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Hi everyone,
i have a full time job, but as a back up and to generate some additional income, i'm studying to get my license.
a couple of questions:
1) what's the best way to find a broker willing to provide part time (contractor) employment? (cold call?)
2) any other advice for someone just starting out?
thanks!
i'm in my early 30s. sufficient emergency funds. own a couple of rentals as well as my primary residence. been renting out my places for the past 11 years or so.
Hi everyone,
i have a full time job, but as a back up and to generate some additional income, i'm studying to get my license.
a couple of questions:
1) what's the best way to find a broker willing to provide part time (contractor) employment? (cold call?)
2) any other advice for someone just starting out?
thanks!
i'm in my early 30s. sufficient emergency funds. own a couple of rentals as well as my primary residence. been renting out my places for the past 11 years or so.
The last thing this industry needs is more part-time agents.
how do you foresee using your license to generate additional income? selling one or two homes/year? buying rentals and getting paid as a Buyer's Agent? holding open Houses for other agents?
since you mention it "part-time contractor employment" - you are aware that real estate agents are paid strictly when a home sells, and not any wage, right?
how do you foresee using your license to generate additional income? selling one or two homes/year? buying rentals and getting paid as a Buyer's Agent? holding open Houses for other agents?
since you mention it "part-time contractor employment" - you are aware that real estate agents are paid strictly when a home sells, and not any wage, right?
Agreed..
I've thought about getting my own license a few years ago and concluded that it's not really worth the trouble. Instead, I just surround myself with the professional and let them do the work for me.
how do you foresee using your license to generate additional income? selling one or two homes/year? buying rentals and getting paid as a Buyer's Agent? holding open Houses for other agents?
since you mention it "part-time contractor employment" - you are aware that real estate agents are paid strictly when a home sells, and not any wage, right?
Yes, I'm fully aware of that. I plan on putting in 10-20 hrs a week (including weekends) selling properties. Also, I plan on using my license to purchase discounted properties (good finds) and purchasing them myself with cash....then turning around and selling them. At least that's the vision.
how do you plan to find these properties? Access to the MLS (an additional fee)? Zillow or other aggregators? Using your brokerage's consumer search functionality?
When you're flipping homes, who will do the construction work for you? Or are you talking about a "we buy homes" wholesale gig where you immediately sell a home you bought at a steep discount?
how do you plan to find these properties? Access to the MLS (an additional fee)? Zillow or other aggregators? Using your brokerage's consumer search functionality?
When you're flipping homes, who will do the construction work for you? Or are you talking about a "we buy homes" wholesale gig where you immediately sell a home you bought at a steep discount?
That was my thought actually....but i think i need to research a bit more and find better ideas perhaps.
I was thinking that working part time for a broker, working 10-20 hrs a week and selling maybe 1 or 2 houses a month (??) would net around 1-3k a month in income on average.
I hope i'm not being TOTALLY unrealistic in my expectations. and of course, i do realize that maybe for the first few months, that amount will be closer to $0 given the learning curve that i'm sure i'll have to endure.
It's pretty unrealistic to think you will sell 1-2 houses a month as a part-time agent UNLESS you have a very large sphere of influence willing to work with you during your limited hours or unless you are buying and reselling these 1-2 homes a month yourself.
Markets are different, but all of the part-time agents I knew were lucky to have 3-4 closings in a year.
It's pretty unrealistic to think you will sell 1-2 houses a month as a part-time agent UNLESS you have a very large sphere of influence willing to work with you during your limited hours or unless you are buying and reselling these 1-2 homes a month yourself.
Markets are different, but all of the part-time agents I knew were lucky to have 3-4 closings in a year.
Ok, thanks for the reality check, and thinking about it more as i write this, i can see how you're almost certainly right.
from the 3-4 closings a year mentioned, the commission will probably be higher than 1-3k however, given that in Northern VA, houses start around 400k, condos at 200k, and townhouses around 300k in the area i'll be in.
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