Real Estate Agent Questions

[Adonis Yancey]

I became a Real Estate Agent 7 months ago to help me along my Real Estate Investing journey but I find that being a Real Estate Agent is not a passion of mine. I'm passionate about becoming a Real Estate Investor. I've been learning a lot that could help me as an investor but I'm not really interested in helping others buy and sell. Any ideas on how I can be an investor but still have the benefits of being an agent such as my own access to the MLS? Also I'm wondering if I leave the brokerage would that hinder me from being able to purchase deals through the MLS and getting commission for it for being the buyer who is representing myself? Or purchasing deals through the MLS by myself in general?

[Bruce Lynn]

If you're not passionate about it, don't do it.

But you need some kind of high paying work to fund your real estate investment passion.   Find something you love, find something that pays extremely well, kill it in that field and let real estate investing be your hobby or side hustle.

Real estate investing is typically not a cheap hobby.   Probably as expensive is the top other hobbies.   

One thing you have to work into it is, how much do you need monthly to live.   How many $200/month cash flowing properties do you need to fund that.  Let's say for example you need $4000/month to live the life you want to live.  Then you 20 properties that cash flow at least $200/month.   Maybe more when you account for repairs, vacancy, etc....but that's a rough start.

Typically you'll need 20% down for every property you buy, unless you move every year, then maybe you can get by with 3-5% down.  You live in the house, finance it with owner/occupant financing, fix it up while you are there and then do it again next year.   It's a slow process, but I've seen lots of people use this strategy.   Multi-Millionaire real estate investor, friend and neighbor of mine just passed away and said she moved 27 times in her 50 year marriage.   The last house they were in about 25 years or more, so you can imagine when they were young, how often they moved.

Lots of ways to get there...but it is typically a slow process, not overnight and not one you do with no money.