All Forum Posts by: James Sills

I am looking at changing careers as soon as possible to something that can help my real estate investing aspirations. Would it be a good idea to get a real estate license and work in real estate or are there other options to get in Missouri to get real estate experience without a license?

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Saint Louis, Missouri

Hello all,

I just closed on my primary residence with an FHA loan so I am not able to house hack since I am obligated to live in the residence for a year. But with that purchase, I bought it with $50k equity in the deal. I plan on using that equity to get myself into real estate investing. I have been reading books and listening to podcasts for almost a year now and I know I need to take action. My goal is to eventually get to shopping centers and strip malls. What or where would be the first place to start.

1 Vote

Saint Louis, Missouri

If you had a private money lender, how would you structure a deal with them so you both win? Also, would you choose SFH or multifamily?

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Quote from @Owen Dashner:

I'd say it depends on what you specifically want to do in real estate. Are you looking to flip? Work for a flipper or in a construction biz so you can learn about managing projects and what rehab costs are for different jobs. Looking to learn transactional/wholesaling skills? Either get a real estate license or work for another wholesaling operation to learn the ropes. Looking to learn about rental properties and how to manage them? Work for a property management company. Looking to learn how to underwrite deals? Work at a bank or hard money firm that makes loans on the types of deals you are interested in.

Real estate investing has lots of different facets within it, so getting specific will help you achieve your goals.

Thank you so much, Owen. Very solid advice.

1 Vote

Quote from @Nicholas L.:

@James Sills

no offense but i'll just be direct - i wouldn't start with private money. it's not a funding source you should use for your first few transactions. if a brand new investor is working with a private money lender, it's almost like one party is taking advantage of the other (not saying it's intentional)

I definitely appreciate the directness but my lender would be more of a partnership. The terms are very similar to how Brandon Turner from biggerpockets started out.

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Quote from @Caleb Brown:

If you have a stable job I would do that to build funds. If you need more income you can do side jobs or whatever. You could explore being an agent or a role similar to that. Those take a 1-2 years to get off the ground before you can invest what you make. For investing you can house hack, use hard money/private money to BRRR or flip or do the traditional way of a conventional mortgage

Thank you, Caleb. I think I have my investing strategy down. As far as funding, I am in the process of locking down a private money lender. I am also looking into some side hustle but I want to keep that within real estate as well. I guess I really just want to gain experience so I can provide value to others in the industry.

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Quote from @Theresa Harris:

Honestly if you want to invest, you are better off having a 9-5 that will give you a good, regular income and allow you to buy rentals. That is what banks are going to look at when they lend you money for a mortgage.

Thank you, Theresa. I am actually trying to lock down a private money lender so I might not need a traditional bank for the loan.

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Quote from @Nicholas L.:

@James Sills

here is a plan for you

1. stay in whatever job you can make the most money in

2. go to RE meetups and build a network

3. save up enough to house hack, then house hack

good luck

Thank you for your suggestion, Nicholas. I actually started my own real estate meetup that meets every Tuesday and I plan to go to bigger ones in town. With my situation, house hacking is out of the question but I really wish I would've known about it 5 or 10 years ago lol

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Hello all. I am wanting to leave my day job and replace it with a job that will give me good experience that can be applied to investing. What jobs would be good for a real estate investing noobie with no experience other than being an agent or acquisitions?

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Well, Clayton. I'm getting my finances in order now so I can buy the house that I've been renting from my in laws and will have instant equity. I'm also waiting for a meeting with a possible private lender. I feel that I've watched enough videos and I am continuing to read. It is time to act.

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Saint Louis, Missouri

All Forum Posts by: James Sills

James Sills has started 5 posts and replied 11 times.

Post: Thinking of a career change

Post: Where to start

Post: How would you structure a deal?

Post: Replacing my 9-5

Post: Replacing my 9-5

Post: Replacing my 9-5

Post: Replacing my 9-5

Post: Replacing my 9-5

Post: Replacing my 9-5

Post: New in Real Estate with big dreams and big goals