The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: vatacvalves on November 02, 2017, 08:58:12 PM
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Love sales but don't know the first steps into real estate. I know theres alot of scams promising success within a week, but i don't believe that's true.
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Love sales but don't know the first steps into real estate. I know theres alot of scams promising success within a week, but i don't believe that's true.
You are right. I dropped you my contact info in a PM so I can give you details on licensing specific to your situation... and a lot more. Happy to give guidance on this subject. It’s more than I can type here.
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Love sales but don't know the first steps into real estate. I know theres alot of scams promising success within a week, but i don't believe that's true.
Not sure what part of the business you are interested in, but right now, in my area at least, it seems that the "pros" are busy teaching everyone with $300 their "secret" formula. Ask yourself - If its such a sure thing, why are they training their competition and wasting their time teaching when they could be finding deals?
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Get Educated. No matter in which state you live, you must take pre-licensing courses.
Choose a Brokerage.
Get Licensed.
Develop a Real Estate Agent Budget.
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A lot of people get into the real estate business by using their first home as a rental and moving into a new home. The real estate business is pretty big. You have to determine if you are looking to change careers and become a realtor or just looking to be a landlord.
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Part of it depends on what state you live in. For example, Texas does not require you to have a license to buy and sell real estate, unless you are representing a third party.
There are many parts of the real estate game.
1. Finding the property, negotiating with the current owner. There are people who are good at this and it is their business. They buy properties, then sell the contract to someone else. These people are called wholesalers.
2. Rehab the property. Whether the property will be resold or rented, it will most likely need repairs and upgrades. These people are usually refereed to as rehabbers or flippers.
3. Sell or rent the property. This is where agents, brokers, or property managers come in.
Some landlords do all of this, some only the parts they like or are good at. Real estate is a relationship game. I would suggest you find a real estate investor's club and join that. You will learn a ton for very little out of pocket, but most importantly, you will start to develop the relationships you need. In our club, we have contractors, hard money lenders, wholesalers, flippers, agents, CPA's, and even a couple of attorneys.
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I read, "Rich Dad Poor Dad" at age 22. I then spent the next 5 years reading real estate books and trying to educate myself. I bought my first property at age 27.
In my opinion, to really excel at real estate you need to be an expert in a small niche and ignore the masses.
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I read, "Rich Dad Poor Dad" at age 22. I then spent the next 5 years reading real estate books and trying to educate myself. I bought my first property at age 27.
In my opinion, to really excel at real estate you need to be an expert in a small niche and ignore the masses.
I second the niche!
You cant be a master of all construction types, of all ages, in all locations! Maybe specialize in mill houses, or short sales , or just something to give you a niche to operate in instead of a jack of all trades kinda deal so you can develop an edge.
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Can you clarify what you want to do in real estate? There are many niches. I am a licensed real estate salesperson in Alabama, a Realtor, a landlord, and a founder and board member of a real estate investment company. These are all different roles with different requirements.
It sounds like you're talking about being a real estate agent (most of whom, but not all, are also Realtors). The rules are different in every state, but in most places, you have to pass a course, pass a license test, find a broker to sponsor your license, and take post-license and continuing education. Most brokers will also require you to join the local and national Realtor boards, and you'll need to join the local MLS to create and/or search property listings.
First thing I'd suggest is to just call a broker and ask if they're taking on new agents. They love to talk.