Hi, and welcome back to the NJRELS weekly blog! This week we have another subscriber question - our favorite. :)
The question was, “how do I start a real estate career when I have a spouse and children?” It’s a great question because most people getting into real estate actually have one or both of those, and it’s always a bit of a balancing act. It can be challenging, but it’s also a good move for your career and life path. Change is difficult for everyone, but it’s important to be confident!
Some people who are breaking into real estate have a steady job where they’ve been an employee for a while, and it provides a decent living. Let’s say this applies to you - you’ll get holidays off, you might get health insurance through your job, and you get a guaranteed salary or wage. Great! Don’t quit that job just yet... Start real estate part time while you get your footing in the field.
It’s always important to provide for your family, so it’s not a good idea to quit a steady job for real estate full-time right in the beginning, unless you’re set up with another income or savings. While you are starting off, it’s important to work your SOI and put feelers out there to see what opportunities present themselves.
What is an SOI, you might ask? Well, you must not have read our blog on it! It stands for Sphere of Influence and it’s the group of people where you hold credibility -- where you will most likely get your first real estate deal. Because these people know you the best, they are most likely to give you a chance and be your first client -- don’t forget about them later! Once you have closed your first deal or two, and you have a nice little “nest egg” set aside in savings, maybe then it’s time to consider transitioning to real estate full time. Though you may (or may not?) be tired of your current job, it will definitely be worth it to stick it out through your first close. The nest egg you put aside will be crucial just in case it’s a few months until your next deal closes -- and a few months till your next payday.
However, don’t let yourself become complacent for too long - sometimes, the only ones who make real money are the ones who take some risk! It can be very exhilarating to focus totally on your new career in real estate. Whether you are a college student who just graduated, life partners doing this together, an individual joining a real estate team… it can take a bit to jump in, but it’s so worth it!
To highlight, if you have a steady position, it’s smart to keep it for the first couple deals - but when you’re ready for real estate, jump in with both feet! It’s a career for anyone who wants to shake things up, make money, and get ahead in the game. Utilize your SOI to start, put some money in the bank, then take the leap and focus 100% on real estate.