So I’ve decided to become a realtor after determining that I probably won’t inherit the family business as was promised.
I was going to do it part time in order to have a nestegg so that I could then quit my full time job, but I’ve read that doing it part time is a huge obstacle because you can’t spend time generating leads, you won’t be available to answer calls, you won’t be able to show houses reliably, etc.
So my house has enough equity now that I can refinance with a conventional loan rather than the current FHA loan.
I’m considering pulling out my home’s equity in order to quit my job and become a full time realtor. From what I understand, it can be done if you put the effort in and it’s not so much about luck, so I believe I can do it. The problem is not having enough money saved to be able to quit my full time job, and the fact that doing it part time is said to not be practical, so I couldn’t really build savings to quit my full time job.
What do you guys think? Refinancing a house is kind of a big deal so it’s a bit sketchy. Not sure if this is a dumb move or just a risky move that is reasonable.
Corneliuscaruso 2y ago
Thanks for the insight, I feel my future will look similar to this. Do you have a foundation you’re starting from? Or are you starting from scratch?
whytehorse2021 2y ago
Depends on how much you can pull out. You'll have to do the math. It took me 3 years to get my business to pay me enough to live on. You can trade stock options and pull $12k/mo if you have $250k and a margin account. I work about 15min 3x/wk and I keep rolling money back in so my income goes up. I can do this job from anywhere that has internet which is why I'm moving to Koh Samui and fucking all the hoes on the island in between scuba diving, ocean fishing, and shooting the shit with expats.
johnnysmallseed 2y ago
Stock options are good if you are using them how they are intended to be used and not as leveraged gambling chips.
whytehorse2021 2y ago
Yeah been there, done that, lost the money, got the t-shirt.
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Initial-Glove 2y ago
What state are you in?
I would say no to realtor. And yes! To real estate investing..
REI's can get homes at auction, and do tax liens where Realtors cannot.
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Initial-Glove 2y ago
Being a realtor is limiting..
You can buy a tax lien, essentially paying off someone's tax bill for 2 years, and in FL, after 2 years, you will be awarded the deed to the property. Then you can sell it or whatever you want to do with it.
Realtors cannot do that.
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Initial-Glove 2y ago
Yes, they cannot do tax liens.
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Initial-Glove 2y ago
Not a problem!
jriver11 2y ago
I mean if you can lower your rate and take cash out then it's sort of a no-brainer isn't it? You should be asking a loan officer tho, not a red pill forum. Once you apply somewhere you get 30 days to apply at other banks without the short-term hit to your credit because of the inquiry. I'd call around to at least 4-5 banks and see what things look like. Just make sure you understand each banks products/policies before you commit to one. There's a difference between qualifying for a certain rate vs actually getting it.
As far as the realtor thing I'd do some research on purchase volume in your area and start cementing a GTM strategy. Where i'm from the market is crazy hot, but since inventory is low it's actually preventing some lower-income/first time buyers from finding anything. Houses in 'the hood' out here are going for $300k minimum which is just crazy. An old friend of mine recently transitioned to realty but it's slim pickings bc his market segment is mostly low income/first time buyers. Make sure you have a good understanding of your ideal customers with the inventory and lead volume to make it work.
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