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Updated almost 5 years ago on . Most recent reply

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Trish Dunn
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Laid off - a good time to get my RE license?

Trish Dunn
Posted

Hi Everyone!

I was recently laid off from my FT job because of COVID-19 - my husband and I are newbies who are ready to buy our first investment. We've listened to a ton of BP podcasts and feel like we have a good strategy and had always planned on me getting my RE license, more to give us access and opportunities for investing, not so much to be an active agent. Since my layoff, I thought it might be a good time for me to just dive into it. With that being said, I have a couple of questions:

1. Since we're in a pandemic and quarantined, what are some good online resources where I can learn and take the test? (I live in PA)

2. Since I have a lot more time on my hands these days, would be it worth it to take a stab into being a realtor? My background is in staffing, so I have a lot of experience in sales but have never really envisioned myself being a realtor, and have really focused on learning and developing skills to be a RE Investor. Our goal is for both of us to be able to quit our jobs in the next 5-7 years, however since I'm already unemployed and the job market is a little bit bleak right now, maybe now is the time to go all in and use the license to also generate income??

Sorry for the long winded question, I appreciate any help or guidance you can provide!

-T

Most Popular Reply

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Jaysen Medhurst
  • Rental Property Investor
  • Greenwich, CT
2,466
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4,876
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Jaysen Medhurst
  • Rental Property Investor
  • Greenwich, CT
Replied

I'm sorry to hear about your job. I was laid off during the financial crisis in 2008. It sucks. No two ways about it.

To answer your question: No, I don't think this would be a good idea, @Trish Dunn.

  • You don't really want to be an agent.
  • It will cost you money and time to become an agent. Money you should be saving and time you should be using to either find a new job or your first deal.
  • As an investor there are a few advantages, but there are also disadvantages that you should be aware of. David Greene did a good job covering these at the last BP Conference. Look for the podcast with the roundtable discussion at BPCon.

You wrote, "...go all in and use the license to also generate income." How likely do you think that is, now, with a slowing and uncertain market? Do you think buyers and sellers are going to choose you as their agent (with no experience) in these times when there are a bunch of rock star agents out there with a whole bunch of extra time on their hands? It can take 6+ months for a new agent to earn a commission in good times. How long do you think it would take you with nothing but headwinds right now?

  • Jaysen Medhurst
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