., asking questions, reading through the documents, etc.) and continue educating yourself via books and podcasts so that you can leverage that expertise to do your own deals in the future.

Education and hard work are worth far more than money. 

So most agents are only putting about half of that $12k in their pocket, and out of that $6k they have to cover all of their operating expenses: licensing fees, MLS/ Realtor Association fees, continuing education classes to stay compliant with licensing requirements, monthly "desk" fees/ technology fees to their brokerage, health insurance for themselves and their family, errors and omissions insurance (required), marketing, car, car insurance, gas, clothes, computer/ software, cell phone, closing gifts, signs, photography, staging if they offer that, etc.

If curious, here are the last two: Jan 2023: Multifamily Real Estate is At Risk of CrashingFeb 2024: Multifamily is at High Risk of Continuing It's Historic CrashI think that the title for my 2025 analysis (likely Jan/Feb publication will be something more like:Multifamily is Finally Going to Hit Rock Bottom in Q2/Q3 2025 - Get Ready to Buy a LOT of itAs usual, I like to publish my draft thoughts here to get input from key players in the space and these forums, especially folks like @Brian Burke, to see if I am missing any high level areas, before I get into the weeds and look at the data more deeply and regionally. 

I can't wrap my head around your ideas, but I would really love for you to educate me on your thought process.

I was a JTAC for 21 years, retired in 2008.Since you don't tell us where you currently are in your education/journey, I'll share some beginner advice.1.

Get as educated as possible and also don't get paralyzed by information overload.

For my personal education, which one insurance should I have?

How cool.Well, It's because I was seen as a player, a closer (meaning I close on deals I put under contract).I said, "I didn't know you owned a building" and to that he said "yes, it's the building with two - first floor retail spaces and 9 apartments on the corner".Dang, just what I love.

Some who are major players doing big stuff.