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ADVICE/IDEAS FOR 10 YEAR PLAN

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summerperez14

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I am reading the great rat ease escape book and I am a little stuck. My moms a realtor and for her to retire in 10 years and live the freedom lifestyle she would need $1.5 million earring 5% interest to give her around 75k a year, 6,250/month. However, with her just being a realtor I’m not sure how she would get there without overworking herself? She doesn’t have interest in opening up her own brokerage or any of that, just being a realtor. Is the simple answer just sell more houses? I’m trying to help her with her 10 year plan but am stuck myself.
 

woken

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As a realtor she should know people. Lots of people. I assume she’s looking at hundreds if not thousands of deals a week. She know which ones are worth it and which ones aren’t.

Use that.
Buy with small down payment - rent.

Not exactly fastlane, but you get the point.


If not, focus on more expensive homes.
 

alexkuzmov

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I am reading the great rat ease escape book and I am a little stuck. My moms a realtor and for her to retire in 10 years and live the freedom lifestyle she would need $1.5 million earring 5% interest to give her around 75k a year, 6,250/month. However, with her just being a realtor I’m not sure how she would get there without overworking herself? She doesn’t have interest in opening up her own brokerage or any of that, just being a realtor. Is the simple answer just sell more houses? I’m trying to help her with her 10 year plan but am stuck myself.
Being a realtor can be very lucrative.
Share a bit more details.
How many closings per year?
How much profit per year?
How does she generate business?
How many people is she in contact with?
Does she follow up with clients regularly?
Whats her process, her service package when selling a property?
 

David Fitz

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I have a Google Doc about this.

You basically write out a day in your life 10 years from now.

What are you doing?
Where are you living?
What is sitting down for breakfast like?
How are you getting to work?
What car are you driving?
What work are you doing?
How much are you getting paid?

There's a ton of questions but you make it detailed as possibl.
 

Davideo

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I have a Google Doc about this.

You basically write out a day in your life 10 years from now.

What are you doing?
Where are you living?
What is sitting down for breakfast like?
How are you getting to work?
What car are you driving?
What work are you doing?
How much are you getting paid?

There's a ton of questions but you make it detailed as possibl.
Frank Kern talks about this exercise in detail in his legendary CORE influence talk:
View: https://youtu.be/K8ZUaKf-Jlw?t=4047https://www.youtube.com/watch?v=K8ZUaKf-Jlw
starting from 01:07
 

Mattie

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I am reading the great rat ease escape book and I am a little stuck. My moms a realtor and for her to retire in 10 years and live the freedom lifestyle she would need $1.5 million earring 5% interest to give her around 75k a year, 6,250/month. However, with her just being a realtor I’m not sure how she would get there without overworking herself? She doesn’t have interest in opening up her own brokerage or any of that, just being a realtor. Is the simple answer just sell more houses? I’m trying to help her with her 10 year plan but am stuck myself.
I seen one realtor dominate a small town. Bought the billboards up, signs all over the place. Bumper stickers, Buttons, and more like a political campaign, but she used it for selling houses and then outsourced selling houses by getting people to do the work for her.

I remember driving everywhere in town thinking, "How many times do I have to look at her a day driving." It seemed like everywhere I went her face was there for a few years." I'll never forget it. Her face is still imprinted on my mind the big billboard leaving town every day for work. Just one idea. Although, in 2021, why do I need to remember the lady?
 

Mattie

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I seen one realtor dominate a small town. Bought the billboards up, signs all over the place. Bumper stickers, Buttons, and more like a political campaign, but she used it for selling houses and then outsourced selling houses by getting people to do the work for her.

I remember driving everywhere in town thinking, "How many times do I have to look at her a day driving." It seemed like everywhere I went her face was there for a few years." I'll never forget it. Her face is still imprinted on my mind the big billboard leaving town every day for work. Just one idea. Although, in 2021, why do I need to remember the lady?
Does she have her own building?
Then you need a nice car because they all pile in when you take them looking for houses.
Then you need some kind of filing system for paperwork since they can be piled up in the middle.
Then you need your mobile phone.
Then you do spend a lot of time do the work. It's not something you do for a few hours.
Then you have an office with a stack of papers high.
Planners, Schedules, Calendars, Appointment books.
Copy Machine of Course, it's used every day.
Phones.
Seminars all the time.
Upgrades with Internet.
I think the plan was the person just showed up every day and did what they were meant to do.
Usually, you start out in an office with others.
Then you have your own building.
I believe you do go through some business education and broker license.
Communications is needed for writing, speaking, and presenting.
Interior/Exterior Decorator.

You really have to be the right person to do this job. Otherwise you end up quitting long-term. Is it something she really likes doing for 10 years?
 

Tourmaline

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eramart

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There is a realtor (not in US) that I know of who runs a small agency nowadays - about twenty people I’d guess. She takes home around 300k$ yearly after taxes. She has her agency organized in a way that her role is still a realtor - for key clients, big deals, partnerships, and a mentor for her employees.
 

Johnny boy

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It is SOOO much easier to make a business that delivers 6 grand a month with a small enough time commitment to feel retired than it is to make a lump sum of 1.5 million in 10 years.

For example.

Cost of average employee 3-4k a month.
Profit goal: 6k a month
Revenue needed: 10k/mo

10k a month equals $500 a day for 20 working days in a month.

Can you find something for someone to do that equals $500 a day in revenue?

Easily!

That's the answer to financial freedom. f*ck this lump sum thrown into the stock market shit everyone keeps talking about.
 

ZCP

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I am reading the great rat ease escape book and I am a little stuck. My moms a realtor and for her to retire in 10 years and live the freedom lifestyle she would need $1.5 million earring 5% interest to give her around 75k a year, 6,250/month. However, with her just being a realtor I’m not sure how she would get there without overworking herself? She doesn’t have interest in opening up her own brokerage or any of that, just being a realtor. Is the simple answer just sell more houses? I’m trying to help her with her 10 year plan but am stuck myself.
how bad does SHE want it?

get rid of the limiting belief ..... 'just a realtor'.

Come on! ...... she has MASSIVE opportunity being the real estate industry!!
 

biophase

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how bad does SHE want it?

get rid of the limiting belief ..... 'just a realtor'.

Come on! ...... she has MASSIVE opportunity being the real estate industry!!
Yes! Being a realtor in this market, making money should be easy on both the buy and seller side. Then take those commissions and purchase some rentals. $1.5m in 10 years should be fairly easy in my mind.

What city is she in?
 

Red

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Being a realtor in this market, making money should be easy on both the buy and seller side.
LOL, dude..... ask those buyer's agents here in the valley how easy they have it right now, HAHAHAHAHAHAAAAA.

They are easily doing 20x the work for the same (and usually less) of the paycheck from before. This is NOT the time to be a buyer's agent, as you're spinning your wheels praying to baby jesus that the next buying client you get has CASH & can/is willing to bid 20% over asking price. There are easily 40 buyers/agents ready to pounce for every house that hits the market right now.

Did the emoji board go away? Because I need the little yellow guy that's laughing til he cries.... because that's me on behalf of some of my clients right now. My sellers are having a field day, my buyers are demoralized. But I can only speak for the Phx metro area.
 

biophase

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LOL, dude..... ask those buyer's agents here in the valley how easy they have it right now, HAHAHAHAHAHAAAAA.

They are easily doing 20x the work for the same (and usually less) of the paycheck from before. This is NOT the time to be a buyer's agent, as you're spinning your wheels praying to baby jesus that the next buying client you get has CASH & can/is willing to bid 20% over asking price. There are easily 40 buyers/agents ready to pounce for every house that hits the market right now.

Did the emoji board go away? Because I need the little yellow guy that's laughing til he cries.... because that's me on behalf of some of my clients right now. My sellers are having a field day, my buyers are demoralized. But I can only speak for the Phx metro area.
Well it is easy if your buyers are paying cash or waiving the loan contingency.

My realtor in Vegas is having an easy time with me. We beat out a higher priced offer because we were nicer. That’s what the seller actually said!
 

biophase

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They are easily doing 20x the work for the same (and usually less) of the paycheck from before. This is NOT the time to be a buyer's agent, as you're spinning your wheels praying to baby jesus that the next buying client you get has CASH & can/is willing to bid 20% over asking price. There are easily 40 buyers/agents ready to pounce for every house that hits the market right now.
But seriously they way I see it is the current market is the market. So if your buyers aren’t willing to bid over asking or remove the loan contingency they just aren’t competing in the current market.

Offering asking price is today’s lowball offer, until it isn’t.
 
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Red

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So if your buyers are willing to bid over asking or remove the loan contingency they just aren’t competing in the current market.
You're right, but even when they do, they're still having to put anywhere from 5-10 offers in on a house that's probably got some defect in order to win the contract. I feel bad for buyers agents right now, it's brutal. To say that buyer's agents have it easy right now & are making a killing is absolutely not true here in the valley.
 

MJ DeMarco

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thechosen1

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I never said that. A RE Agent can be a broker and have 100s of agents.
Exactly. Pretty sure Barbara Corcoran and the founders of Coldwell Banker meet the definition of “fastlane!”
 

Miketing

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I never said that. A RE Agent can be a broker and have 100s of agents.
Exactly. Pretty sure Barbara Corcoran and the founders of Coldwell Banker meet the definition of “fastlane!”

I'm not an expert on the differences between realtors/agents/brokers myself. Just going off what the OP said with "She doesn’t have interest in opening up her own brokerage or any of that, just being a realtor. Is the simple answer just sell more houses?"

It sounds like right now she just sells houses for someone else. So yes, becoming a broker or founding some kind of real estate company would certainly be more scalable than that. Definitely worth considering if she's serious about those 10 year goals.
 

thechosen1

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I'm not an expert on the differences between realtors/agents/brokers myself. Just going off what the OP said with "She doesn’t have interest in opening up her own brokerage or any of that, just being a realtor. Is the simple answer just sell more houses?"

It sounds like right now she just sells houses for someone else. So yes, becoming a broker or founding some kind of real estate company would certainly be more scalable than that. Definitely worth considering if she's serious about those 10 year goals.
For sure.

To me it reads like this:
“I want to be rich but I don’t want to be the boss or take on more responsibility. Help?”

You cant set all those prerequisites and constraints like that. You do it or you don’t
 

wanttogofaster

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I'm not an expert on the differences between realtors/agents/brokers myself. Just going off what the OP said with "She doesn’t have interest in opening up her own brokerage or any of that, just being a realtor. Is the simple answer just sell more houses?"

It sounds like right now she just sells houses for someone else. So yes, becoming a broker or founding some kind of real estate company would certainly be more scalable than that. Definitely worth considering if she's serious about those 10 year goals.
As a realtor, she has some advantages even if she's not a broker with 100s of agents. First she could be getting lots of buyers/sellers commissions. And second, she could also invest in real estate if she hasn't already. Rentals, wholesaling, flips, property management, etc, etc.

I understand, she's in one of those industries where the top 10 or 20 make 80+ of the deals, but she can make the effort to get a piece of the action.

I like listening to the bigger pockets podcast, and the vast majority of guests are agents, there's a reason for it. From tax advantages to access to listings, etc (although most deals are not even in the MLS, anyway).
 

summerperez14

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Being a realtor can be very lucrative.
Share a bit more details.
How many closings per year?
How much profit per year?
How does she generate business?
How many people is she in contact with?
Does she follow up with clients regularly?
Whats her process, her service package when selling a property?
That’s the thing. She just recently started 2 years ago. I’d say like 60k profit this year so much . Not as much as she would like. She does follow up regularly , however she did do this starting from having a passion for it. Which can totally be lucrative like you said, but there’s thousands of realtors so standing out is a must.
 

Kevin88660

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I am reading the great rat ease escape book and I am a little stuck. My moms a realtor and for her to retire in 10 years and live the freedom lifestyle she would need $1.5 million earring 5% interest to give her around 75k a year, 6,250/month. However, with her just being a realtor I’m not sure how she would get there without overworking herself? She doesn’t have interest in opening up her own brokerage or any of that, just being a realtor. Is the simple answer just sell more houses? I’m trying to help her with her 10 year plan but am stuck myself.
Its always either running a sales team or closing bigger cases (higher end estates). If you collect six digits commission per sale it is pretty fastlane in my opinion.
 

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