My bf is 24 and wants to get into real estate, should he continue to get into it?
2007-01-25 01:43:42 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Your boyfriend needs to understand the dynamics of the real estate industry and the reasons he wants to "get into it". It's a career, not a job.
In any vocation/career, in any industry, you get out of it what you put in!
Initially he may work long hours (or should be) for little or no commission. He should focus on buyers so as to yield a faster income.
If your boyfriend is a BS'r "salesman" as the aforementioned respondent posted, he probably won't fare well. Today's market is educated and business savvy and not that easily BS'd. It is the "doer" as negated above that is a successful agent. There is a lot involved if you're doing what is needed and legally required.
The Realtor that is professional, intelligent, honest, trustworthy & absolutely looking out for the client & their best interests is the Realtor that will be a success!
With regards to foreclosures - there is a ton of business in working with foreclosures!!!!!!
As the listing agent, working with the lender(s) to negotiate a possible short sale on the property and assisting the owner of the property during a very difficult time sort everything out.
As the buyer's agent, working with all parties to negotiate the best price for the property that is pending foreclosure.
Many things in life are how we view them...........
Have your boyfriend visit a few brokerages and meet with managment and the agents as well - that may assist him with a final decision.
The beauty of the industry now is that those that entered into it thinking it way easy work - have bailed. The reality of the work involved and what it takes to be successful hit them finally. Especially in slower markets.
Having said all that, real estate is the most rewarding, both financially & personally, career that I have had and best investment of my time. I love what I do - and don't think of it as "sales" - I love working with people, I love negotiations, I love the intricacies of contracts and "the deal" and I love seeing people realize their dream of home ownership, whether a first time buyer, assisting with relocation, upgrading or downsizing, investing or in assisting those facing foreclosure realize it could be worse!
A smart individual will form a business, secure health insurance (which many brokerages now offer), begin a Roth IRA and capitalize on all of the benefits of being self employed. Solid business acumen and a good accountant assists with accomplishing that goal. Our Realtor magazine & its website highlights the TOP 30 UNDER 30 in real estate, each year. It is amazing & powerful to see people that take action, are positive and do what it takes to become a success - regardless of age!
My apologies for the long winded response - I am bothered when there are comments that are clearly uninformed and I try to maintain neutrality.
All the best to your boyfriend.
2007-01-25 02:12:11 · answer #1 · answered by ☼High☼Voltage☼Blonde☼ 4 · 0⤊ 0⤋
If you are looking to invest in foreclosures or tax liens, now is the time. As for a full-time career in selling or flipping, the market is not good for that. So in short, some real estate segments are very much alive because of the downturn, but for normal real estate sales, stay away for now.
If you want to be a part time investor, try reading a book or two on how to do it. See my recommendation below.
2007-01-25 10:02:54 · answer #2 · answered by John Rosa 3 · 0⤊ 0⤋
I assume you are talking about him becoming a real estate agent. It is a good job. However, there is no health insurance, you have to pay your own taxes, there is no 401 k plans, no insurance of any type. You are an independent contractor, and as such, you choose your own hours and everything else. But that takes discipline which someone at 24 may not have. You also may want to tell him he will need to have at least 6 months of income saved up, because it takes about that long to show any income after the initial r.e. classes, which are mandatory to become an agent in any state. Good luck!
2007-01-25 10:37:26 · answer #3 · answered by RED 5 · 0⤊ 0⤋
The real estate boom is over, he should find something else. Any moron could make money in that business a few years ago, now it's a grind.
2007-01-25 09:51:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Depends where you live. Around here so many homes are being built that the owners are renting them out, know one around to buy them.
You know how renters are (most renters I should add), they will destroy these new homes....
Look at the market where you live at. Being a sales men is not for everyone...No regular pay or hours.
2007-01-25 09:49:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
He shouldn't base his career on what the market is doing. He should do it because he loves what he's doing. If not, find another career path.
2007-01-25 10:10:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋
NO!!! Right now its going down hill . Foreclosures are up 140 %
2007-01-25 09:49:52 · answer #7 · answered by cowboybronco01 4 · 1⤊ 1⤋
you should know this; is your boyfriend a good bullshitter?if so sales is his purpose in life, if he is a talker and not a doer, then he is salesman.
2007-01-25 09:54:58 · answer #8 · answered by Anonymous · 0⤊ 2⤋