Real Estate Agent Questions

[Ben Swartz]

Hey Everybody! Just to preface I am pretty new but do have a good general knowledge of investing in real estate. Currently looking to purchase my first duplex. My uncle suggested that I get my real estate license but after talking with a real estate agent I am now concerned that If I get my license I won't be able to get a loan because they look at the past two years of finances. If anybody could help me here I would really appreciate it!

[Russell Brazil]

Originally posted by @Ben Swartz:

@Russell Brazil so I would have to have 1-2 years of being an agent to be able to get a loan. My real estate agent recommended keeping my full time job and working as an agent on the side so I can still get loans. What do you think about that? Thanks for replying I appreciate it.

 Realistically, you might not even be profitable in your first 2 years as an agent.  87% of people fail out of the industry altogether. Median income for the industry is only $45k.  

Being an agent is much more like having a small business than it is like having a job.  Agents need to be well capitalized. You need to invest in the business to help it grow.  When I went full time, I did so with the expectation, that like most small businesses, I was unlikely to turn a profit in the first couple years.