When and How Did You Start Your Business? - Career Advice

When and How Did You Start Your Business? - Career Advice

New to Real Estate · Fort Wayne, IN · Member since 2019 · 123 posts · 63 votes

The other day after work I got to my car and started checking my phone to respond to emails, check BiggerPockets and LinkedIn. After a while I realized that I had been sitting in my car responding to those in the real estate business for an hour as I sat in my current employer's parking lot. I have always had an interest in real estate and finance so after graduating with a bachelor degree in Finance it was only natural for me to be even more intrigued with all that real estate has to offer. However I also loved the game of baseball and after playing 4 years of division 1 baseball at Xavier University, I was fortunate enough to have been drafted by the Minnesota Twins and played a little bit or professional baseball. This childhood dream of mine unfortunately came to an abrupt end a few years in but nonetheless was an experience of a lifetime. Fast forward about 2 years, I am working a job that doesn't necessarily interest me and I stumbled across real estate investing as I was looking for ways to start building passive income for the future. Over the past few months I have come to a realization that my passion for real estate has continued to grow to the point where I know that it's now my goal to invest in large multifamily properties and build a syndication business down the road. I understand in order to get to the freedom that I desire in life it will take time, planning, and 100% dedication along the way; all of which including sacrifices that I will gladly make. I personally would much rather have the opportunity to control my own career/life and actually do something that can positively impact others whether it be providing someone a place to live, helping like-minded individuals reach the level of freedom they desire, or introducing curious individuals to an investment vehicle with the potential change their lives.

I have taken these past few months to continue to educate myself on all matters of real estate, mindset, and entrepreneurship as well, as I know the importance of establishing a strong mindset base in order to be successful in business endeavors. In my opinion momentum is everything when looking to attack goals, therefore the law of the first deal certainly comes to mind. A few months back I got in contact with a mentor and have since been learning the business from his perspective in his own company. Moreover he has allowed me to help in the search for both apartment and hotel deals to bring to him as he is looking to expand his portfolio. With that being said I've gained some experience conservatively underwriting potential deals as well as learning different methods of what to look for in properties that may indicate a potential deal. Up to this point I have seriously enjoyed every step of this process and the business as a whole. If anything the past few months have solidified my desire to eventually start my own business a few years down the road.

A long story kept somewhat still long, I am at a crossroad with respect to what my next steps should be. I've started taking my licensing classes with the original idea of being an agent on the side due to the fact that my current hours allows me to be off around 3:00 PM. However as I have continued to read and think about it, I have also started entertaining the idea of looking for a local commercial investment company or local development companies to learn more about the real estate industry as a whole. 

The question that keeps coming to mind is which is more important: searching for a new corporate job while starting to build a business, pursue a career with a commercial brokerage, or building a syndication business on the side while dealing with a job with little upward mobility that you don’t necessarily enjoy right now? I suppose a better question would be, if you could go back in time knowing what you do now, what would you do differently to set yourself up?

I look forward to speaking with you all and want to thank you in advance for the advice and conversation!

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Yonah WeissPro Member
Cost Segregation Expert and Investor · Lakewood, NJ · Member since 2017 · 1k+ posts · 1k+ votes
6y

@Andre Jernigan first of all thank you for sharing your story in more detail. You are definitely on the right path, continuing to educate yourself and align yourself with the right people, especially a mentor who can share real life experiences with you first hand. 

Only you can know what is best for your current situation. A couple of things to consider though.

Do you have enough savings to last you a year or more? If you go full time into investing/syndication, you have to consider that it's possible that it might take you a year or two or ten, before you start making enough money to live off.

You might want to look into a job withing the real estate world that will help you get closer to your goals by accelerating the learning curve (i.e. broker, contractor, etc.)

Whatever the case, keep the passion burning, and never stop learning.

Maybe some of those wiser than me can shed some additional light.

@Jeff Greenberg @Brian Briscoe @Brian Burke @Ola Dantis @Frank Patalano

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  • Yonah WeissPro Member
    Cost Segregation Expert and Investor · Lakewood, NJ · Member since 2017 · 1k+ posts · 1k+ votes
    6y

    @Andre Jernigan first of all thank you for sharing your story in more detail. You are definitely on the right path, continuing to educate yourself and align yourself with the right people, especially a mentor who can share real life experiences with you first hand. 

    Only you can know what is best for your current situation. A couple of things to consider though.

    Do you have enough savings to last you a year or more? If you go full time into investing/syndication, you have to consider that it's possible that it might take you a year or two or ten, before you start making enough money to live off.

    You might want to look into a job withing the real estate world that will help you get closer to your goals by accelerating the learning curve (i.e. broker, contractor, etc.)

    Whatever the case, keep the passion burning, and never stop learning.

    Maybe some of those wiser than me can shed some additional light.

    @Jeff Greenberg @Brian Briscoe @Brian Burke @Ola Dantis @Frank Patalano

  • Rental Property Investor · Farmington, UT · Member since 2018 · 171 posts · 148 votes
    6y

    Welcome! Lots to unpack here but let me make an attempt to answer the main question. It will take some time to get whatever business going you want to. I do not recommend quitting your current job or having no job while you build it as you’d likely deplete much needed cash. I’d focus on shaping your current employment or finding new employment that provides the needed flexibility to pursue your goals. I speak from experience that that is the better route. A solid business takes time to build... Plus we are likely in the late stages of this real estate cycle and if things do go downhill you’ll wish you had more cash. 

  • Real Estate Consultant · Camarillo, CA · Member since 2010 · 2k+ posts · 1k+ votes
    6y

    @Yonah Weiss great to see you in person the other day and the shoutout.  Both Yonah and @Brent Crosby have provided wise advice.  If you can work in the field with the flexibility of time, that is the best of both worlds.  Having the opportunity to work alongside a mentor or experienced investor is a great way to learn.  Be a voracious consumer of podcasts, read all the books on the subject, and go to as many meetups as you can.  Build your network of like-minded people and spend as much time learning from them. PM me and I will introduce you to a good friend in your market. 

  • Property Manager · Blaine · Member since 2015 · 209 posts · 276 votes
    6y

    Andre, well said,


    I assume you’ve read both rich dad poor dad and cash flow quadrant, if not, read them.  I made all my startup money as a bail bondsman, I know not very prestigious sounding, but it got the job done.  I grew my income from 100k to 600k over the course of 15 years, now I have sales team that makes the money for me.   I used to gladly put 90,000 miles a year on a car because I had control over how much money I made.  Remember, try to work yourself from employee=>self employed=>business owner=>investor.

    the whole time I was driving that car, I was flipping properties, buying real estate, and learning. I wasn’t satisfied just making a great income, a lot of people can make great money, but not many can take $1 and turn it into $5.  Now, a lot of people in my circle are willing to invest with me because I have a track record.

    So build that track record!  Find a way to make more than you spend.  Tonight I was reading my 8 year old rich kid smart kid and I explained to him how the rich don’t work for money.  I showed him pictures of this junked house I bought today.  It was so bad you could barely open any of the doors.  It was probably the worst one I’ve ever been in.  I told him that most of america lives in houses like that, they spend half of their life at work to pay for it, and for many it’s a house they will never own.  Meanwhile, your dad can show up, be too scared to walk inside, buy the house on credit, use more credit to pay someone else to fix it, and 6 months later put it on long term financing, pay the bank back their money, and charge some poor guy 1200$ a month.......the rich create money and don’t work for it.  If my 8 year old can get it so can you!  Once you build your track record the bank will gladly give you money. 

    Things I would change

    I would have bought real estate instead of paying off my student loans first 

    I love my Porsche now, but I would of drove a Honda Accord instead of Cadillac's and Lexus while I was putting on all them miles 

    I bought my first 5 or so rentals with cash in 2008, 09, 10.  If I had to do it again I would have financed all of my real estate during the recession when it was so cheap And bought apartment buildings 

    instead of using commercial bank loans I would have bought my first 10 properties using FHA financing

    If I Were You....

    If you’re making over 6 figures cut down on your expenses and start buying real estate now. If you’re not, find a job where you have control over your destiny.  Nights and weekends real estate would be a good way to get into the 1099 side of the tax code and have some control over your destiny.  I would hang my license with KW or whoever has the best training program and caddy for the most successful agent in your town.  in bail bonds I want my agents to make well into the 6 figures because the more money they make the more money I make.  The real estate hustle is the same so team up with a high volume agent.  Then I would buy some of your own real estate, network, and build your track record!

    good luck Andre!  Lmk when you buy your first deal and let’s go TWINS.  Hell of a lineup-not much pitching

  • Real Estate Coach · Salt Lake City, UT · Member since 2017 · 272 posts · 414 votes
    6y

    What’s your risk tolerance?

    I have 5 kids and my risk tolerance where my kids are concerned is low.  I’m building my business with a full time job and started 3 years before I plan on retiring (I’m active duty military). That gives me plenty of time to build up my business and brand to have replaced my income...


    Maybe you have a higher risk tolerance. Just ask yourself “what’s the worst that can happen?” If you’re okay moving back in with your parents or crashing on a friends couch if it takes longer than expected, then maybe you quit and go full time.


    I’d definitely build my business faster without commuting back and forth to the pentagon every day.

  • Real Estate Coach · Salt Lake City, UT · Member since 2017 · 272 posts · 414 votes
    6y

    Oh, And thanks @Yonah Weiss for the tag. So great meeting you in L.A. 

  • New to Real Estate · Fort Wayne, IN · Member since 2019 · 123 posts · 63 votes
    6y
    Originally posted by @Yonah Weiss:

    @Andre Jernigan first of all thank you for sharing your story in more detail. You are definitely on the right path, continuing to educate yourself and align yourself with the right people, especially a mentor who can share real life experiences with you first hand. 

    Only you can know what is best for your current situation. A couple of things to consider though.

    Do you have enough savings to last you a year or more? If you go full time into investing/syndication, you have to consider that it's possible that it might take you a year or two or ten, before you start making enough money to live off.

    You might want to look into a job withing the real estate world that will help you get closer to your goals by accelerating the learning curve (i.e. broker, contractor, etc.)

    Whatever the case, keep the passion burning, and never stop learning.

    Maybe some of those wiser than me can shed some additional light.

    @Jeff Greenberg @Brian Briscoe @Brian Burke @Ola Dantis @Frank Patalano



    @Yonah Weiss I appreciate the wise words and encouragement. To me education has always been a top priority and now that I am entering a space where knowledge is key I now have some direction on where to place my efforts. Having a mentor has been amazing especially in the sense of learning how to get out there are start interacting with people and learning things from a ground level.

    Based off of my own common sense I know one of the faster ways to build something would be to go full time. However as you said, you never really know how long it could take in order to start making enough money to live off of. The thing is I'll be married in the next year so I figure for my fiance's sake I'll keep a steady job while I continue to strive to reach this goal. With that being said, I'd consider myself slightly conservative in this situation and will more than likely be finding a way to start things up on the side while I continue to save up and get things going. Had I gone directly into real estate out of college I would have happily gone the route of jumping right into being a broker for a few years to establish a base for myself. I am currently looking into different jobs in the real estate world as we speak. As I mentioned above I am on the road to getting my license and am looking into being a broker to accelerate the learning curve as you stated .

    Again Thank you for the kind words and the advice. I look forward to being in touch either on here or on LinkedIn.



  • New to Real Estate · Fort Wayne, IN · Member since 2019 · 123 posts · 63 votes
    6y
    Originally posted by @Brent Crosby:

    Welcome! Lots to unpack here but let me make an attempt to answer the main question. It will take some time to get whatever business going you want to. I do not recommend quitting your current job or having no job while you build it as you’d likely deplete much needed cash. I’d focus on shaping your current employment or finding new employment that provides the needed flexibility to pursue your goals. I speak from experience that that is the better route. A solid business takes time to build... Plus we are likely in the late stages of this real estate cycle and if things do go downhill you’ll wish you had more cash. 

    @Brent Crosby Yeah there is quite a bit to unpack, my apologies for such a long post. I got to typing and didn't realize quite how long the post was until I was ready to post it.

    I 100% agree that it will take time to build the business that I have envisioned. The way I see it, I am not looking to get out of working for the current moment in my life. I know that there is a great deal of both work and long work weeks ahead of me. My belief is that being 26 years old , I will gladly spend the next decade or more working to build something that I believe will be able to last for quite some time. I know that things are not anywhere near as easy as others may make it seem but that only the side of the story that you can see from the outside looking in.

    I've been thnking about this for a while now and decided that I would make sure to keep working a W-2 job especially with the fact that we are in the late stages of this cycle from my knowledge. Looking at it glass half full, I see this as an opportunity to set things in motion to be ready for when the cycle finally does reset. However with that being said, I will also be looking to take advantage of solid opportunities that may arise in the meantime instead of sitting on the sidelines trying to time the market. With respect to current employment, I have started searching and brainstorming different places of employment that could provide some flexibility and potentially the opportunity to build skillsets that would be advantageous for my goals.

    You mentioned that you speak from experience with what we're talking about. Did you happen to get started in a similar fashion?

  • Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes
    6y

    I guess I'll jump into the conversation. @Yonah Weiss thanks for the tag. 

    I started teaching about 17 years ago. The W-2 income made it very easy to get loans. There was no time but I was gradually growing. Unfortunately I was not hungry enough. I was settling with slow growth. Obviously looking back I would have done many things differently.

    Now I left the full time job and do more of what I enjoy. It helps to have accumulated some of that mysterious passive income. 

    I agree that if you are going to work, do it in a real estate related field. 

    Network like hell. And keep learning.

    At the same point set challenging goals so that you do not become comfortable and start building more regret.

    Is your wife supportive?

  • New to Real Estate · Fort Wayne, IN · Member since 2019 · 123 posts · 63 votes
    6y
    Originally posted by @Jeff Greenberg:

    @Yonah Weiss great to see you in person the other day and the shoutout.  Both Yonah and @Brent Crosby have provided wise advice.  If you can work in the field with the flexibility of time, that is the best of both worlds.  Having the opportunity to work alongside a mentor or experienced investor is a great way to learn.  Be a voracious consumer of podcasts, read all the books on the subject, and go to as many meetups as you can.  Build your network of like-minded people and spend as much time learning from them. PM me and I will introduce you to a good friend in your market. 

    @Jeff Greenberg I’ve come to find that flexibility is key at this early point in my career. I mentioned in another comment how taking the past few months to actually be out learning while doing has been one of the best things up to this point. It has allowed me to start getting a feel of how things work and the process as a whole which has truly been invaluable.

    Learning is something that I actually tend to enjoy, I’m currently reading Joe Fairless’ Best Ever Apartment Syndication Book and I must say it’s just as thorough as what I’ve been told. As far as podcasts go I listen to many but have wanted to start dialing it in to a select few to really focus, would you happen to have any suggestions of your favorites? 

    Over the past couple of months I will say that I have seen the use of networking firsthand. The more I can get around others and provide them with some sort of value, the more I’m able to learn. That would be wonderful Jeff, I’ll be sure to shoot you a PM as soon as I can. I appreciate the advice.

  • New to Real Estate · Fort Wayne, IN · Member since 2019 · 123 posts · 63 votes
    6y

    @Jeff Greenberg @Brent Crosby


    My responses above wouldn’t allow me to tag either of you for some odd reason, probably something to do with responding on my phone. I figured I’d tag you just in case you never got a notification. 

  • New Iberia, LA · Member since 2017 · 133 posts · 89 votes
    6y

    @Andre Jernigan You have a Bright Future ahead of you! Well written post and lots of great responses! I wish I was still in my 20's and just starting out but I wasn't that smart :) 

  • Real Estate Consultant · Camarillo, CA · Member since 2010 · 2k+ posts · 1k+ votes
    6y

    @Andre Jernigan The dilemma that you have now is the reverse of what I had in the beginning.  That being so many podcasts to choose from.  Starting with Joe's and his syndication training podcasts you are on your way.  Depending on what aspects of the business you choose.  Jake and Gino, Michael Blank, Kevin Bupp, Whitney Sewell, Rod Khleif all have great podcasts.  There are so many, you need to see who really speaks to you.

  • New to Real Estate · Fort Wayne, IN · Member since 2019 · 123 posts · 63 votes
    6y

    @Matt Higgins Yes you are correct, I have read both Rich Dad Poor Dad and Cash Flow Quadrant. As a matter of fact  Rich Dad Poor Dad is what originally sent me down this real estate rabbit hole. Did you go straight by into being a bail bondsman or did you eventually find your way there after some time in another career? The linear progression is what I’ve started basing my long term plans off of. I’m starting to set things up to start phasing into the self-employed category. I like how you mentioned that your goal wasn’t to just have a good income and that not many people could turn $1 into $5. 

    What you described to your son is exactly what I started noticing. I was listening to a podcast when someone mentioned how they wanted their business to revolve around their life instead of the other way around and that real estate has allowed them to do exactly that. At some point you'd think that people would eventually catch on to the fact they are living to work instead of working to live. I’ve always had this fear of waking up 40 years down the road and wondering “what if.” Therefore Im doing what i can now to avoid that situation. 

    I'm in the process of cutting out as many expenses as possible to increase my savings rate. Luckily I caught onto not needing a fancy car just quite yet and have a Chevy that's got plenty of MPG. Have you thought about moving more toward apartments next? You also mentioned using FHA for your first 10 properties, if I remember correctly in order to use an FHA you must live in the property for atleast a year and a day. One could argue the speed and scalability of doing that may drag on a bit much would you agree? Or is this more of a long term strategy as a whole as well.

    I don’t make 6 figures as of now which is why I’ve been looking to find a way to do say. I’m glad you mentioned KW because that was the one brokerage I had targeted with respect to training to hang my license once I get it. Taking control and being able to have an influence on my own path is what I’m looking for as a whole but doing so starting now on the side may have its advantages if I look hard enough, one of which being the ability to get loans with a steady W-2 income as well. My plan is to use anything I make from the real estate side to go right back into investing and eventually growing a business. I’ve always seen sales jobs as more of a team sport than what some may think. I’m glad that you mentioned wanting all of your team to make 6 figures. The better one does, the better we all do as a team. 

    I will certainly be sure to let you know when I get my first deal. Thank you a ton for the advice and information Matt. And yes go Twins! (Even though I’ve always been a Cubs fan since I can remember). Adding Josh Donaldson to that lineup is absolutely potent! Pitching can be picked up still but at this point as long as they can slug extra base hits and put up 7 runs a game then I like their chances. Thanks again! 

  • Rental Property Investor · Chicago, IL · Member since 2018 · 89 posts · 77 votes
    6y

    @Andre Jernigan

    FYI

    joe fairless has his own podcast. Certain days /topics are related to syndication- how to start, doing due diligence, etc

  • New to Real Estate · Fort Wayne, IN · Member since 2019 · 123 posts · 63 votes
    6y

    First of all thank you for your service @@Brian Briscoe. Out of curiosity how long ago did you start building your business? Like you said, you have given yourself plenty of time to build both your brand and your business in order to replace your income.

    Personally I have a decently high risk tolerance however come next year I will be married, therefore I have started lowering my risk a tad bit. Luckily for me her parents own an excavating company therefore she understands entrepreneurship and fully supports me pursuing this business. The thing is I still personally feel a need to provide some stability as we both start to build our careers. You are certainly right when you say you can build a business much faster without commuting back and forth everyday ( I rank that as one of the top 3 commutes to work of anyone I have ever spoken with). But even more so, going full time does allow the possibility to concentrate a full day on the business and relationships as a whole.

    @Brian Briscoe

  • New to Real Estate · Fort Wayne, IN · Member since 2019 · 123 posts · 63 votes
    6y

    @Frank Patalano Thank you for sharing that with me. Something that I have thought about is where to draw the line between being okay understanding real estate investing is a long term thing and simply accepting slow growth. Naturally I am the type to go ahead and set out to accomplish goals that I set, however when it comes to real estate I have been making sure to keep a patient mind as I start putting things into motion.

    I am most certainly leaning toward working in real estate somewhere. As mentioned I am strongly leaning toward becoming an agent/broker in order to continue to network with others here in my local market while also being able to learn and have some control over building up capital to invest at the same time.

    If there is one thing that I have always been a supporter of, it's setting huge goals and working my rear end off to reach them. I've always been taught that if you aim high enough, even if you fail you will still land somewhere far beyond what you originally believed you could. The catch to this belief is also taking the time to understand that it requires a great deal of mental strength and resilience when you don't reach your main goal. I could go on for a while about mindset therefore I will leave it at that.

    As for my fiancé, I am lucky because she comes from a family that started and currently own a successful excavating company here in Indiana. Because of that she fully understands entrepreneurship and the time and dedication it takes in order to build a successful business. With that being said the first time I brought it up she fully supported the idea and actually has continued to do so and has even helped out on occasion.


    I appreciate you responding Frank. I do have a question, at what point did you realize that you weren't hungry enough and were settling for the slow growth? Moreover, what changes did you make in order to more actively pursue your goals?

  • New to Real Estate · Fort Wayne, IN · Member since 2019 · 123 posts · 63 votes
    6y

    @Jeff Greenberg There are a plethora of podcasts to choose from and the thing is they all cover such an array of topics. With my eventual goal being multifamily and syndication I have been listening to Joe's podcasts along with @John Casmon. I have actually listened to Michael Blank's for quite a while as well. If you don't mind me asking, when you first started out what which podcast spoke to you the most? Thank you for the list, I will have to start diving into as many of these as possible. Thank you again for the suggestions.

  • New to Real Estate · Fort Wayne, IN · Member since 2019 · 123 posts · 63 votes
    6y

    @James Dickens The responses have all been incredible. It's my hope that someone may come across this post that's looking to ask a similar question and are able to use something from the thread in order get to where they are wanting to go. If you ask me it doesn't matter where you are when you start. The important that you started, therefore in my opinion, you're a pretty smart guy :)

  • New to Real Estate · Fort Wayne, IN · Member since 2019 · 123 posts · 63 votes
    6y

    @Alan Dunlap I actually am an fan of his show. I like how each day provides something different to the audience. What other podcasts do you enjoy listening to?

  • Rental Property Investor · Chicago, IL · Member since 2018 · 89 posts · 77 votes
    6y

    @Andre Jernigan

    In no particular order

    -The BiggerPockets podcasts

    -Target Market Insights

    -The Rental Income Podcast

    -The Corporate Investor (mostly talking to people who transitioned from FT job to FT real estate investor

    -Apartment Building Investing (Michael Blank, another syndicator)

    -Refresh Your Wealth (mostly lawyers and CPAs discussing tax&legal strategies for your business&investments)

    -Millionaires Unveiled (not exclusively real estate, but gives perspective on what people did to become financially free)

    Occasionally some Grant Cardone /Rich Dad Poor Dad radio/Dave Ramsey =completely different perspectives on how to become wealthy but I think it’s good to hear both sides

    Just keep in mind podcasts & gathering knowledge is nice, but eventually have to start taking action towards your goals. Don’t get comfortable.

  • Real Estate Consultant · Camarillo, CA · Member since 2010 · 2k+ posts · 1k+ votes
    6y

    @Andre Jernigan When I started out the only one that was really out there was the Real Estate Radio Guys.  I know that I am looking 15 years back

  • Investor · Johns Creek, GA · Member since 2017 · 463 posts · 488 votes
    6y

    @Andre Jernigan I was in your position about a year ago. I quit my full time job last March. I would be spending 3 hours per day commuting and that was like a part time job. I would listen to real estate podcasts and books on the way to and back from work everyday. I had no control over my life. It's been almost a year since I quit. It was tough at first because I had nothing, but now I can say that quitting was the best decision I've ever made in my life. Other than coming to America 10 years ago as a teenager. I found my niche and started my own investment firm focusing on mobile home parks. Currently Own 52 pads with investors and partners and the number is going up rapidly.

  • Property Manager · Blaine · Member since 2015 · 209 posts · 276 votes
    6y

    @Andre Jernigan

    I shouldn't have said FHA, I should have said a conforming 30 year Freddie Mac loan, but I talked to @Tim Swierczek today and he said he could give me at least 20 reasons why A commercial loan is a better product. The 10 year bond was getting crushed again today so who knows how low rates will go, maybe a commercial loan is the way to go.

    Out of school I took a job in Northern Wi at a window plant.  Every morning I picked up every news paper I could find and watched the clock for 10 hours.  I couldn’t do it.  Plus, not much to do when you’re 22 in a small town besides date your employees and go to bars.  It wasn’t going to work.  Leaving that job was a big deal at the time because I had student loans and my parents didn’t have the money to pay them.  When I started the bail bond hustle it had to work.  
    I would stay aggressive.  My wife’s grandpa built a multi million dollar farming business, started from nothing coming out of WW2, and most importantly lived a great life.  He told me, “the biggest problem most people make is that they don’t take enough risk”.  He was the kind of guy that you listen to.  You only have one life to live so you might as well take your shot.  if you fail take another.  You should always be able to get a another sub 100k paycheck somewhere if you have to so what’s the risk?  I would start real estate nights and weekends to see if you like it first.  There are a lot of agents, paying a lot of fees, and not closing a lot of deals.  Commercial seems harder than residential to me, especially in this current low inventory market.  Real estate rock stars is a great agent podcast btw.  It might be my favorite podcast at the moment.  I do worry about the long term viability of the real estate agent commission structure.  Margins have to come down someday.  6% agent commission if you get both sides of a million dollar home is a sweet deal.  

  • Roni E.Pro Member
    Specialist · Earth 2.0 · Member since 2019 · 598 posts · 271 votes
    6y

    You need that monthly paycheck to keep the "lights on" and you should be saving a bit of money every month either for investing or rainy day. If there is an Opp. to get better job with a better salary then go for it. I would go ahead and get your real estate license and then in a few years you can become your own broker. If you can sell just 1 house a year it will more than cover all the costs and ongoing costs of the license. Also, I would then look at type of real estate you want to focus on Apartments, Flipping or whatever.

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