Career Change - Need Advice

[Colby GeDeros]

Hey BP, I need some career advice. 

I am a Professional Civil Engineer with a 6 year background in the municipal/heavy civil construction industry. Although I've done design, analysis and other CE work in the past, my most valuable skill set is in project management where I have managed between 50-75 construction and design projects ranging from $25k - $10M.

Rewind to about 18 months ago; friends would ask me, "how is your job going?" To which, I would reply, "It's a job. Definitely not my passion project, but it pays the bills." 

Then, I found BP! The things @Brandon Turner and @David Greene were talking about immediately had my wheels turning, excited, wanting to learn more. I dove in, implementing as many tips as I could; researching markets, getting pre approved, calling HM lenders, networking, talking to more seasoned investors, telling everyone I knew I was investing in real estate, etc. I wake up at 4am before work and spending all of my free time researching and analyzing deals. I've offered on properties in Oregon, Utah, and for the past 3 months, I've been actively trying to break into the Kansas City market with my first rental property investment; loving every hurdle, learning experience and second of my time spent on the process. 

What I tell my friends now when they ask me about my job is, "My job is alright, but I've found a passion for real estate and that's what I want to do."

I'm planning to leave a relatively highi paying job in Bend, OR to move to Boise, ID in the next 2-4 months. I've been looking at all kinds of jobs, many in my industry of civil engineering, and I'm realizing that I'm probably not going to find the same kind of wages that I am currently making in the new city, unfortunately. I tend to believe that maintaining a W-2 job to secure mortgages on the rental properties I plan to acquire is the wisest move at this time, but I'm still open to considering 1099 or self-employed careers. 

My question for all of you is, what would be the best career path to pivot into with a brief understanding of my background and these goals in mind: 

1. Learn more about the world of real estate everyday (preferably in my day-to-day work).

2. Continue personal real estate investing in my free time with goals to acquire 4 residential doors in 2021 and 30 doors by 2028 

3. Generate additional streams of income to supplement a my job in order to fast track my personal real estate investing (i.e. flipping in Idaho)

4. Ultimately break into the commercial RE market and become a NNN wizard like @Matt Onofrio

Here are the careers I am tossing around. I would love any and all input: 

1. Real estate developer

2. Commercial real estate agent

3. Residential real estate agent

4. Flipping/turn key company

5. Wholesale company

6. Become a contractor (I have a background in residential construction)

7. Don't be an idiot, stick to what you know

I appreciate any and all advice!

[Justin Hoggatt]

@Colby GeDeros, it sounds awesome that you've found such a passion for real estate!  I wish you much success!

There are so many different options and that's what I love about real estate as well. You basically can never stop learning and growing. There are also many different solutions to getting started and with all the variables, only you can ultimately decide on the best course. What I can say is that it often helps to have a job when getting into real estate. It helps your cash flow and ultimately it will help you get a loan if needed on SFR. Plus, don't forget, if you go this route, you'll then become a landlord, which is different than some of your options as well. If you are looking to go full bore into RE then I think the first steps may be getting into the wholesaling/contractor/flipping options. Those are areas that can provide income/deals that won't require you having a job, but know that it will take some time to get started in a new market after your move.

If you got the real estate agent route, it will teach you a lot on how deals happen and some of the ins and outs of how things work and can go wrong.  It will also put you in contact with people in your area, but again, this will take some time to get off the ground.  Don't forget this path is running your own business, it has to be fed and nurtured for it to succeed.

Ultimately, I think you keep learning, making steps in the right direction, and then you'll find your path in what you really like.  IMHO, I think #3 in your goals area may be the best idea for the immediate future.  All the options that you mentioned have nuances and really are different "jobs" that you may or may not like.  Keep it to what you like.