Career Advice

[Nixba]

Dear all,

I hope you are well.

I'm hoping you may be able to provide some objective feedback on my current situation. I've been working in recruitment for the past 3.5 years, and as much as I love it, I'm contemplating whether to pursue my passion of property investment as a career. I just turned 24, live at home with parents, and currently gross $100-120K p/a depending on bonuses. I am just about to begin searching for IP #3, with the view to buy again for #4 before the end of the year. I have huge goals that I want to achieve before 30.

So, the conundrum. Do I continue working in my current industry and earning good money, allowing myself to continue building the portfolio quickly; or I can take the plunge, take a risk, follow my passion, and ideally get an entry level role at a buyers agency or property investment firm with the view to developing a career in property?

Any advice would be greatly appreciated.

Kind regards,
N.

 

[LoneWolf]

If I had that choice, keep making good money and build portfolios

 

[alexlee]

Taking a job as a buyers agent or sellers agent isn't actually 'property investment'. Is your goal to build a property portfolio (or just building passive income), or do you want to become a buyers agent?

 

[Nixba]

Taking a job as a buyers agent or sellers agent isn't actually 'property investment'.

Thanks Alex. To clarify:

It wouldn't be a seller's agent, I'd rather do recruitment. Assisting people buying investment properties on a day to day basis would allow me to improve in my own investing and continue building the portfolio. It would allow me to pursue my passion in investment property further, and utilise the people management and relationship building skills I've developed in recruitment.

 

[alexlee]

Assisting people buying investment properties on a day to day basis would allow me to improve in my own investing.

So does a job with a good income. You can always hire buyers agents. You just need to manage them and understand what you want. Serviceability and deposits, on the other hand, are all up to you.

 

[VYBerlinaV8]

Keep your job, build your portfolio. Once your portfolio throws off enough cash for you to live (even simply), go pursue your property related job dream.

Just my $0.02.

 

[Brady]

Sounds like you still enjoy your current role. Getting paid $100k as a 24 year old is reasonable as well. Personally I would continue at the role you're in and build portfolio. If you didn't enjoy where you are now would be a different story.

 

[S.T]

You'll probably learn more about property investing by doing as you currently do and invest in property (?) You'll find quite a few in the industry that don't invest in property, they just say they do. As others have said, stick it out in your current good income job and keep property investing.

 

[Blair007]

Thanks Alex. To clarify:

It wouldn't be a seller's agent, I'd rather do recruitment. Assisting people buying investment properties on a day to day basis would allow me to improve in my own investing and continue building the portfolio. It would allow me to pursue my passion in investment property further, and utilise the people management and relationship building skills I've developed in recruitment.

You can still learn just as much buy putting aside time each week to learn about property investing. whether it talking to agents, spending time on SS etc.
I'd take the Higher income and use that to leverage more Investment Properties. You are trying to grow your portfolio at the moment and capital is key for this. Maybe further down the track once your portfolio is bigger you can revisit the decision to change careers.

 

[nhg]

I am 27 now and left my $100k+ job a year ago to work in a property related field.

Investing in property and working in property are two very different things.

Be sure you understand the difference before you make that decision. It may even suck the fun out of it. Fortunately for me my interest in investing was actually a byproduct of my interest in wanting to do what I do now.

Just to reiterate. Working in property does not make you a better investor. Investing makes you a better investor. They are not one and the same. More likely to make it harder to invest.

 

[Corey Batt]

Just to reiterate. Working in property does not make you a better investor. Investing makes you a better investor. They are not one and the same.

This is very true. Earn a good wage and use this to invest. Assisting in others investing doesn't necessarily make you a better investor, especially when regulatory frameworks limit the advice you can provide etc.

 

[impala67]

...Working in property does not make you a better investor. Investing makes you a better investor. They are not one and the same...

+1 - good post nhg.