New into real estate and wanting to get into commercial
Hey I’ve been in residential real estate for the past year now and with the market being how it is no one in my area is approved enough to buy property, so I got in with a close friend with commercial he is the BIC of a small agency would it be out of line to ask for a salary while starting out? I know it takes a while to get the ball rolling but I am worried about funds
[{"id": "i8dmrhg", "text": "If your worried about salary get a job as Analyst or doing something in the field where you are not dependent on doing deals to make money and can still learn. Brokerage in commercial is very sink or swim so I\u2019d wait did your hesitant and worried about money until you feel knowledgeable and financially secure", "replies": [{"id": "i8gvcfh", "text": "This is the answer. You need 12-18 months of living expenses saved otherwise you risk being able to swim in a sink or swim career but not fast enough. Seen it happen many times. That said, figure it out. Great career once you're over the hump.", "replies": [], "depth": 2}], "depth": 1}, {"id": "i8ds8f6", "text": "Get a part time night and weekend job until you get rolling or get a normal 9-5 for a little bit and stash away every penny until you have a enough saved to live for a little while.", "replies": [], "depth": 1}, {"id": "i8e8fvv", "text": "Understand and appreciate the worry about funds... Made the leap 17 yrs ago with a 2 YO and a new one on the way. No spouse income. Glad that I did. At that point, it was more about just jumping in, confident that I'd be able to find a way to make it work if I had to...\n\nEdit / Addition: To clarify, I don't know your situation. At all. Just suggesting there may be a component of making the leap and forcing yourself to make it happen. Not saying that's you. Only you know that. Don't dismiss the possibility though.", "replies": [], "depth": 1}, {"id": "i8ers47", "text": "Ask for a draw", "replies": [], "depth": 1}, {"id": "i8fxhms", "text": "Just know that CRE is still going to be more difficult and take more time to get paid then any challenges you faced in residential. You need to go into it thinking anything you get paid in your first two years is essentially a bonus. I did pretty good year two but I know guys that didn\u2019t make steady money until year 3-5. \n\nYou could ask for a small draw but you hear of less and less firms doing that. My opinion is if you don\u2019t have enough reserve for a full year of no income then you should not be making the jump.", "replies": [], "depth": 1}, {"id": "icmja08", "text": "From a person Working on both residential and commercial. Commercial takes much longer", "replies": [], "depth": 1}]