Hello my name is Gavin Rein and I'm posting because I'm finding myself unable to decide what job to apply for due to my fear of how it could negatively affect my ability to commit to real estate investment
The majority of the jobs that I find myself being drawn to the most are jobs that could help me learn more and make contacts within the real estate space (property manager, agent, loan officer, etc). The PROBLEM is that a lot of these jobs are 1099 and I'm afraid that going down that route would make loan qualification (for my RE Investment career) more difficult versus working a W2 job.
Ray Charles said "That's what life is baby, taking time to hit the right notes". How many times do people ever say they have felt drawn to a certain job or career path? A lot of us starting out are going through the motions for what we think is best then years later saying we went into the wrong direction. There are loans for 1099 workers with statements from one to two years its just that you may find there are less options for you. But that's okay because there are great resources and other investor's advice on bigger pockets for creative financing and doing more with less money.
Now if we were talking about large differences in the potential income earned, that's a different question. But if this loan qualification is the only thing holding you back, then just throw the paralysis out the window and go do what will make you happy and a better person as a result of it.
Realtor · Providence, RI · Member since 2022 · 404 posts · 262 votes
3y
@Gavin Rein - I would say that may be correct in the short term. But in the long term it could work out in your benefit understanding you have more control over the ceiling of your income being self-employed. As long as you have two years of consistent income you can qualify being self-employed just the same as if you were on a w-2.
Hey Gavin, get a W2 and work as a 1099 in a real estate role. You get the best of both worlds and can work to eventually just being in real estate.
Do you mean to hold a commission based job under a larger company (where I’d have a base salary + commission)? Or do you mean hold a day job + work as an agent on the side?
Hey Gavin, get a W2 and work as a 1099 in a real estate role. You get the best of both worlds and can work to eventually just being in real estate.
Do you mean to hold a commission based job under a larger company (where I’d have a base salary + commission)? Or do you mean hold a day job + work as an agent on the side?
Have a day job, then be an agent, lender, or property manager on the side. Make more money that way as well.
@Gavin Rein - I would say that may be correct in the short term. But in the long term it could work out in your benefit understanding you have more control over the ceiling of your income being self-employed. As long as you have two years of consistent income you can qualify being self-employed just the same as if you were on a w-2.
The issue with this is I’ve heard by so many people to just invest ASAP (obviously only if the numbers crunch out). So waiting until I have a reliable stream of income as a 1099 will take however long it takes (since the market is going to really have the most influence on this and not my work ethic). Say 6-7 years until a solid reliable stream of income, that’s 6-7 years until I can start accessing the type of loans I’m looking for
Hey Gavin, get a W2 and work as a 1099 in a real estate role. You get the best of both worlds and can work to eventually just being in real estate.
Do you mean to hold a commission based job under a larger company (where I’d have a base salary + commission)? Or do you mean hold a day job + work as an agent on the side?
Have a day job, then be an agent, lender, or property manager on the side. Make more money that way as well.
I agree that seems like the best option. First step is finding a day job and provides good work life balance to make time for real estate