Going Full Time
Barry wants to break into the real estate business as a full time career. What pointers does Dave have for him?
QUESTION: Barry is doing real estate part time and wants to know about going into it full-time. What are the expenses to pay, etc.? Dave tells him what to expect, and how to break into the business as a career.
ANSWER: You need to sit down with your broker and ask them what realistic expenses you’ve got. You certainly have household expenses. In a normal real estate market I would tell you to have 6 months of expenses saved up in order to jump into it full time because it takes 6 months to start making money in residential unless you’ve got some listings and sales underway. A lot of people starve out of the real estate business because they don’t have the cash to do it right.
It has a lot to do with you and how much get-up-and-go you’ve got. Have 6 months of expenses set aside before you jump into it full time in this environment. Nothing stinks more than a hungry salesman.