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Updated about 16 years ago, 09/22/2008
REAL ESTATE ADVISE PLEASE
Hello, my name is Cody and I am a student at UTSA in San Antonio majoring in real estate finance and development. My dream is to become a developer/investor. My question is what is the best way to get into the real estate game for a person with little or no money? My degree requires me to get an internship with a real estate company, but that is not for another year and half so I was thinking maybe real estate agent? or appraiser? If yall could please help me with this I would really appreciate. Thanks a lot.
Hey Cody. I am in the same boat you are in. I am studying business and finance. My school doesn't offer real estate as a major, unfortunately. However I am asking the same question. How should I get started. maybe this thread will shed some light onto the subject.
Currently I have my real estate salesperson license. But I know, as a salesperson you don't start making money until you seal your first deal! haha and this could take a little bit. Unless of course you were actually employed by your broker. Just from reading these forums. I think getting into the Real Estate industry is all about entrepreneurship.
Take care.
I suggest you both try to find a job as an assistant to a very good real estate agent.
In my opinion, the hardest skill (and the most important by far) is the ability to find business....i.e, prospecting.
Whether it's sales, or as an entrepreneur (investor), you will need to be able to generate business.
Good luck.
Also check to see if you have a local REIA (real estate investors association) in your area.
I hear the San Antonio market is doing well. You are in the right place at the right time.
Best of luck to you.
If you know what you want to do, start at the bottom. I hung my license with my father-in-law, a developer, for a couple years. I tried to pick up the business, but the little things held me up. After a long discussion we decided that I need to learn how to sell a house. Getting proficient at that, we decide to intern with an engineering firm that works with developers. Now, I am in discussions with builders almost daily.
Learn every aspect of the business. It will pay off in the future.
Good luck.
thanks a lot
Originally posted by Eddie Ange:
How do you sell a house?
Originally posted by David Peeples:
In my opinion, the hardest skill (and the most important by far) is the ability to find business....i.e, prospecting.
Whether it's sales, or as an entrepreneur (investor), you will need to be able to generate business.
Good luck.
Thank you for the replies
Hey Cody,
I agree with David, try and become an assistant to a real estate agent (be careful about getting licensed).
Here in NB you have to disclose that your an agent when selling and purchasing and it can limit your purchasing and selling ability.
You should also get a mentor, someone who is already a successful investor.
I think you're off to a great start just by being here on Bigger Pockets. The key to this industry is networking and sharing ideas. Learn from other people's mistakes, adopt and adapt proven systems, don't do the trial and error yourself if you can help it.
Hi Cody, If you have little capital or no capital, Personally i think wholesale or discount notes would a great starting point in your real estate career. You do not need any cash or little cash in most cases when doing a wholesale transaction, sometimes you will do what they called the double closing. As for discount notes, the process is very similar it also involves double closing but it is more flexible a lot of times than wholesale. Hope that helps. Good luck on your internship.
thanks a lot guys
Originally posted by Luther Harrity:
You should also get a mentor, someone who is already a successful investor.
I think you're off to a great start just by being here on Bigger Pockets. The key to this industry is networking and sharing ideas. Learn from other people's mistakes, adopt and adapt proven systems, don't do the trial and error yourself if you can help it.
How do you go about getting a mentor? I've been talking to a local investor, but he wants $9000 to show me the ropes. Is this a proper amount to pay? I really want to get started but I also don't want to get ripped off either. He isn't part of NR or anything. He has just been investing for years and takes on 'students'.
A mentor is not always someone that you need to pay. Join your local real estate investment club and introduce yourself to as many people as you can. Be open about the fact that you are new to investing and looking to learn. Many experienced investors will be happy to help you. You may be able to return the favor by helping them out. I have helped and mentored several new investors simply because they asked and showed enthusiasm for the business. Offer to buy them lunch or dinner in exchange for a chance to chat with them. I frequently meet for an early dinner before club meetings and you can do the same. You don’t need to pay $9k unless you feel that you will get something very significant out of that investment.
:cool:
Unfortunately he is our local REI club, him and his students. I will keep looking though because I think there is another one. Thanks for your advice.
Check out the club listings on this site.
http://www.biggerpockets.com/real-estate-clubs/utah.html
:cool: