At the risk of being labeled a wimp...I backed out of joining a realty company at the last minute. I was all prep'd to tackle real estate on a full time basis and had just had a meeting with a local Southern California real estate company yesterday (first and only company I met with). I took their hire packet home, filled it out, gathered all the required documents and dusted off the old check book. I was to start a eight hour a day, ten day training "quick start" program next week - Jan 2, 2007 while my license application was processed (since I hadn't mailed it in yet). Slowly but surely, the realization of what I was about to do began to envelop me. My financial resources that I had planned on depending on during the first months (possibly many, many months) of my full time real estate career, suddenly seemed insufficient in the case of a long dry spell. Not to mention the initial start up costs that would come out of my pocket immediately. My girlfriend is newly licensed and is associated with a small r.e. office. I thought of partnering up with her on some transactions in order to make things easier on both of us but still I thought of all the "what if's". Panic and anxiety...severe anxiety, set in and I decided to do some serious plan restructuring. I don't want to attempt real estate only on a part time basis, I really want to do it full time. I need to set myself up better financially before I attempt real estate seriously. Night job to leave my day's open? Loan?... I'll come up with something.

I just thought I'd share since I have found this site very helpful from the first day I found it and also because I know many others share my same concerns and anxieties.

When the time is right... you will KNOW it. I considered going into real estate several times and put it off... put it off... and put it off some more. When I finally did it, it worked. The timing was perfect for me.

Trust your gut. And I agree with you... do it full time or not at all...!

Ah yes, the gut. I still haven't untied the sailors knot my gut has tied itself into but I feel strongly that I will eventually find a more ideal time to get into R.E. My girlfriend has given me a lot of moral support about my decision to hold off and I trust and hold her opinions in high regard. I'm not the sharpest knife in the drawer but she is a very smart and educated person and I'm comforted to know I can count on her. She is a full time teacher and puts little time into real estate and has yet to close a transaction as a new agent. That confirms to me that one needs to put in an "adequate" amount of time and effort into real estate, hence, confirming my decision to do R.E. full time or not at all so I agree with you Jennifer.

No guts no glory.

I had considered Real Estate soon after highschool (late 50's) but got sidetracked into engineering (design, manufacturing, sales, etc.) for literally decades. They must have paid me well because I was often the first to go when they had a RIF (Reduction in Force) even though they would call for some consulting afterward. Most of the time it was in Aerospace where one lives contract to contract. With the children through college and my wife gainfully employed in a health profession I decided to get off the roller coaster and revisit the real estate profession. Eleven years later I'm still at it, now a broker on my own, and thinking I will continue it in retirement as there will be no Social Security penalty based on my other earnings after February.

No shame in it.

The fact that you have the willingness to listen to your gut and re-evaluate are actually skills that will help you when you eventually do take the plunge.

Just make sure your constantly working toward it and not just manufacturing excuses to avoid a scary risk.

R

I do certainly agree with "No guts no glory". We do have to leave our "comfort zone" or we'll never get anywhere in life. As a matter of fact, I started a mobilized business last year and so far, it's fallen way short of where I would desire for it to be by now. I'm still focusing on improving that situation by advertising and door to door flyer distribution in the hundreds.

In cases such as Mr. Foreclosure, great for you! Sounds like you're doing very well and it's inspiring to hear stories like yours. Single people like me however, can't depend on anyone else but ourselves if times get tough.

As Reb.Broker says, I'm actively searching for solutions in order to start R.E. and not letting it slide by. I worked too hard to p*** the exam and know the potential $$$ that R.E. can provide to never do anything about it. Ideally, my other business (murals, design, photo restoration) would improve to the point where I would be comfortable with the income that my business would produce enough to not worry too much about getting a slow start with R.E.

P.S. - I really like hearing R.E. success stories because they are so encouraging so feel free to share.

i took the go for broke approach, i quit my building inspection job. And took 3 months to study and p*** the exam, another 3 months to sell my first house and another 2 months to get paid. that was in 2004

Ricardo: it's better to wait and develop a business plan and be well capitalized before starting IMHO

Ricardo S -

Jump in, the water feels great.