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INTRO Real Estate Job vs starting business

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SethLBender

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Hello, i'm not new to the forum but i have been gone a while and i have a tough decision on whether to pursue Mortgage Loan Officer job or try scaling a business somehow. Since loan officers work more than 40 hours per week earn on avg and earn about 70k a year or so i figure i could work that and use disposable income to buy more rental properties since i currently only have one.

Or should i say forget working tons of hours for someone else, i might as well build a business that provides value and work for side hustles like doordash on the side?
 

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floridaman

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Hello, i'm not new to the forum but i have been gone a while and i have a tough decision on whether to pursue Mortgage Loan Officer job or try scaling a business somehow. Since loan officers work more than 40 hours per week earn on avg and earn about 70k a year or so i figure i could work that and use disposable income to buy more rental properties since i currently only have one.

Or should i say forget working tons of hours for someone else, i might as well build a business that provides value and work for side hustles like doordash on the side?
Hey Seth. So I'm in a similar position, but real estate is actually my side gig (doing sales as a realtor). My main gig is designing apps (UI/UX).

My personal opinion is that you shouldn't leave your day job until you have some level of success. What does that mean? A certain amount of money, so when you devote more time to it you can scale it up and replace your income. Or maybe that means once you get product-market fit, and you can find investors and scale/build from there.

I suppose it also depends on how much you have in savings.

And I wouldn't quit just to quit. Quit to do something you'd like to do. "Working for somebody else" is okay if it funds your passion project/side hustle. But then keep in mind you're working nights and weekends.

Do you have any ideas for businesses you'd like to start? Or anything in motion already?
 
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SethLBender

SethLBender

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Hey Seth. So I'm in a similar position, but real estate is actually my side gig (doing sales as a realtor). My main gig is designing apps (UI/UX).

My personal opinion is that you shouldn't leave your day job until you have some level of success. What does that mean? A certain amount of money, so when you devote more time to it you can scale it up and replace your income. Or maybe that means once you get product-market fit, and you can find investors and scale/build from there.

I suppose it also depends on how much you have in savings.

And I wouldn't quit just to quit. Quit to do something you'd like to do. "Working for somebody else" is okay if it funds your passion project/side hustle. But then keep in mind you're working nights and weekends.

Do you have any ideas for businesses you'd like to start? Or anything in motion already?
Hey Seth. So I'm in a similar position, but real estate is actually my side gig (doing sales as a realtor). My main gig is designing apps (UI/UX).

My personal opinion is that you shouldn't leave your day job until you have some level of success. What does that mean? A certain amount of money, so when you devote more time to it you can scale it up and replace your income. Or maybe that means once you get product-market fit, and you can find investors and scale/build from there.

I suppose it also depends on how much you have in savings.

And I wouldn't quit just to quit. Quit to do something you'd like to do. "Working for somebody else" is okay if it funds your passion project/side hustle. But then keep in mind you're working nights and weekends.

Do you have any ideas for businesses you'd like to start? Or anything in motion already?
I'm thinking only of REI on the side and contemplating new career path. I want to pursue a real estate related job such as the MLO position but my research tells me they work well over 40 hours per week which is a lot to me. I figure i could go MLO route or be self employed (doordash) to pay bills and then try to start a business.

That's a great you design apps i just talked to some guys recently at appskateers however its spelled. I wanted to make app for delivering food and the customers fee goes towards feeding people in need. Its funny because I've had the idea for a little while and shortly after i talked on phone i think Grubhub and maybe some others started offering it but its likely a coincidence.

I have more ideas but executing them is not always easy such as when it can cost 10-20k to create an app.

I think i need to do business/job in real estate, transportation, and maybe an app.
 

NYCGoblin

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Take on the job, work, learn, develop relationships. When you have a solid idea of what idea you want to cultivate you'll have some capital to put behind it.
 

floridaman

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I'm thinking only of REI on the side and contemplating new career path. I want to pursue a real estate related job such as the MLO position but my research tells me they work well over 40 hours per week which is a lot to me. I figure i could go MLO route or be self employed (doordash) to pay bills and then try to start a business.

That's a great you design apps i just talked to some guys recently at appskateers however its spelled. I wanted to make app for delivering food and the customers fee goes towards feeding people in need. Its funny because I've had the idea for a little while and shortly after i talked on phone i think Grubhub and maybe some others started offering it but its likely a coincidence.

I have more ideas but executing them is not always easy such as when it can cost 10-20k to create an app.

I think i need to do business/job in real estate, transportation, and maybe an app.
Yeah I'm working on an app idea myself but it would cost $30-50k to build it out, so I'm working on what the MVP should look like and then finding a technical cofounder.

I would HIGHLY suggest that you check out Y Combinators videos and do research before starting an app. Check it out here: Y Combinator . I've worked for a few companies that shoveled hundreds of thousands or millions of dollars into an app and had nothing happen, so take it very very seriously and do it right. Do not try to compete with Grubhub/Uber Eats/etc. Slapping a "Tom's Shoes" biz model on top of the already established biz model is not enough of a differentiation to make that work.

Audit your skills. Can you learn some skills like coding, app design, internet marketing and analytics, etc so you can freelance or consult? This is one step closer to being an entrepreneur vs being employed by somebody and doing the same tasks everyday. What skills match up with your interests and natural abilities, and how does that match up with what people want to pay for?
 

Entre Eyes

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I clicked this on a google ad and it states it combines Educating in Real Estate, Creating a Non Profit and getting Grants that can pay $10,000 a month. :) I did not go to the deep end of the pool but just wanted to share it.

 
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SethLBender

SethLBender

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Yeah I'm working on an app idea myself but it would cost $30-50k to build it out, so I'm working on what the MVP should look like and then finding a technical cofounder.

I would HIGHLY suggest that you check out Y Combinators videos and do research before starting an app. Check it out here: Y Combinator . I've worked for a few companies that shoveled hundreds of thousands or millions of dollars into an app and had nothing happen, so take it very very seriously and do it right. Do not try to compete with Grubhub/Uber Eats/etc. Slapping a "Tom's Shoes" biz model on top of the already established biz model is not enough of a differentiation to make that work.

Audit your skills. Can you learn some skills like coding, app design, internet marketing and analytics, etc so you can freelance or consult? This is one step closer to being an entrepreneur vs being employed by somebody and doing the same tasks everyday. What skills match up with your interests and natural abilities, and how does that match up with what people want to pay for?
That is an insane amount of money to be putting into an app without ROI. Believe it or not i had the idea of a food delivery app before all those existed but it was useless without coding skills/funding/marketing. I think you have a very valuable skill and it can allow you to pursue your ideas with drastically lower cost. I'll check out Y combinators videos and you're right to doing diligence before starting.

I'm good with numbers, analyzing, and negotiation. I believe if i become a loan officer i will have even more disposable income to put towards growing a rental portfolio even faster yet i know its still slowlane and i want to enjoy my wealth young vs old age. I really want to do both and i don't believe my focus would be weakened because real estate is long term and slow.

Random Ideas
Ease of use passwords memory and safe service
socks with insoles
toilet flush handle/sanitizer dispenser or touchless
 
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SethLBender

SethLBender

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Sep 3, 2018
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NYCGoblin I think that's good advice, I've already reached out to company i interviewed with that did paid training but its suspended due to Covid19. They're sending me email of approved providers through NMLS to be a loan officer.
 

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