business student/new real estate agent need advice where to begin?

Question

i am a business student at csun and working. I have also just obtained my california agent license. I want to become a real estate investor, using rental property. Where do i start? I was thinking of working for a commercial property firm? Id rather not have to work for someone though.

Terry Drake · Answer

He was simply saying that it would be in your best interest to move towards what you want to do before the market turns around and missed the boat or something unexpected happens that makes eventually more like never. I'm sure you've heard the saying 'tomorrow may never come'. Biting his head off for what was actually good advice might not be the best way to network. You asked a question, so sit back and listen.

Jon Holdman · Answer

Your actions are inconsistent with your goals. You say you want to invest in rentals, yet your actions are to become a broker. Those are two different things. Getting a license is a mixed bag if you want to be an investor. If you want to own rentals, take action to make that happen. Learn creative techniques. Learn the math. Find good areas where rents and prices will make you profitable. Forget the rental property lies propagated by the real estate industry like "rents should be 1% of price" (2% is closer) and "cash flow = rent - PITI". Find desparate sellers. Find owners who will carry. Get a job and save like crazy.

Scott M. · Answer

I would start by changing your own mind first. Not only are people telling you that you can't (not me - by the way) but you are also telling yourself you can't. Re-read your last post and look at all the negativity you have - you listed out all the reasons you can't. I didn't have any money and I had crap credit when I started. Read through the pages here at BP and you will find people that lead busier lives then you do getting started. Being here is a good first step - start reading - reading - reading and asking questions. So - bottom line - if your asking me how you get started....1. Change your own mind and language cuz as Henry Ford once said not matter if you think you can or can't you will be right. 2. Read and educate yourself for free here and on other sites - a path will start to emerge for you - you will find something that interests you - maybe wholesaling or birddogging or Sub2 or something.... Be open (your closed right now) and let it happen.

Scott M. · Answer

Deep breath Taylor - deep breath. I gave you some pretty great advice - and it is glass full advice advice - not full of negativity as you so positively put it. This is what you said - a quote if you will "My final goal though is to just own and manage my own investment properties." Now - I could be wrong - before my post I have known you for 10 whole sentences - but - from what I read - and from what I read Mr. Green wrote and you appreciated - you clearly seem to want to own real estate - that is where your headed. Your going to school for Biz - your getting a license or two but what you really want to do - what you are really working towards is your final goal - owning and managing your own real estate. So - here you are getting an education in business. That may or may not have anything to do with owning and managing your own rental properties. You just got one license (congrats) and may work on another - which again may or may not have anything to do with your final goal of owning and managing real estate. The one thing that is clear to me (and I suspect to others reading) but may not be clear to you as you are to close and very senstitive on the topic is that the one thing your not working towards is your final goal - owning and managing real estate. If that is your dream - all I am doing is suggesting the same thing Mr. Green suggested - go for it. Eventually may never come meaning to it now if that is your passion. If business school and getting another lisc. is your passion then great - however - that isn't what you wrote - your just doing it for the knowledge - what you REALLY want is to own and mange real estate. Lastly - where did I tell you something was impossible? Where did I imply you should give up? I clearly hit some hot button of yours cuz your reading things that haven't even been written. What is pretty funny is I was telling you the exact opposite - I am telling you it is possible - it is possible today and not only didn't I imply you can't achieve it I told you to go achieve it today - not "eventually" (your word!) My advice to you Taylor - no matter if you like it or not - is to rethink using the word that YOU used "eventually" . In today's market - with today's prices - with your stated final goal - the time for action is now - not eventually. How about you go for your dream now?

Dick Green · Answer

1. Don't do what you don't want to do. When you decided to obtain your real estate agent's license...what was your goal and motivation? Did you just want the knowledge? Did you want to have a broker sponser you? Maybe you should gutz out the sponsorship time frame and obtain your broker's license. Maybe you might want to work for one of the 100% commision brokerages that offer no management and no back-office support. Maybe become affiliated with a developer or builder who doesn't require licensing. There's alot of options available to you. 2. Do what you want to do. Follow your own dream. Good Luck! Also congrats on obtaining your license!

Jackie Patterson · Answer

Hi Taylor, Of course you need to dream, and don't let other people throw up roadblocks telling you your dream is impractical or impossible. If you are interested in Real Estate, I would suggest you pick a successful brokerage that has an outstanding training program and provides mentoring with an experienced agent to begin. You need the support and training in the beginning. Put a few years in....learn everything you can, and then you will be in a position to decide if you want to become a broker, investor or something else. Learn from success, and then put your own twist on it!

Bill Gulley · Answer

Hi, hey Doug, are you the other half of Jennifer? If so you know you guys can't vote up each other's posts, right? LOL Taylor, if you want to buck into a real estate office as a broker I suggest you have very deep pockets! The advertising and overhead will be a killer to compete with the old offices ijn your area, that's the way it is..... So, why can't you do investing for yourself and have a job? You might find out alot about leasing working in a property management company and you might get a pay check! You'll get to know investors, maintenance types, all the things that takes time as an individual landlord. Go for it, make you dreams come true, learn all you can where ever you can and jump in when you can. Good luck, Bill

Victor Illian · Answer

Taylor, I too am new to Real Estate Investment. For many years I have been (and am still) in the computer programming field. It can be very hard to hear negatives and statements that seem to try to keep you away from your dreams. But we (you and I) are trying to move past those and learn what will bring us closer to our dreams. I wish I had the real estate knowledge already to give you advice but the best I have is similar to Scott's posts... believe in you more than the negative comments. Find your strengths and know your limits then you can challenge yourself to greatness. I look forward to learning with you through this site!

Tommy R · Answer

Taylor, I believe you have just answered your own question:: """ I have actually my whole life been trying to be a fireman, like my father, and i have done all the training and schooling and i currently am working part time as one. """ You did what was necessary to attempt to be the best firefighter out there. This opportunity is no different. Diversify your time/energy/education/experiences with this business and you will find your place. So many times people invest an abundance of time in one aspect only to find out that they might develop a regret or two. Luckily for you, something came over you long enough to think ahead and figure out that there is more for you out there ( I wonder what that day was like for you ).... Keep us posted on your progress. Rock on. - Tommy

Taylor Mohr · Answer

Ok so whats a good ammount to start with?? I got into this because i used to work with a guy who worked at a bank and did property investing and was teaching me about it. He bought mostly out of state and used property managers. He said you could start with as much as $5000. I am saving but where should i be looking? He recommended texas and idaho. Any ideas? And jon, yes i am sort of conflicted. Those are sort of secondary goals, i just thought they would be good to have and help me learn the industry. I have actually my whole life been trying to be a fireman, like my father, and i have done all the training and schooling and i currently am working part time as one. I realized something though. Its not really a job you can do your whole life. It pays well but not well enough, it takes up lots of your time and id like the freedom to be with my family as much as possible. So now i have shifted my momentum. I have to totally change my thought pattern now towards business. All i have ever known is how to be a fireman. So yes that's why i have been on here doing my research.