Building start-up capital as RE agent or Loan officer after losing everything

[chrisbiz4444]

Starting over again- A years ago I was doing very well for myself trading small cap stocks. I thought I was on top of the world. I did not think I was going to have to work for someone else ever again.I was thrilled. It felt amazing. But soon enough everything came crashing down. I did not diversify and the stock I was heavy into was sent to the grey sheets from the SEC. My shares nearly became worthless. Really hard to deal with. But I picked myself up and got pizza delivery jobs and then recently a management job at a dealership which I no longer have. But you cant give up. Failure builds character.

So, I am looking to dive into something new. I want to learn the real estate business and make money while doing so. I just finished the Real estate classes. Now to my question. Is it smart to become a RE agent and Loan officer? I figure agents typically sell during the weekend and Loan offers sell during the day. So I can learn both aspects of the business while making bank. Bad idea or no?


The other option is get into commercial real estate and forget the Loan officer stuff. I know none of this is fastlane but It will get me back on my feet so I can move on to bigger and better things like Real estate investing/ developing. I do not want to deliver pizza anymore! If I have to play slowlane for now I want to be learning something of value while doing so. I am a young guy and I choose to leave college.All of the people I look up to dropped out. So why should I stay? I figure this could be a real hands on learning experience.

I picked up a sales job. Commission only. I wanted to put myself in a sink or swim situation. Learn the skill of sales or go broke. I start tomorrow. 9-5ers have told me I am stupid for taking a job with no base pay. But I feel this will be great and I will learn a skill. It will teach me to go out and get it or do without. It is about developing the mindset of a lion. You have to be independent. Nobody in this world owes you anything. Once you figure that out I think things change.

 

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[jon.a]

I'd do it differently.

It sounded like you're looking to learn the real estate "investment" business. Although, you didn't mention in which area. Flips or rentals. I don't count "wholesaling"

If you're going to flip, I'd recommend a trade. Carpentry, electrician or plumbing. Learn a skill that you can put to use and learn your way around a construction site. Learn to interact with the other trades, GC's etc.

If you're going to rent, go to work for a property management company.

Go to local REIA meetings. You'll be much better received as a tradesman or PM than as a newbie agent or loan officer.

Realtors aren't trained to be investors. Nor, are loan officers.

 

[chrisbiz4444]

I'd do it differently.

It sounded like you're looking to learn the real estate "investment" business. Although, you didn't mention in which area. Flips or rentals. I don't count "wholesaling"

If you're going to flip, I'd recommend a trade. Carpentry, electrician or plumbing. Learn a skill that you can put to use and learn your way around a construction site. Learn to interact with the other trades, GC's etc.

If you're going to rent, go to work for a property management company.

Go to local REIA meetings. You'll be much better received as a tradesman or PM than as a newbie agent or loan officer.

Realtors aren't trained to be investors. Nor, are loan officers.

So in your opinion becoming a PM is the better route compared to an agent?

 

[jon.a]

So in your opinion becoming a PM is the better route compared to an agent?

You still have said how you wish to invest in real estate.
We have some rentals. For rentals I'd say yes. Agent experience would be almost useless.

 

[chrisbiz4444]

Yes I would like to invest in rentals to create a source of passive income. My main reasons for thinking becoming an agent was a good idea is 1) networking, 2) building investment capital, 3) getting a shot at new listings. I came across this too. It seems people have mixed feelings on this.

 

[youngtrep]

Don't become an agent for easy income. It can take several months, sometimes a year to get your first commission. These days it is almost impossible to be a part time agent and make any money. You need to work at it every day and constantly be looking for new clients. I am probably going to start doing mortgage closings to earn capital for the business I am starting. You only need to be a notary public and the hours are incredibly flexible.

 

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[chrisbiz4444]

age

Don't become an agent for easy income. It can take several months, sometimes a year to get your first commission. These days it is almost impossible to be a part time agent and make any money. You need to work at it every day and constantly be looking for new clients. I am probably going to start doing mortgage closings to earn capital for the business I am starting. You only need to be a notary public and the hours are incredibly flexible.

Wouldn't that be the same thing as a loan officer?

 

[youngtrep]

I believe a loan officer is much more involved. I will just sit with the borrower as they sign the finalized loan documents and notarize it. You travel to people's homes to do this. It certainly isn't glamorous but the money can be good for the amount of time required.

 

[chrisbiz4444]

I believe a loan officer is much more involved. I will just sit with the borrower as they sign the finalized loan documents and notarize it. You travel to people's homes to do this. It certainly isn't glamorous but the money can be good for the amount of time required.[/qu

That sounds really easy. Why isn't everyone doing this for quick $?

 

[youngtrep]

I am lucky to have a lot of contacts in the industry. Not sure how hard it would be to find a job otherwise, but $175 for an hour of work + driving time is pretty damn good when trying to work on other things.

 

[Red]

Don't become an agent for easy income.

If you're getting in to this business (ie: real estate or lending), your first priority is to learn to serve your clients well. You serve your clients by being knowledgeable, willing to go the extra two miles & being willing to do the work of the people who won't (trust me, it will surprise you how many people are in on making a deal work & how many of them are inept). The reason most real estate agents are asshats is because they're in the business to make a "quick & easy" buck. This business takes a ridiculous work ethic & the ability to put your client's best interest ahead of lining your own pockets. Do you have that ability?

I will just sit with the borrower as they sign the finalized loan documents and notarize it.

If you think this is all that's involved in getting a loan done for a client, you have a very rude awakening coming.

 

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[chrisbiz4444]

Not bad at all. So are you working for yourself and basically networking with other mortgage brokers?

 

[youngtrep]

If you think this is all that's involved in getting a loan done for a client, you have a very rude awakening coming.

No, that is literally all my particular role is. I should note I will strictly be doing reverse mortgages. I receive the documents, drive to the borrower's home, sit with them as they sign and I notarize. Put them in a Fedex pack and ship back to lender.

 

[SteveO]

Your challenges have already been discussed here. Real estate jobs may take a while to generate income. They can be good money in the long run and might be a good way to build working capital again. As an agent, you will run into disclosure issues with both buyers and sellers. You will also run into trust issues. Everyone will think that since you are an agent that you have INSIDERS information and will take advantage of them.

Property management is a tough and shitty job. It would be good to learn if you plan is to do rentals though. But the business is pretty low pay and tough customer interactions.

 

[chrisbiz4444]

Your challenges have already been discussed here. Real estate jobs may take a while to generate income. They can be good money in the long run and might be a good way to build working capital again. As an agent, you will run into disclosure issues with both buyers and sellers. You will also run into trust issues. Everyone will think that since you are an agent that you have INSIDERS information and will take advantage of them.

Property management is a tough and shitty job. It would be good to learn if you plan is to do rentals though. But the business is pretty low pay and tough customer interactions.

That does not sound very optimistic lol.

 

[SteveO]

There are challenges in almost every direction that need to be overcome. You need to make your decisions with information. You asked we responded.

 

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