Teacher: New to REI-Wholesale; Sub To; Airbnb; Flips; Rentals

[Janice Reaves]

Greetings!! 

My name is Janice R.   Currently, I work as a math, special needs, and ESL teacher. I am certified both in NJ and NY states holding Masters' degrees. I live in the northern NJ, Hackensack area.  FYI, before teaching I worked in Corporate America for major global companies, i.e. JP Morgan Chase, Citi-Group, UBS to name a few in various roles, such as, Accounting, Project Management, Business Analysis, Strategy. I also hold a BS in Accounting from Fairleigh Dickinson University, Graduate level Tech certification in Analysis & Design of Information Systems from Columbia University in NYC.

I plan to start my REI journey/career on a part time basis while teaching. My most immediate goal is liquidity!!! Let's get my 1st deal done and get some cash in my pockets while obtaining some experience. I am open to obtaining my NJ RE license, but after listening to some of gurus on You Tube, it appears that it's "nice to have"; but not a necessity as I am interested more in the "investment" side of the business. What are your thoughts?!!

My current REIs focus is on Wholesaling, Subject To, Airbnb, flips, short/long term rentals, tiny homes, and RVs and mobile homes.

I am open to suggestions, advice, to meet up and team up.

Thanks to all!!!

[David M.]

@Janice Reaves

we've had plenty of prior posts on the license. Don't forget it costs about $2k-$3k annually just to keep your license active normally. So, if you aren't doing many on-market deals through the MLS it won't be worth it. Plus, there is the concept that being a real estate agent is still a profession. When will you have time to truly learn the profession? Find a good agent and let him/her do the work for you.

That being said, much of what you are looking for doesn't immediately lend itself to on-market stuff. As with all a REI, you make your money when you buy the property normally.

Remember that many of your interested (e.g. wholesaling, Airbnb, flips) will be considered active income and tax at your regular ordinary tax rate.  Profit on flips will be subject to self employment tax.  New investors think its a great way to generate cash, but its also tax inefficient.  Also, they actually are somewhat more "advanced" investing avenues and not necessarily the eaisest.  As with most anything in life, its about "who you know."  And you need to know a lot to get the leads to get these deals.

What is "liquidity" to you?  At least you have a solid full time job.  Its good for being able to obtaining financing.  You'll need to generate more seasoned income to get more financing to keep leveraging.  However, you do need cash to start.

That's the REAL short of it.  I'd be happy to chat.  Good luck.