Career Change Ideas

[Luis Lopez]

Hello all:

I've been sinking my head into this REI world for the past 3 months trying to find ways to earn more money on the side. Not sure if this happens to all newbies and/or of this is just a typical reaction to something new, but I am HOOKED! I'm so hooked that my productivity at my full-time job has taken a nose-dive; I shouldn't even be on BP right now. The Creative Finance aspects and obviously being in charge of your own destiny is what intrigues me about real estate.

I'm so sunk in that I'm actually exploring the thought of changing careers/jobs to something where I can leverage my experience and also learn more about any and all aspects of REI. So my questions to the community is, what kind of jobs are out there for what I'm seeking based on the below information about me.

Me (current):

• 10+ years in corporate finance & accounting; The most recent 2 have been in project management (hybrid between finance & IT) in the healthcare field
• Bachelor in Finance, Graduate Certificate in Accounting, and Master in MIS (Management Information Systems)
• My strengths are working with people, numbers, Excel, and automating systems and processes
• Between working more than 40 hours, a 3 year-old and a 8 month-old, I barely have any time to dedicate to REI. And when I do, I feel guilty either taking time away from work or my family. (I actually do stay up in the wee hours but it's not enough) Hence, the reason I want to change careers

Where I want to be:

• Like most newbies, I jumped right in to wholesaling.  I haven't closed a deal yet but have gotten two under contract in the 2 months I've been doing this and the little time I have (spent one month just soaking in material) . By taking action, I learned a ton including that:
  • I have to improve my selection of comps for ARV estimates as well as getter a better feel for the local repair costs, from low-end to high-end.
  • Location also affects demand and the acceptable return
• I eventually want to rehab once I get some experience in knowing and finding the good deals.  So my plan is to partner with someone experienced in rehabbing on a deal I find where I can pitch in half of the funds and learn on the job. 
• I'm not happy where I am now because I feel imprisoned.  It also seems that no matter how hard I work, I'm pretty much capped without playing corporate politics or switching jobs every 2-3 years. I'm also a big-picture guy so the bigger the company (mine is huge) the less I feel what I do matters.  The idea of providing solutions to troubled sellers and buyers with creative strategies is awesome! 

So for anyone who is where I want to be and/or is coming from where I am now, what suggestions might you have?  What area in real estate are the skills mentioned above best transferable to?

I know this sounds more like I may just need a career coach but a typical career coach wouldn't understand real estate investing ;)

[Guy Gimenez]

Luis, 

thanks for sharing. I will do now do the same for you.

When your reason to make a change is strong enough, the change will happen.  

I was there 15 years ago...in a job I absolutely hated, working for people I despised and surrounded by negativity that sapped my energy every day and left me very cynical.  

Others may disagree, but unless and until you're willing to give up everything outside of your spouse/kids and your health, you will likely always fall back to the job. In my opinion, it's easy to have a job even when it frustrates you. I've found that the first time most part-time investors fail, they tell themselves, "well, I still have a job"...not knowing that and a poor mindset is exactly what is keeping them from succeeding. 

I left my job 15 years ago cold turkey with very little cash in my hand, a lot of credit card debt, a spouse who worked part-time and a 5 year old son. If I failed it meant we would live under a bridge, literally. I did not have the option of failing. I worked 16 to 18 hours a day in real estate, learning, searching for properties, printing marketing pieces, hand stamping hundreds of letters. I didn't do it because if was easy or even because I wanted too...I did it because I could not stand the consequences of failing. And within less than 20 months after quitting my job we paid cash for new SUV, moved out of our small duplex we were renting and had more money in the bank than I'd ever seen. 

It sure wasn't because I was smart or good looking (I failed both those tests)...it was because I was motivated and knew I had nothing to fall back on. Make it or live with the fact that I had royally screwed my family and their future.

Trust me, when you get to that point, your life changes forever because motivation is NEVER an issue. 

If you feel guilty now about not spending time with you family, what do you think will change in the future? Being an entrepreneur is about sacrificing (some have to give more and some have to give less) and it ain't easy my friend. But I will never again work for anyone else and I'll never again not have the option of spending all the time I wish with my wife and son when and where they want.

You don't need a career counselor, you need to be honest with yourself. What are you willing to do to make it in real estate (or any other entrepreneurial endeavor)? Give up a very nice house?  A really sweet car?  Stop eating out altogether and get to know Hamburger Helper like an old friend? Get rid of the old friends who are miserable in their lives and want to make sure you are too? 

Time for some serious soul searching Luis. As a well known investor has said, "everyone can do, not everyone will."