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Old 04-05-2012, 05:58 PM
 
6 posts, read 50,457 times
Reputation: 15

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I am looking at a possible career here. I've heard so far that around $1000 is required to get going. I haven't discussed that in detail. The 9 day crash course at the school is $400. What am I missing? What are your thoughts? How much would you say?

Also, considering initial start up cost, how long before money comes my way?

Is it ok to do this by scrounging what I can for cash to get started? Or do I need, and I mean need, a solid safety net? Do the ones who quit end up doing so because they paid, and never saw return, either because they aren't cut out for it, or other reasons...

Thanks!
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Old 04-05-2012, 06:08 PM
Status: "Apple Pie!" (set 15 days ago)
 
Location: Cary, NC
19,599 posts, read 31,157,320 times
Reputation: 16636
Quote:
Originally Posted by jmarston View Post
I am looking at a possible career here. I've heard so far that around $1000 is required to get going. I haven't discussed that in detail. The 9 day crash course at the school is $400. What am I missing? What are your thoughts? How much would you say?

Also, considering initial start up cost, how long before money comes my way?

Is it ok to do this by scrounging what I can for cash to get started? Or do I need, and I mean need, a solid safety net? Do the ones who quit end up doing so because they paid, and never saw return, either because they aren't cut out for it, or other reasons...

Thanks!
Yes. You need a solid safety net. And if you have any dependents, you certainly need to be assured you can continue to meet your responsibilities.
Plan on a 6 month or better reserve fund for daily living.
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Old 04-05-2012, 06:20 PM
 
6 posts, read 50,457 times
Reputation: 15
It's my wife, daughter and I. So yeah, definitely have dependents. She does have a decent full time job. Though what has been keeping us afloat has been financial aid loans from me going to school. Problem is that I'm not anywhere near finishing anything (certificate of completion in something would be the quickest bet). I'm already in the hole with school loans, and I figure that while the financial "aid" literally, is a big help in the here and now, long term not so much. So banking on real estate school and license is an entirely different animal it seems. But the risk balances with potential reward...

Sidenote, I always thought real estate (as a profession) sounded too good to be true. Seems so kush, but at the same time, definitely not for everyone.
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Old 04-05-2012, 06:29 PM
 
81 posts, read 77,336 times
Reputation: 48
yes, figure 400 for class; add on testing fees, multilist fees, etc. I kept my former job and work at that part time to make up for the money i wasnt making yet because i didnt have a lot of contacts in this area to market. honestly i was about to give up since i started at the start of the year, but got my first listing today! Good Luck!
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Old 04-05-2012, 06:32 PM
 
6 posts, read 50,457 times
Reputation: 15
I've read about various routes to get established. For example, with Keller Williams. It's my understanding that some companies bring you in and help get you going?
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Old 04-05-2012, 06:39 PM
 
Location: Salem, OR
10,956 posts, read 18,687,661 times
Reputation: 6886
Quote:
Originally Posted by jmarston View Post
It's my wife, daughter and I. So yeah, definitely have dependents. She does have a decent full time job. Though what has been keeping us afloat has been financial aid loans from me going to school. Problem is that I'm not anywhere near finishing anything (certificate of completion in something would be the quickest bet). I'm already in the hole with school loans, and I figure that while the financial "aid" literally, is a big help in the here and now, long term not so much. So banking on real estate school and license is an entirely different animal it seems. But the risk balances with potential reward...

Sidenote, I always thought real estate (as a profession) sounded too good to be true. Seems so kush, but at the same time, definitely not for everyone.
Real estate is a grind. Kush is not the word I would use to describe the real profession of real estate. You can make great money at it, but it takes a lot of hard work to get there. Nothing easy about making money in real estate. Most agents start to make decent money 3-7 years into real estate. Most give up before then.

The most basic costs:
the cost of school,
the cost of the test ($150, I think in my state)
the cost of the license ($350 in Oregon)
cell phones, laptops
MLS fees ($45 a month in my MLS)
REALTOR fees, if required (that is $700) in my area
Business cards, if not provided by the company
Signs, if not provided by the company
Lockboxes, if not provided by the company or used in your area
Cell phone (get lots of national minutes)
E&O insurance, if not provided by the company
Continuing Education

That is what you need to just function. Then you will have costs to actually be successful, make money, and be efficient. Your best bet would be to act as a buyer agent for a successful listing agent. Based on what you wrote, you won't have the funds to carry marketing costs for listings at first. As a buyer agent you just waste your gas and time, but otherwise have few out of pocket expenses. This is often the best strategy for rookies without financial resources.
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Old 04-05-2012, 07:54 PM
 
Location: DFW - Coppell / Las Colinas
18,492 posts, read 17,204,405 times
Reputation: 17507
Quote:
Originally Posted by jmarston View Post
Sidenote, I always thought real estate (as a profession) sounded too good to be true. Seems so kush, but at the same time, definitely not for everyone.
If you get in it and do well, you will find it's one of the hardest careers you can have. You work when others are off, you miss many dinners and weekends with the family.

Not kush at all but highly rewarding if you like being self employed and working with people.

You are a people person aren't you ?
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Old 04-05-2012, 08:45 PM
 
Location: Gorham, Maine
1,661 posts, read 2,717,995 times
Reputation: 1094
"Most people give up just when they're about to achieve success. They quit on the one yard line. They give up at the last minute of the game one foot from a winning touchdown." Ross Perot
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Old 04-06-2012, 11:13 AM
Status: "It's 5 o'clock somewhere." (set 5 days ago)
 
Location: Mountain Ranch, CA The heart of Calaveras County
6,136 posts, read 11,468,630 times
Reputation: 4895
A lot depends on your market area. My office has been here since 1987 and we're kind of your "common man" kind of offices. If you're in Beverly Hills, our kind of office would be in business for about a month. The average commission around here is probably 5 to 10 per cent of what they are in BH.
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Old 04-07-2012, 08:43 PM
 
Location: Baltimore
1,607 posts, read 2,355,944 times
Reputation: 999
I quit my full time job in broadcasting averaging 700+ hours of overtime annually to work re full time. Somehow I work more hours in real estate.
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