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Updated almost 8 years ago,
Looking for advice from ex-brokers
I am just now coming out Marcus & Millichap's training program and have been assigned to specialize in brokering apartment buildings in northern Colorado. I joined the firm because I knew I wanted to invest in multifamily, but I knew nothing about the industry and assumed that this job would be the fastest way to learn the in and outs.
Knowing that it takes about a year to start making money in this industry I saved around $70k for my wife and I to live on while I focused on building my business.
Living in Denver is expensive, I started blowing through cash faster than I was comfortable with. I was extremely fortunate to find a part time job working 20 hours a week, and surprisingly Im doing well enough that I'll end the year making $100k only working a few hours a week. ($300k if I went full time)
I know that my end goal is not to be the top dog in the brokerage world. In 5 years I want to own 85-100 units and 300+ units in 10 years.
I am hoping for some veteran advice. What will help me reach my goals the fastest? Continuing to focus on building my business with M&M, building relationships and learning the industry. Or am I better off using what cash I have left in savings and focus on getting into my first multifamily deal as fast as possible?