Considering a Career Change

[Michal Kolenda]

Hi all! I recently was notified I'd be getting laid off after Labor Day, which sort of works out for me. I'm 27 and I've been thinking about changing my career direction and this is a good opportunity to try something new. 

A little background: I graduated with a degree in Civil Engineering and have been working as a project manager for a general contractor for about last 4 years. Most of my projects were college dorm renovations (50 - 100+ units) and building mechanical upgrades. After starting that job, I started saving money as fast as possible to house hack and renovate a 3 flat in Chicago. I genuinely enjoy doing carpentry and minor plumbing/electric, so I did much of the work myself. Now I'm fully rented, which covers my mortgage and close to all expenses, so mission accomplished. 

I would really like to hear some other avenues I could explore. I really did enjoy working construction management, the experience and knowledge gained from so many different commercial projects can't be beat, but the job was very consuming. I still think about using my degree and going towards the engineering route, but I have a feeling being in the real estate realm would expose me to more future opportunities to invest. I like the idea of going the Appraiser or Realtor route. My skills set is probably better suited for Appraiser, however I am open to learn sales or whatever is needed. But I'm very interested to hear what other paths are out there that I haven't even considered! 

If you've been or are in a similar position please share! I very much appreciate any feedback, advice, or wisdom you throw my way. 

[Ryan Evans]

When I was 27 I wrapped up a business consulting gig and jumped full-time into real estate. Including moving across the country to where my properties were in order to scale up the business. I got my realtors license and started selling houses alongside my investing to make shorter-term cash. It helped me build relationships, partnerships, and funding sources that wouldn't have been possible as just another investor. However, it isn't the life for me. I currently get 1-2 leads per day for investor clients in the Cleveland market and quite honestly I turn most of them down because I don't want to be a realtor working for other investors helping them buy cheap rental properties in the long-term. You can make good money in it, but I like to travel the world and plan on moving soon anyhow, so it doesn't make sense to build a business out of it only to leave it all behind. If you're going to commit long-term then it can be a huge business opportunity to do what you're describing. You could set up a brokerage, turnkey operation, PM business, and so much more. The bar is low. They aren't passive, which is why they're not for me, but they could be big opportunities for you. 

One consideration is your ability to get financing. When I made the switch and started over I basically gave up my ability to get bank financing for my deals. I still have good private money sources that have let me keep buying, but it's quite an inconvenience. If you go off on your own you could face the same situation. If you keep working in engineering, you'll be able to get financing which simplifies certain things. 

At the end of the day there is nothing stopping you from keeping your day job and scaling up the real estate business on the side.