Laid Off-Next Move? Needing Advice

[Seth Botner]

Hello,

I got laid off from my W2 job unexpectedly this past Thursday. With this being my first time being laid off, it definitely knocked me down a few notches this weekend. I've always wanted to get into real estate ever since I graduated College in 2017. Before I started this W2 job earlier in 2022 I was on track to get my real estate license in KY. Passed the classes and right when I was going to take the exam I got a call offering me the job. I planned on taking the exam this fall. The plan was for my wife and I to work our full time time jobs and for me to do RE part time and to try and buy our first investment property. 

I keep reading articles and seeing videos of people saying the housing market is on its way to a collapse. My question is, with everything going on with the economy and interest rates going up is it a good idea for me to finish up my license? 

Maybe getting laid off was a good thing? Maybe this was God's way of closing one door and opening another?

Any advice would be greatly appreciated! 

[Greg R.]

First off, sorry to hear about the lay off. I think you should continue to get your RE license, it's inexpensive and just requires time. That said, I would strongly recommend getting another W2 job. Home sales are declining quickly due to the rates (as you stated). Seems that the RE industry is over-saturated with realtors as well. A ton of agents and fewer sales due to the market conditions is not a good recipe for success as new realtor. 

I think your initial plan was solid and that you should get another job and continue toward that goal. 

Just my .02