Is It Vital To Be In The Business To Make It
My business partner have saved some capital and have plans on making it big in the real estate business. I know it is going to take a lot of work and determination. I am willing. My first hurdle is trying to digest all of the information, there is so much out there. I feel like to get a real grip on it all I should be in the industry.(I currently work for a protein company in the sales and Marketing division). Am I wasting my time in this sector if my dream is to make it in real estate? should i start out as a real estate agent or brooker something closer? Or can this be tackled after "9-5"?
Real estate investing is such a broad subject. Therefore, instead of trying to absorb everything because it is not humanly possible, pick one or two investment strategies that you can become an expert in. Write out a step-by-step game plan on how to accomplish your goals. There is no need to quit your 9 to 5 or become a real estate agent. Many people think that becoming a real estate agent is the key to becoming a successful investor but the truth is that they are two totally different professions. Although one may relate to the other in some cases, being licensed is not necessary. Take some time and read some of the posts and articles regarding the area of investing that you choose to start off with.
Hey,
All I can really say is, "It takes all kinds." How far do you want to make it? Can you support yourself with slow income rate for novice realtors? Do you own a house now?
In my opinion, you can get started in REI'ing and work full-time without a hitch. Get started that way. And work your way up with investing while working full-time. Talk to people. You'll understand better what you need to do as things happen.
Generally you will get a mixed response. May folks who are long term investors will tell you to stay away from having a license. A license attracts lawsuits and you tend to focus on the retail end of the market if you are working daily as an agent. You do not have to but most agents do.
Taken from a different angle...
To be a successful RE investor you need to understand finance. How you put a deal together and finance it defines the profits in most cases.
Lenders like to see someone with a W2 type income. Hence a day job with a salary is really much better when it comes to loan applications. A salary also helps if you have unexpected expenses.
So, I think you can do very well and be very successful without complicating the matter by changing careers at the same time.
John
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