Are there any good real estate day jobs for people new to real estate investment who want to have a reliable source of income while learning this field? It is OK for me if the income is on the low side (would like to average $3K net per month).
I’m considering the following:
- Property locating - It seems like you have to learn so much to do this well, you might as well lock up the contracts and generate more than a referral fee.
- Real estate sales - I’ve heard it takes 2-3 years to begin doing well and I’m ambivalent about this one.
- Property management - Can you do this as an independent contractor if you have good communication, customer service, and organizational skills but no previous experience?
Any other ideas? I’m open to anything that isn’t typical 9 to 5. In previous careers, I was successful in marketing, project management, and health care service delivery.
I think you have a very good idea here. I can recommend a couple of jobs.
Salesperson for a homebuilder. Homebuilders and developers usually provide their sales people with an office and leads. You will likely have odd hours but you would be required to show up on a schedule and expected to stay late to close deals if necessary. This job is typically straight commission so talk to some of the other sales people who work there and make sure that some one is making money. Even without experience you can be in the top 10% of almost any sales team by outworking your coworkers.
Title Searches. Doing title searches at the courthouse for a title research company will bring hundreds of deals through your fingers. The companies I’m talking about do not provide title insurance but only a title report. Hands on experience in the courthouse is a huge tool for investors.
Title Company. This is a regular 9 to 5 but any job at a title company will teach you the language of real estate and introduce you to everyone in the business. This is my least favorite choice.
Landman. This job is similar to Title Searches. Landmen typically research mineral rights, leases, and property ownership for oil related businesses.
Courhouse Clerk/Appraisal District A job in the county Clerk’s office at your courthouse will allow you to see almost every deal that is recorded. This job could be combined with some bird dogging on the side.
Appraiser/Inspector These two require some education but you can learn a lot about the business and valuation of properties.
Legal Assistant. Find the names of some law firms who do tax foreclosures in your area and apply for a job there.
Construction. Do some work for a painter, carpenter, tile man etc and learn the trade. These contractors (and others) can make a lot of money. Your schedule will be flexible enough that you should be able to do a rehab on the side and get help from other contractors whom you’ll meet.
There are many other jobs that I’ve forgotten. I’d recommend your plan of working while you learn the ropes above any other. You basically are getting paid for your education. Usually it works the other way around.
jharris - thanks for the thoughtful reply - I’m researching all these jobs.
Darin - My family may be relocating to Portland in a few months - would you be interested in having someone to scout for you there?
Good Morning Topaz,
Leads from Portland will always be appreciated. I grew up in Portland and cut my teeth on investing there. Still a good market. Lets stay in contact , if I can help your family with any thing let me know,I’ll call you this week, Thanks for your time and efforts, Darin
I’d say if you’ve got a good personality, and you’re good at dealing with people, by all means get a job in sales. Working for a homebuilder is a GREAT idea…as the previous person said. It probably was better a few years ago, when new homes were selling like hotcakes, but if you get with the right builder in the right area you will still do fine. I know several guys who have made a couple hundred thousand per year over the last few years, and still are doing fine, though not quite as good as during the peak of the RE boom. But again I’m in an area that wasn’t affected like California. Anywhere in the midwest is probably A-OK. Also consider becoming a real estate agent…if you’re a good agent, you’ll do well financially too. That money you earn will give you cash to make your first investments with.
if you really need a day job, get a sales job preferably related to real estate but it doesn’t have to be. you’ll develop the skills you need to negotiate and close the deal.
by the way who says it takes 2-3 years to make any money in real estate sales…maybe if you suck at sales it does. don’t let people impose their limiting beliefs on you.
I would suggest a title abstractor (title searching).
All the free info you could ever want THE DAY IT GOES ON RECORD. You’ll gain contacts with the attorney’s by performing their “run-downs” at closings and already be present for any auctions.
I currently work at a title company and am in the process of trying to get back into abstracting just to get the free time and the leads back in my hands. The pay’s not the greatest, but the opportunity for leads is incredble. Good Luck.
Thank you jharris!
These are all really good. I appreciate the ideas from you all.
Our local real estate investment clubs are pretty successful, so they also have employees. I like the other jobs because they may pay more, but you may also call your local REI club to see if they have paid positions. If not, maybe you can do one of the other jobs and then volunteer at the club so you can meet other investors and be involved.
I really appreciate this input. I’ve been thinking about what I want to do and I’m leaning toward property locating. I’ve been a business owner since 1999 and that business still brings in revenue (just not that much profit for me since I pay the staff really well). Flexible hours are a huge priority since I have young children and I’m oriented toward autonomous project management.
I’m in Colorado but may be moving to Oregon (I hope!). I would definitely become active in the local investment group there so that I could meet investors to whom I could bring deals.
My long-term goal, of course, is to become an active investor myself once I learn the ropes. Property locating seems like good training. I bought the Barry Grimes course and also joined The Real Estate Arena. I’ve enjoyed both of them and I thought they were worth the small investment.
Acquisition manger or Disposition manger for a wholesaling operation are good jobs where you can earn good money and learn the business. Just be careful to understand any non-compete clauses they may have in the contract.