Starting out as a real estate agent

[Brandon Ribeiro]

2 weeks ago I walked into work thinking it was a normal day only to find out that it was actually my final day. The company was not doing well and I was the youngest and least tenured in the company so I was first to go.

I had originally scheduled my real estate exam for late August. When I got the news that I lost my job I was able to move it up to July 28th and I have already found a team that I am going to be a part of with amazing splits and support.

My main reason for writing this post is that I had set a goal for myself to buy my second property by the end of this year. Now, without a W-2 job, what suggestions do you all have to make this happen? I don’t have very much saved up and I originally had a pretty well paying salary job. Is this still feasible? What should I do to make this happen?

I see this whole loosing a job as a good thing that happened and will propel me into real estate head on as I have been wanting to do this whole time but haven’t been able to let go of a nice salary job (comfort). Now I am forced to step outside my comfort zone and make things happen!

[Ryan Hoover]

Hey @Brandon Ribeiro, sorry to hear about the unfortunate turn of events.  Luckily you were already working on a back up plan.  Starting out as a real estate agent is tough in the beginning.  Not trying to throw a wet blanket, but it's not unusual to struggle to gain momentum in your first year.  You are taking the right approach by joining a high performing team to expedite the rate you learn from those who are already doing well.

Back to your rental property question, now more than ever, banks are asking for employment history multiple times during the transaction.  Until you have a year of proven sales, it may be difficult to secure traditional financing.  You are going to have to find some alternative financing and get creative if you don't want to wait.  Seller financing, hard money, etc.  With what I said above, I would recommend saving up your money to weather any low times in your new sales career.