Career Direction?

[jamievaughan10]

Hey everyone, my name is Jamie Vaughan and i just recently joined this forum. I have thoroughly enjoyed reading all the posts and am looking forward to get started in my real estate investing.

I am currently attending Trinity Western University in Langley BC, where I play basketball. I will be graduating in April with a degree in Business Admin. with a specialization in entrepreneurship. I am trying to figure out what the next step for me should be and i was wondering if everyone could give me their insight. Because of my interest in real estate, i want to get into a career that could help progress my real estate investing. I was thinking something like a mortgage broker, stock broker, financial planner, banker or commercial real estate agent. I am not really sure what it takes to get into each one of those, so that is why i am interested in what others have to say. I am the type of person that needs some variety; something that allows me to be in the office for a bit, and then maybe some actual hands on stuff. Because of my basketball career and all the work i have put into it, i do not have extensive experience in the business world. I have done a bunch of construction work, but that is about it.

I am really looking forward to this next phase of my life, but am not sure what to do or how to get there. I have read almost all the post and i know there are a lot of knowledgeable people on this site. Any suggestions?

 

[Lermy]

QUOTE (jamievaughan10 @ Jan 22 2009, 12:29 PM)
Hey everyone, my name is Jamie Vaughan and i just recently joined this forum. I have thoroughly enjoyed reading all the posts and am looking forward to get started in my real estate investing.



I am currently attending Trinity Western University in Langley BC, where I play basketball. I will be graduating in April with a degree in Business Admin. with a specialization in entrepreneurship. I am trying to figure out what the next step for me should be and i was wondering if everyone could give me their insight. Because of my interest in real estate, i want to get into a career that could help progress my real estate investing. I was thinking something like a mortgage broker, stock broker, financial planner, banker or commercial real estate agent. I am not really sure what it takes to get into each one of those, so that is why i am interested in what others have to say. I am the type of person that needs some variety; something that allows me to be in the office for a bit, and then maybe some actual hands on stuff. Because of my basketball career and all the work i have put into it, i do not have extensive experience in the business world. I have done a bunch of construction work, but that is about it.



I am really looking forward to this next phase of my life, but am not sure what to do or how to get there. I have read almost all the post and i know there are a lot of knowledgeable people on this site. Any suggestions?




Hey Jamie,



I'm a TWU alum '07. I also graduated with Business Admin but Financial Advising stream.



If you are wanting to get into RE investing, having a full time "steady" pay cheque is really helpful in getting the necessary financing from banks. Any of those careers you mentioned would be helpful to get into RE investing except the Stock Broker/Financial Planner. If you are a stock broker or financial planner securities regulations deny you the ability to have a secondary income. Lots of individuals in that business do extra work on the side, but you have to be VERY careful not to get into trouble with the securities corp of BC. You can work for an advisor, but if you are licensed through BC securities, then you have to watch out for the secondary income issue.



I spent 6 months in Financial Advising, as an independant, after graduating from TWU and found it to be extremely difficult getting people's life savings because most of the people you will want to meet are 40+ and they want an advisor with experience. I left that business and now make more money running a business that still deals with affluent 40+'s, but I get money from them as the "Nice young man who takes care of my home" Way easier to sell myself as a contractor than an advisor with no experience who wants to control my life savings.



Check out this thread, it discusses the issue of having a full time job, financing, and work life balance.



http://myreinspace.com/public_forums/f/61/p/49470/editpost.aspx?ReturnUrl=%2ff%2f61%2fp%2f9285%2f49470.aspx%2349470



Also, Thomas Beyer's thread on getting started http://myreinspace.com/public_forums/General_Discussion/61-4391-How_to_get_started_.html



Cheers,



Ryan

 

[ChrisDavies]

After a couple of other careers, I`m currently working for an internet marketing firm, and learning a lot. Marketing or sales skills will benefit your real estate business in the long run, as well as negotiating skills.

That said, pick something you love first. The money will come after that.

 

[Dan_Eisenhauer]

Jamie; I started my real estate career right out of university at 25 years old. While I am not suggesting you follow this route, this is my progression:
I worked as a Realtor for a bit less than a year, at a time when there was no training to tell a new rep how to make money. I made NONE. I then transferred into the appraisal department of that same company, where I sat on my duff as an apprentice appraiser for about 75% of my time. I was bored to tears. No one wanted or needed my help.

At about the same time Royal Trust, now Royal LePage, was about to open an ICI (Industrial, Commercial, and Investment) office in Halifax. My family is a well known business family in NS, and I felt as if ICI would make a great fit for me. So, I joined RT. I became the first Realtor in Halifax to specialize in commercial leasing and sales.

There still was no training available, so I began to take courses leading to Certified Property Manager (CPM) and Fellow of the Real Estate Institute (FRI) designations, receiving both on the same day.

A national developer came knocking, and I left RT after a couple years and went to work for the national firm as their office leasing rep. I stayed there for about a year before joining my family`s firm as manager of the real estate division. We developed, managed several mid-sized office and commercial buildings around NS.

Without going into details, both the company and I went through significant turmoil beginning in the mid 80`s. I did numerous things in the industry... mortgage broker, residential sales, strata manager, property manager, home construction, and PM instructor.

I moved to BC 9 years ago, now. Every thing I have done since arriving here has been aimed at teaching me more about real estate syndicating (also called joint venturing) and to build my data base. I attend every REIN meeting I can. I go to every Meet Up and other real estate meeting that is real estate related that I can find... all in an effort to build my contact base in BC. My goal is to recreate the wealth I once had through real estate investing.

My point is that there are many ways to enter the real estate industry, many of which you have not even thought of today. IMO, working in a bank to learn how it works in order to do well in this industry is not the way to go. You do not need to know how the engine in your car works to drive to the grocery store. Find a job with a real estate company. If ICI interests you, go to one of the big ICI companies. Their training is excellent, and they like taking young lions into their dens. If banking interests you, find a good mortgage broker... one who works primarily with investors. Maybe a contractor could use you in the office so that you could learn the construction industry. How about a land planning office, or city development office?

Your options are unlimited. BUT, make sure they really take you in the direction you want to go.

I hope my comments are helpful

 

[RedlineBrett]

If you are a competitive person and hold yourself accountable sales might be a good fit for you.

My biz parter is a former U of A volleyball player and eats up the sales work and property management. I was never really good at any sport but I`m definitely competitive and because of that I have had reasonable amounts of success building a sales business in the last three years.

I did it the hard way though.

Dan talks about sales training - I got none when I started and have had to teach myself along the way. I have put a bit of $$ into some personal training and it has helped a lot. If you are considering sales I would recommend you start as a buyer agent working underneath an older, established listing agent. You won`t make a dime in your first few months and eventually you will hit a wall within that group and have to go out on your own - but you should be able to have someone to answer your questions and help train you.

You will make less $ than your salaried friends for quite a while but you will answer to no one and have the potential for big $, all depends how far you want to push yourself.

QUOTE (jamievaughan10 @ Jan 22 2009, 01:29 PM) Hey everyone, my name is Jamie Vaughan and i just recently joined this forum. I have thoroughly enjoyed reading all the posts and am looking forward to get started in my real estate investing.

I am currently attending Trinity Western University in Langley BC, where I play basketball. I will be graduating in April with a degree in Business Admin. with a specialization in entrepreneurship. I am trying to figure out what the next step for me should be and i was wondering if everyone could give me their insight. Because of my interest in real estate, i want to get into a career that could help progress my real estate investing. I was thinking something like a mortgage broker, stock broker, financial planner, banker or commercial real estate agent. I am not really sure what it takes to get into each one of those, so that is why i am interested in what others have to say. I am the type of person that needs some variety; something that allows me to be in the office for a bit, and then maybe some actual hands on stuff. Because of my basketball career and all the work i have put into it, i do not have extensive experience in the business world. I have done a bunch of construction work, but that is about it.

I am really looking forward to this next phase of my life, but am not sure what to do or how to get there. I have read almost all the post and i know there are a lot of knowledgeable people on this site. Any suggestions?

 

[Dan_Eisenhauer]

I forgot to add that in addition to real estate courses, I have taken numerous non-real estate related courses and seminars, and read I don`t know how many books on marketing, accounting, and personal development, etc, all of which have helped me get where I am today.

Anyone getting into this business for the long term needs an overall understanding of many aspects of business. Any job that provides that grounding is worthwhile.

 

[jamievaughan10]

Thanks everyone.

 

[jamievaughan10]

QUOTE (jamievaughan10 @ Jan 22 2009, 02:29 PM) Hey everyone, my name is Jamie Vaughan and i just recently joined this forum. I have thoroughly enjoyed reading all the posts and am looking forward to get started in my real estate investing.

I am currently attending Trinity Western University in Langley BC, where I play basketball. I will be graduating in April with a degree in Business Admin. with a specialization in entrepreneurship. I am trying to figure out what the next step for me should be and i was wondering if everyone could give me their insight. Because of my interest in real estate, i want to get into a career that could help progress my real estate investing. I was thinking something like a mortgage broker, stock broker, financial planner, banker or commercial real estate agent. I am not really sure what it takes to get into each one of those, so that is why i am interested in what others have to say. I am the type of person that needs some variety; something that allows me to be in the office for a bit, and then maybe some actual hands on stuff. Because of my basketball career and all the work i have put into it, i do not have extensive experience in the business world. I have done a bunch of construction work, but that is about it.

I am really looking forward to this next phase of my life, but am not sure what to do or how to get there. I have read almost all the post and i know there are a lot of knowledgeable people on this site. Any suggestions?

Thanks for all the input, i have been looking into different things right now. I guess i might have to bite the bullet for awhile and take on a job to get experience rather than money. I guess in the long run, it`ll be worth it.

I am currently looking into financial planning because i have a friend who is very successful, so we`ll see what direction he pushes me.

 

[ChrisDavies]

QUOTE (jamievaughan10 @ Jan 28 2009, 10:20 PM) I guess i might have to bite the bullet for awhile and take on a job to get experience rather than money. I guess in the long run, it`ll be worth it.

A great idea! Word into your contract the terms `mentoring` or `coaching`, and make it clear how much involvement or professional development you`re looking for. This can mean learning from other employees, management, clients or external PD. It`s one of the reasons I love my job, is because they support personal development so strongly.