Posted by Brett (Ohio) on June 11, 2000 at 10:33:06:
Thanks for everyone’s comments. I’ve gotten a few ideas I need to consider before i decide and this info really helps. -Brett
What part time job would prove most beneficial in REI - Posted by Brett
Posted by Brett on June 10, 2000 at 22:40:00:
Next pring I’ll be in a position where I’ll be able to get into REI full time if choose to quit my job. What are some ideas everyone has on most beneficial part time jobs? I might try easing into it and keep a part time job. The mortgage guy I work with owns his company and we’ve gotten pretty friendly. He brought it up that I could work for him as a pt loan officer. I could do all my own loans for free and learn a lot about lending. Plus I would have buyers right there at more doorstep, have access to check credit for renters, free title searches. Wow this sounds better as I type it. Does anyone else have ideas? What about a title company? Thanks! I imagine this will give some ideas to all of us newbies. -Brett
Another suggestion… - Posted by George(OH)
Posted by George(OH) on June 11, 2000 at 08:27:56:
would be to register with about 7 or 8 temporary agencies. This was easy for me because my area of work was clerical (data entry, word processing, admin assistant, etc). With that many agencies offering you work, you can pick and choose WHERE you want to work, as well as WHEN and for HOW LONG.
By the way, I tried to get work with a few different title companies, but with interest rates on the rise they all said they won’t be hiring for a while.
Hope this helps,
George(OH)
Re: What part time job would prove most beneficial in REI - Posted by Kingston Salazar
Posted by Kingston Salazar on June 11, 2000 at 24:25:32:
I actually started out as a hard charging full time working Realtor. Now i’m just a part time easy riding real estate agent. The info i was privy to as an agent (mls access mostly)put deals right in front of my face. I dealt with mortgage companies, title companies and countless other real estate connected folks on a daily basis. i know it is hard to believe, but some real estate agents are actually knowledgable with regards to investing. i happened to latch on to one who held my hand through my first few deals. i let 3 good deals slip through my hands until i decided to take the plunge with his guidance. it’s 15 years later and i own over 25 rentals i aquired mostly through info gathered as an agent. I now and hold paper on 10 mobile homes because i stumbled across this site late last year (thanks lonnie… i never would have thought of them there mobile homes). I’ve been selling off the rentals as of late. The mobile home thing is soooo fun. My point is this. Get as close to the business as you can. Be an agent. Work at a loan company or title company. Maybe property management. I’m still an agent because we move slow down here and i can still catch some good stuff on the mls. i also like helping people find homes. i also have a rep as a person who buys property so some deals fall in my lap. Anyway, i’m rambling (this nyquil is kicking in so pardon my spelling and punctuation). Get as close to the business as you can. Read everything you can and ask questions if you don’t know.
-king
Re: What part time job would prove most beneficial in REI - Posted by Bob Selby
Posted by Bob Selby on June 10, 2000 at 22:48:50:
Sounds like you are on the right track. Having access to funds to buy and renovate your homes is probably the most important aspect of the business. Having an inside track on that process I think would definately benefit you. Your points about more access to buyers is very valid as well. If I myself werent so busy swinging a hammer on my own houses, I would be doing the same thing you are. For now I just have to settle for schmoozing my mortage guys with gifts and “business lunches” to try and keep them on my side 
Bob
Don’t quit your day job. - Posted by GL
Posted by GL on June 11, 2000 at 08:19:51:
One of the biggest mistakes most RE investors make, including me, is to quit your job too soon.
As soon as you do that YOUR CREDIT RATING DROPS TO ZERO!
It is not quite that bad but nearly. When you put ‘self employed’ in the box for ‘employer’ you are AUTOMATICALLY rejected from the normal flow of mortgage applications. You are no longer a normal mortgage loan, you are a business loan which is a lot harder to get.
The same goes for credit cards and other credit applications. My credit is so good I get junk mail every week soliciting me to get another Mastercard, Visa or line of credit. Every one says ‘you are automatically pre approved’ but if I send them in I get rejected, which puts a black mark on my credit, solely because I am self employed.
So keep your job, it is a great front for a credit rating and it pays the bills while you are ploughing back your RE profits into your investments.
So when can you quit? That is easy. When your RE income is greater than your work income by a comfortable margin, and you don’t need credit anymore. Or when your net worth is in the millions.