I will be moving to Phoenix and have been contemplating on a profession to start off with to pay the bills while beginning my investing endeavors. My goal is to be full-time in 5 years. Which profession would build the greatest number of skills related to real estate - basically, I want the most bang for the time I spend at a regular job with RE as the ultimate goal. I know the provided list is no where near complete, but provides a few options.
Thanks
RE Agent would offer you an array of knowledge and skills.
but that all depends on you and how you approach it.
TMCG -
Can you elaborate - “how you approach it”. Does that mean what types of properties I would list, whether I do it half-heartedly. It is my belief that an agent should list *any property and work damn hard to get houses closed.
In addition, some people say get your RE license, while other say it is a conflict of interest? Thoughts anyone?
“how you approach it” is simply self explanatory.
if you approach it like a job - you’ll get comparable results.
if you approach it like a career - you’ll get those types of results.
if you approach it like a learning experience and stepping stone to great things - you’ll probably maximize the experience, learn alot more, meet alot more people, and probably make a lot more money.
you have to realize that while RE agents are a dime a dozen, only one of those pennies out of a dozen dimes is excellent at it.
60% of RE agents, or any type of profession are average - meaning they’re pretty good at it.
30% suck at it and are absolutely horrible and totally incompetent - many of these drop off after a few months and “move on” to other things.
5% are very good at it.
5% are incredible at it and are recognized for their efforts and accomplishments in the field.
that’s only my opinion.
so again, it depends on how you approach whatever it is you choose to do.
and in terms of being an RE agent being a “conflict of interest” that depends on what you mean by that. if you’re a RE agent and buying houses, you’ll most likely not take a commission. that’s recommended to avoid violating fiduciary responsbilities.
as a RE agent - most are seller agents -
but even as a buyers agent - if you look to buy the properties from your principal (seller or buyer you represent) - you shouldn’t take a commission because you really can’t represent your principal’s best interest (fiduciary responsbilities) and you can lose your license for that.
hope this makes sense.
Thank you TMCG. My approach would be one to maximize my learning experience. The faster I understand the real estate processes, and while being a “weekend” investor, the sooner I can get out of the 9 to 5.
I voted “other” so here is my explaination:
All of the following will be great career choice. You can accumulate some money, do something very important, learn important skill sets, meet people who are different than you in every way, and learn something about life.
www.goarmy.com
www.marines.com
www.navy.com
www.airforce.com
We need infantrymen and medics the most.
Not really. Being an agent or loan officer is just as much work as being an investor. You have to network all of the time and I don’t think you learn anything from school. Most of the learning is in the field and taking advanced classes that cost a lot.
I say just do some birddogging or partner with investors. Anything else takes your eye off the prize.
Danny - I almost went into the airforce, but was offered a scholarship to play baseball out of high school. I’m 28, so I’m toward the upper limit for age now.
Dee, I figure that if I birddog, why not do the deal myself? Unfortunately, I will have to have a 9 to 5 job, because I will be moving to AZ in 4 months and will have to get a better understanding of local trends etc. So, I hate to say it, but I will need the security of this job while learning the business. This is only my opinion, but I don’t understand how one could support themselves being a birddog - $1000 for this deal, $2000 for that deal. You’d have to find 5-8 of these deals each month to make ends meet. I am not saying that it can’t be done, but realisticaly, 2 deals a week?? Although, with that understanding and no safety net, you’d be very motivated to make it work.
Hey,
IM(NS)HO if I were to do it all over again I would get a degree in Physical Therapy a field where I can ask and get just about whatever salary I desire and then build up a war chest and invest as I go building a portfolio. This profession would allow me to work when I needed the extra cash after I “retire”. I say this profession as I am in health care already unfortunately not a PT. This is a good profession to network from dealing with older retirees who might be ready to sell the homestead, etc. I see no advantage in RE related fields as the work to pay ratio is not as great. IM(NS)HO.
Peace,
Richard
IM(NS)HO - in my not so humble opinion
Selling apples from a pushcart, starving, market trading, street trading. meeting people, watching people. reading about people, thinking about people, reading books on why people buy, then reading books on what makes people tick, then you must study the 5 second instant judgment rules of life. Then you need to study clothes, mannerismns, politeness, courtesy, respect for others, then brush your teeth, comb your hair, avoid tattoos. Pick the right wife, buy an alarm clock, and keep your own counsel.
Thats the 1st weeks study, now repeat it for 50 years, and see how you get on. In other words Hustle, all the rest is bulls—t