I am experimenting now and so far so good plus we are talking way more cash flow than some sfr btw. I initially had the idea to rent 911s which I will likely do still but just starting with the starter car first. I did some test ads for renting out the 911s and no probs here in LA, dudes from Europe, tourist etc is like non stop out here. I calculated one 25k 911 will cash flow around 2k a month. That is minus all expenses, insurance etc. Any who, I did take out the domain PorschesandCorvettes as a possible name.
Back to uber and Rei sounds like it is worth a try. Could be a great way to get paid to drive for dollars as you hunt for the distressed stuff.
Good luck!
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y
@Ron Dayley excellent point.. I have friends and aquantices that own Papa murhpys sub ways
and other franchise type business's they make a very good living and once its up and running they have all the free time or more free time than I do as a real estate junkie.
when I see kids say I have 50k what do I do.. in my mind you buy a business you don't buy one rental property.. whats one rental property going to do for you.
unless you have the means to really scale rental properties there are all sorts of things to do FIRST before you start investing in cash flow real Estate..
I suspect @Joel Owens Many of Joels High net worth clients made their dough in some other business other than boot strapping real estate from ground up.
@Matt R. I have my appointment to be come a lyft driver on Wed. when I confirmed it there is a tab on the site that says ( rent a car from us).. so looks like lyft is really doing what taxis do.. they are now providing the cars as well to those that wish to just drive and have no auto expense.. Not sure how profitable that would be long term.
Bottom line Lyft and UBER just have hammered the taxi business and how people choose to get around.. my kids NEVER drive anymore if they are going out on the town and will be drinking.
My self I just be mellow and let the Tesla drive me home... ( plus my wife does not drink generally so she is a DD 99% of the time) LOL...
So I will post how my lyft experience goes.. I have been threatening to sell cars on the weekends but no one will hire me as I only want to work my hours... I have to buy a my own dealership if I want to do that.
I like the idea of super car rentals.. you see them in Many areas like yours.. Hawaii Vegas etc etc.
although I cringe thinking about someone frying a Ferrari transmission to the tune of 25k.. need to buy automatics.. I know Porsche s automatics.
And I will venture to guess I will be one of the few Accredited Lyft drivers in the country LOL
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y
@Matt R. and of course they have to show me how to load the app and use it... my career could start and end just with that if I can't figure it out or I get too frustrsated...
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David Faulkner
Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes
9y
Originally posted by @Jay Hinrichs:
@Van Blackman I just signed up for LYFT.. mainly to have something to do if I find myself board on a rainy day in PDX which is pretty often... also I don't generally drive at night so I would only work mornings for a drive or two..
when I take Lyft in Vegas I talk to the drivers most really don't like the night or pick up or delivery from casino as the riders are half the time pretty wasted.
I use it in Vegas to from our kids house and the airport.. so that's a pretty easy drive for the Lyft driver .
as well as I live in the number one income area of our state so if I only take rides out of this area I should pick up some successful people and we can talk business if it gets to that..
Any way I could have the shortest lyft career on record like one ride an done or I could like it.
I have a brand new Tesla and I am thinking I can get the premium price for picking them up in a luxury car.. plus I don't pay for gas.. And I have a super charger right by my house so I don't pay to charge either.. So my fuel or energy to move the car is free. and there are no oil changes or tune ups.. just tires.. and with the regen braking you hardly use the breaks.. its really a genius car and totally the right machine I think for running folks around...
I suspect you are right on with the shifts ... mornings would target the business crowd over the Sat night drunkards.
You should do some charter flights, Jay. Those would be some successful and wealthy people, I'd think. Though there is no Uber Air to my knowledge, yet :)
I have a buddy that used to charter his sailboat too, and he would captain for hire (not bare boat) ... didn't make much money net, but sailed for free which is more than most can say, and would've been some good networking if he were a RE agent (he is/was not).
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Matt R.
Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
9y
Originally posted by @Jay Hinrichs:

@Matt R. and of course they have to show me how to load the app and use it... my career could start and end just with that if I can't figure it out or I get too frustrsated...
Right on. I worked for a summer back in college days for Super Shuttle. After a couple months I was ready to bump that van into a telephone poll and call it a day.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y
@David Faulkner its one thing to drive people around its a whole nother enchilada to scare the crap out of them in a small airplane.. :)
Jet Smarter is Uber or Lyft for Jets.. when I get repositioned to Vegas next year I will be buying this app and using the service to go from Vegas to JFK and to Ft. Lauderdale then take commercial to my markets.
its a little more than uber of course depending on how much you can utilize it.. cost is maybe double that of a first class ticket which I would gladly pay to just walk on the plane 10 minutes before departure and no security check.
check out the app.. its big from LA to the EAst as well LOTS of B stars and other business folks us it.
there is another one brewing that will be only 250.00 to join ( jet smarter is 15k a year plus flight time if the leg is not free).. not sure what the legs will cost on this new one.
but its getting closer. .the days of me chartering a jet for 5 to 6k an hour are coming to an end.. and of course I never did it for myself I paid for investor to come visit me.. talk about up front due diligence fees.. LOL.. but you send a jet for an investor to come visit and your 99% assured they will invest with you unless your really not ready for prime time.. of course I make them take uber to the airport.
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David Faulkner
Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes
9y
Originally posted by @Jay Hinrichs:

@David Faulkner its one thing to drive people around its a whole nother enchilada to scare the crap out of them in a small airplane.. :)
Jet Smarter is Uber or Lyft for Jets.. when I get repositioned to Vegas next year I will be buying this app and using the service to go from Vegas to JFK and to Ft. Lauderdale then take commercial to my markets.
its a little more than uber of course depending on how much you can utilize it.. cost is maybe double that of a first class ticket which I would gladly pay to just walk on the plane 10 minutes before departure and no security check.
check out the app.. its big from LA to the EAst as well LOTS of B stars and other business folks us it.
there is another one brewing that will be only 250.00 to join ( jet smarter is 15k a year plus flight time if the leg is not free).. not sure what the legs will cost on this new one.
but its getting closer. .the days of me chartering a jet for 5 to 6k an hour are coming to an end.. and of course I never did it for myself I paid for investor to come visit me.. talk about up front due diligence fees.. LOL.. but you send a jet for an investor to come visit and your 99% assured they will invest with you unless your really not ready for prime time.. of course I make them take uber to the airport.
Sounds like it is time to upgrade from a small plane to a gulfstream to fly for Jet Smarter then, Jay ... you see how easy that was to justify? hahaha ... totally joking. Kidding aside, you will still likely be sitting next to some successful people on a Jet Smarter flight, so that would still work for networking as with Lyft only on a higher level.
Not the kind of gig for me, though ... I'm generally not interested in a RE market I have to jump on a plane to visit in the first place, and even if I did Southwest Airlines would be closer to the way I roll. Nor would I personally have the need nor want for investors to come visit me via charter jet ... if a bank doesn't want to give me a loan after sending my financials and the deal details via email, then I'll find one that does or self finance. I understand and respect the scaled up investment model, and can learn a bunch from it and its practitioners, but small, simple, high control, low overhead, low risk, low headaches by design is the way I roll personally ... although that occasionally bites me when I cross that line between frugal and cheap with johnny lunchbox type contractors :)
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y
@David Faulkner if I was talking vanilla rentals for sure your method works.. I am talking investors dropping multi millions and signing on 10 million plus worth of development loans and other lines of credit for hard money lending company. totally different.
and its just the cost of doing business. since I spend not one dime on marketing but I spent it on getting my money guys to PDX LOL.. but I have not done that since 04.
one occasion I flew them up and we bought a big mansion from a B ball player that went broke put it all together and sold it and made 1.5 million on it in one year.. NOT one dime of my money and not one dime of theirs.. they got a signature line of credit from MY bank for 3 million.. 100% financed we split profit 3 ways.. I bought a Cirrus LOL... so great 15k investment on my end. they came up in the morning back in Napa valley in time for cocktails. and the deal was done.. we had 10 days to close .
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y
@David Faulkner think about all those that post on BP that spend 3 to 5k per month on yellow letters.. we all have some over head.. they spend it to attract distressed sellers.. I spend mine attracting multi millionaire investors.
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David Faulkner
Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes
9y
Originally posted by @Jay Hinrichs:

@David Faulkner if I was talking vanilla rentals for sure your method works.. I am talking investors dropping multi millions and signing on 10 million plus worth of development loans and other lines of credit for hard money lending company. totally different.
and its just the cost of doing business. since I spend not one dime on marketing but I spent it on getting my money guys to PDX LOL.. but I have not done that since 04.
one occasion I flew them up and we bought a big mansion from a B ball player that went broke put it all together and sold it and made 1.5 million on it in one year.. NOT one dime of my money and not one dime of theirs.. they got a signature line of credit from MY bank for 3 million.. 100% financed we split profit 3 ways.. I bought a Cirrus LOL... so great 15k investment on my end. they came up in the morning back in Napa valley in time for cocktails. and the deal was done.. we had 10 days to close .
Yep, agreed ... different game, different rules, different number of zeros on purchase prices (for sure), overhead (perhaps), and profits (hopefully) ... and I'm not at all trying to "dis" that game (which I think you understand), it is just not one that I prefer to play, at least not at this time ... pluses and minuses to everything and there are more than one way for each of us to make it to our own personal Valhalla ... great discussion and I love your perspective Jay, which is why I always try to "stir the pot" with your comments a bit and thanks for allowing me to do that, but getting off topic at this point so I'll probably leave it at that for now ...
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y
@David Faulkner that's why you have more votes than posts people love you !!!
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Matt R.
Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
9y
Originally posted by @Jay Hinrichs:
@David Faulkner that's why you have more votes than posts people love you !!!
AND 3/4 of his posts one could not vote more due to bp voting policies. So the real vote approval is unknown but go ahead and add a few hundred votes easy. Not that Jay is some Bp votable slouch or something either.
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