Any advice on a day job while starting in real estate investing?

Question

Hello. I'll first introduce myself a bit to help you guys better understand my situation. I'm 21 years old and live in a college town a few hours outside of Chicago. I had a good paying position with a EV company that allowed me to build a good amount of reserves for investing. Unfortunately, I tore my shoulder pretty significantly and can no longer perform at that job. Right now I'm a part-time bartender but I'm making a fraction of what once I was. I do not have a degree and don't plan on getting one, however I'm in a position where I cant find a career to effectively fund my reserves or get a conventional loan. I was wondering if anyone here had any good ideas for a job that doesn't require a degree and isn't extreme manual labor? Or possibly what you guys do for a day job? I thought about becoming a home inspector or an appraiser, however I don't know if it would be wise for my investments and career to both depend on the housing market. Thanks anything helps!

John Warren · Answer

@Jonathan Page you could work for a property management company? You could try to get an entry level position as a project manager for a construction company? Honestly, there are a decent amount of jobs out there that don't require a degree these days. If you have the hustle (looks like you do) then you can find a solid opportunity.

Where are you located exactly? That might help the group here on the forums direct you to interesting opportunities.

Jonathan Klemm · Answer

Hey there @Jonathan Page!  The best place to start is figuring out what you enjoy doing and trying to find something that aligns with your passions!  I love the idea of not getting your degree...no longer needed in todays world!

I have always loved building things so renovation/construction was right up my alley...luckily I studied construction engineering too.

What are some of your interests and loves?

Are you looking for something in Chicago?

ps. I also tore my rotator cuff and had two surgerys!

Zachary Cain Humphrey · Answer

You have a plan and thats the good thing.

Brie Schmidt · Answer

Keep in mind you will need 2 years in that position to use that income for loan purposes since you are switching career fields.

Jonathan Page · Answer

Haha thanks for the response. There are a lot of options so I thought I'd turn to you guys for an experienced point of view. I'll be sure to let you guys know where I end up.

Jonathan Page · Answer

I've looked heavily into the trades. I'm a bit hesitant because sports have destroyed my body haha. I've been looking into an accredited program to become and MRI technologist. I know it doesn't have anything to do with real estate, but it pays very well and is double the national average in job growth expectations.

Jonathan Page · Answer

I plan to purchase a foreclosure that could use some work with cash, if the math makes sense. Then possibly refinance, and look for 3-4 unit property as my first rental.

Jonathan Page · Answer

@John Warren Yes actually this was one of the initial positions that came to mind. I believed it would align with my interest in real estate investing. I applied to many property management positions in my area. Unfortunately, it became apparent that most companies were seeking experienced property managers to safeguard their investments, which is entirely understandable. Recently I've been doing free work for a friend of mine.  His family owns real estate in town, so I've been learning how to repair fixer-upper properties in order to gain some experience. I am based in Bloomington-Normal, IL, just two hours south of Chicago. Thank you for your response!

Alecia Loveless · Answer

@Jonathan Page I’ve been working as a residential counselor at a group living home for 15 years. There’s all sorts of them around these days. I started out in one with troubled young women ages 18-24 who had some light depression and needed to finish their GEDs and learn life skills. Then I moved to a program primarily for young men with developmental disabilities but highly functional, like working at Home Depot and Fed Ex who had some criminal histories so had to be supervised, now I’m at a transitional housing facility.

The pay is generally pretty good and the benefits are usually great. I’ve done 3rd shift the whole time and almost 95% of the time I’ve been doing it I’ve had at least 85% of my shift to do whatever I wanted to the whole night. So I spend a lot of my time doing real estate, searching the MLS for deals, listening to podcasts, etc.

The 3rd shift allows me to be able to spend part of my day up doing real estate stuff as I need to and go to my properties or deposit rent checks or whatever.

If I was younger and needed less sleep it would be even better.

Zachary Cain Humphrey · Answer

Have you ever purchased your first home? If not you may be able to get a low percentage down loan on your first investment.

Maybe consider becoming a realtor if real estate is something that interests you. Becoming a realtor would also let you get into the knowledge, daily tasks and study of real estate. Such a career would mesh well with your goals and you can get licensed in 6 months. By the end of this year you could be selling homes and have a much better income coming in to fuel your investment goals.

Any advice on a day job while starting in real estate investing?

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