All Forum Posts by: Kevin D.

Hello, I am new to BP and actually real estate in general.  I posted my introduction awhile ago and I have come up with several questions regarding real estate and my current situation. 

I would like to become a licensed real estate agent.  However, I've read many places in order to be successful you need to devote your time 100% to real estate and many people have suggested having up to a years worth of living in savings since it is a 100% commission based job. Unfortunately,  I do not have much in savings and am currently working full time living paycheck to paycheck.  I'm curious if it is possible to be a real estate agent part time.  My current work schedule is Sun , Mon, Thurs, Friday 2-12pm.  I would be able to focus on real estate in the mornings and on my days off.  Is this something that could work until I was able to create some savings until I become successful in real estate?

My second question is,  I am interested in purchasing my first home and would like to do so within the next five years. (I am currently 30).  I would like to house hack a 3 family and live in one unit while renting the other two.  As I've said I don't have much of a savings (which I'm working on improving) but I do contribute weekly to a 401k.  Does it make sense to take out a loan against my 401k to purchase my first home?

Also my credit score is not the best so I am working on raising that before even considering getting a mortgage.  My credit is bad from neglecting payments when I was younger on things such as cell phone bills and cable.  I've never owned a credit card and make sure I'm not late on any payments now (I have a student loan). What else should I be doing to improve my credit score?

Any and all advice, questions, comments, suggestions are greatly appreciated.

@Rick Santasiere OK will do.

@Rick Santasiere I think you tagged the wrong person, I'm assuming you are talking to me,  expect a call from me tomorrow.  When is the best time to contact you ?  

Everyone else thanks for the great feedback !  I'm looking forwarded to making my start in realty!

I will also try changing my settings so I am no longer 'private'.

Thank you everyone for the very informative replies.

@Rick Santasiere coffee sounds great, I would love to start networking with local real estate professionals.  Since I'm new to this site I'm unsure of how to PM right now, maybe you could message me so we can set something up?  I'm located in Vernon , maybe we can meet Wednesday as I have business to take care of in Hartford.  Whatever works for you,  I work second shift so any mornings are fine.

Hi everyone, please allow me to tell you alitlle about myself and my intentions within the Real Estate community. Any and all feedback, advice, comments, suggestions are welcome.

I am currently 30 years old. I have a full time job, no savings, and poor credit. I'm working on rebuilding my credit and saving money. My goal is to purchase my first home within the next 5 years.

Real estate is something I have been interested in for several years now and during this next year I'm planning on becoming a licensed real estate agent.

I also plan going back to school and receiving an associates degree in business, followed by a bachelor's degree specializing in finance.

Preferably, I would like my first home to be a 3 unit multi family home. I would like to live in one unit while renting out the other two.

My goal is to eventually own my own full service real estate company. My company will offer many different services including property management. I also plan on investing in rental properties as well as flipping properties.

I'm curious as to how I should go about my goals and if they sound reasonable, or if they are to broad and I should be focused on specializing on one specific area of real estate.

Thank you for taking the time to read my post, I look forward to hearing back from you