All Forum Posts by: Brent Olson

@Kevin Peña

How easy was it to find an agency to work with knowing that you would be part time? 

When I move forward with this, I will start out part time, and in Minnesota only a broker can apply for your real estate license for you. Is it that way in your state?

I guess I'm nervous that brokers won't want to deal with a part-time agent. Am I overthinking it?

@Sean McDonnell

Thanks for the response. Yeah, teaching is one of those "golden handcuffs" professions where they have you until you reach your pension age. If I was younger, then it wouldn't be an issue to walk away, but with 21 years in and only 16 left until I reach a full pension, it's hard to just leave that on the table. I'm just really interested in real estate as a "second" career.

@Jordan Moorhead Do you think it would be possible to start out as an agent part-time and then transition more to full-time as I retire from teaching? Or am I just dreaming?

This is the exact question I was going to ask tonight. Perfect timing.

I have also been considering obtaining my real estate license in a part-time role. I currently teach and have 16 more years to go before I qualify for full retirement. 

I've been wanting to get into real estate investing for a few years and thought this might be a good place to start.

Wow! @Michael Swan

It is amazing how real estate grows exponentially. One unit turns into two. Two turns into four. Four to eight, etc!

Amazing to see your progress!

Definitely! 

I spoke with you on the phone a couple of times a couple of years ago after that first podcast! You were super supportive and gave me great advice! I think the best advice you gave me was, as a fellow teacher, to get my financial house in order before I even considered investing in real estate. FINALLY, after two years, my "house" is in order, and I am in the beginning stages of the real estate journey. 

I hadn't checked in on your story since those conversations, and holy cow have you done a TREMENDOUSLY well! Such an inspiration. I'd love to hear how you continued to move forward so exponentially!

Thanks again!

Great story!

It seems like all these stories start out with apprehension at that first deal and then it builds confidence, and you just roll from there!

Thanks for the welcomes.

Been doing a lot of reading, researching, and watching webinars here on Bigger Pockets.  It is a busy time of year for me right now with football, so I'm not able to get out there and look for deals in the area. I continue to scan various websites for properties, but I'm thinking almost all of the good "deals" in the Rochester area don't make to the web listings.  I can't make the numbers work on any of them.  

One thing I've been thinking about is how to come up with cash for a down payment. Still working on paying off about $11k in credit card debt that is 9.99% so I want to pay that off first since it will be tough to find CoC returns of above 10%. So that slow process to pay off that card and then build up $35-40k in savings could take me a couple of years. One avenue I've considered is cashing in my personal 403(b) account. I have about $60k in it right now. This is my personal retirement above and beyond my state teacher's retirement account(TRA), which luckily is a defined benefit plan(as of now). If I cashed out that 403(b), I'd probably be looking at around $40k, so I'd lose about 33% in that. I listened to Michael Swan, another teacher, on his podcast with Brandon Turner about how he cashed out his retirement accounts and he said it was the best thing that he ever did. I agree with his thoughts of luck is when opportunity is seized. I'm not sure if the markets are right yet for me to go with this strategy though.

Any thoughts?

@Josh C. OK.  Thanks!  Looking back, I guess I should have made that clearer in my original post.

@Josh C.  I was thinking of a property in the 75-90k range which would be "approximately" 20-25k down and then holding 8k in reserves.  You don't think 8k would be enough?  How much would you think would be appropriate.  I am definitely doing lots of research and learning.  I'm not planning on jumping into anything that I haven't thoroughly looked over.  Thanks for any advice that you give.