So, you lost your job. Now what? Wait around for a new opportunity to pop up in your field of expertise, burning through your savings all the while? Or start a brand-new business of your own—one that allows you to make your own hours and be your own boss?
Here are a few ways you can get started with your very own real estate business.
Get into Wholesaling
Brand-new to real estate investing? Consider wholesaling. It can be done with a limited amount of money and experience, which makes it a good choice for beginning real estate investors. It does, however, require excellent marketing, communications, and networking skills.
The premise is simple: you just have to search out great real estate deals and connect the property with an investor. Here’s what a wholesale deal would look like: You find a low-priced property that would be a great candidate for a flip or a rental property. You make an offer on it and sign the contract. Meanwhile, you have a real estate investor lined up who wants to buy more properties. Within the 21-day period of the contract, you sell off the contract to your investor friend for a couple thousand more than you offered to pay the seller. This amount of money is basically your “finder’s fee” for tracking down the property for your investor friend. The benefits: you earn money off the property without ever even making a mortgage payment, without having to fix anything up, and without having to deal with tenants!
In order for this to work smoothly, you need to have lots of potential buyers and lots of potential listings, and you need to bring the two together at the right time and for the right price. Wholesaling is not easy. It takes a lot of work marketing yourself and finding leads. But if you already have the right skills, it might be the perfect job for you!
Become a Real Estate Agent
Compared to many other jobs, it’s not all that hard to become a real estate agent. It doesn’t require a college degree in real estate, but it does require great marketing, communications, and people skills, just like wholesaling does. Here’s a super-quick breakdown of what it takes to become a realtor:
- Take a pre-licensing course (~$200-300 and ~60-135 hours of coursework, depending on state laws)
- Complete an exam (~$100-300)
- Get your license and MLS memberships (~500+)
- Join the National Association of Realtors® (optional)
- Join a brokerage
- Get to work!
As you can see, becoming a real estate agent does require some upfront costs, but it’s a lot less money than going back to college for a new degree! If investing (i.e., buying properties and flipping or holding them as rental properties) is something you’d like to do in the future, becoming a real estate agent is a great first step that allows you to learn the business and even find yourself great deals.