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.