Veteran/Real Estate Agent (First Post)

[Michael Malzacher]

Hi All,

I have been reading a lot of information on this website the last couple of days and I wanted to introduce myself.  My name is Mike and I'm an Army Veteran who recently got his Real Estate license.  I'm with a broker but have been too occupied to dive in until recently (Covid).

I'm currently a teacher doing online classes at home and have a lot of extra time. I want to transfer fulltime into Real Estate investing. I'm not completely interested in buying and selling homes for people but moreso for myself and family. I want to buy, renovate, refinance, and rent homes. I got my REL because I figured it would give me flexibility, personal access to the MLS, but also collect commission when I purchase for myself or for family members. I also want to be the go to person for veterans when they're using their VA Loan.

I've been renting (wasting money) the past five years and I'm over it. I want to purchase my first home with my VA loan, fix it up, refinance into a traditional loan, and eventually rent it out.

I also feel that I might be able to find more good deals given our situation with Covid.  Although many people are struggling I feel like i'm in a good position: Veteran, Agent, Bi-weekly Salary until August.

If you were in my position how would you go about making the change from your salary job to fulltime Real Estate investing? 

Or am I stupid for thinking this is possible?

Any advice would be greatly appreciated.

Thank you for your time!

Mike

[John Walter]

@Michael Malzacher Welcome to BP!

From your profile, I could not see what area you are in or near. Put that in your profile and try to connect with some people around you who can help you gain insight into your area.

No one is going to be able to let you know if you should quit your "W-2 job" and do real estate full time, but if you're saying you are working and you still have a lot of extra time, then use that to learn. Read books, listen to podcasts, browse the forums, even take a class or two on different aspects of real estate (there are plenty of free ones online).

Also, you mentioned the BRRRR method, but are you looking at single-family or multi-family, have you considered house hacking? Clearly define what it is that you want to achieve and then work backwards to figuring out to get there. For me, I wouldn't quit my day job without a set in stone plan, but that is my risk tolerance; yours may be vastly different. I think step one is figuring out exactly what you want and go from there.