Becoming a Loan Officer before investing in Real Estate

Becoming a Loan Officer before investing in Real Estate

New to Real Estate · Santa Cruz, CA · Member since 2020 · 20 posts · 17 votes

Hello BP-ers!

I hope you're all doing well.

Here's my story in a nutshell:

I've been passionate about real estate for years, even before discovering BP in 2020. 

While my current job, which I was promoted to six months ago, pays well, I still feel like I'm not achieving financial freedom or enough time for myself.  

I do appreciate the value of liquid assets.  If I invest in a property, that will be a big chunk taken out of my savings. 

Although I'm not unhappy with my job, it's incredibly stressful. 

I'm hesitant to quit my current job and rely solely on real estate investment for income. 

I'm seriously considering a career change to become a Mortgage Loan Officer first before or alongside investing in real estate.  (I've already started the process of becoming an MLO).  I do know that being an MLO is also hard work, but I genuinely believe that I will enjoy this job without having to compromise the income that I am currently getting (granted that I do work hard and get clients).

If you are an MLO, please share your insights on this.  What was your origin story and how do you feel about it now?

For Real Estate Investors, where did you get your capital? Did you quit your job and jumped right into it?

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  • Investor · Los Angeles, CA · Member since 2023 · 165 posts · 65 votes
    2y
    Quote from @Diane F.:
    I'm hesitant to quit my current job and rely solely on real estate investment for income.

     Most likely relying just on real estate income at the beginning will not be a good idea. Most likely in the first few years you will not see much income.

    Most people get reach from real estate from the appreciation not from the cashflow.

    I do think that time equals lots of money so if you go into a job that gives you more time it will be easier to invest in real estate. Better work smart than hard.

  • New to Real Estate · Santa Cruz, CA · Member since 2020 · 20 posts · 17 votes
    2y
    Quote from @Justin Brin:
    Quote from @Diane F.:
    I'm hesitant to quit my current job and rely solely on real estate investment for income.

     Most likely relying just on real estate income at the beginning will not be a good idea. Most likely in the first few years you will not see much income.

    Most people get reach from real estate from the appreciation not from the cashflow.

    I do think that time equals lots of money so if you go into a job that gives you more time it will be easier to invest in real estate. Better work smart than hard.


     We share the same sentiments.  What you said is one of the reasons why I have not really taken the leap of getting into real estate.  I just can't tell when the right time would be.  My goal is to gradually transition to becoming a loan officer and then invest.  Although based on my research too, being a loan officer is very time consuming too.

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