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Updated 9 months ago on . Most recent reply

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Namal Burman
23
Votes |
45
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How to become Real estate Professional alongwith W2 job?

Namal Burman
Posted

Folks,

I am about to acquire my 4th property in San Diego in this market now(1 SF, 1Condo,2 Townhome). I work full time at a local Chip( hint people think i work at Stadium) company as an Telecom engineer for last  20 years and still love the work i do and hopefully they don't fire me. I love San Diego and also like doing Real Estate in San Diego. i am planning to figure out how to become a real estate professional along with keeping my W2 job as long as the Stadium Company does not fire me. i want to have a backup as my spouse also have a W2 and so if i get laid off i can be then consider full time real estate professional and then focus completely on my RE journey. What should i pursue for next year or so to become a real estate professional any suggestion other then getting real estate license? Any other interesting profile in real estate i can pursue for next  year or so to be considered as real estate professional other then becoming an agent?

Any guidance is appreciated?

Regards,

namal

Most Popular Reply

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Drew Sygit
#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
5,372
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Drew Sygit
#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
Replied

@Namal Burman you have less than a 1% chance of convincing the IRS you meet all the qualifications to be considered a real estate professional WITH a W-2 job.

Without a W-2 job, all you have to do is meet these requirements:

https://www.irs.gov/publications/p925

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