Start Up Expenses

**AKaufenberg** · 07-07-2007, 07:50 AM

Hello I am a newly licensed agent in North Carolina and I need help getting money for all the startup expenses. Any one know of loans agents can get to help with expenses. I haven't worked in four months and cash flow is tight in my household. Any advice would be greatly appreciated.

**michael krotchie** · 07-07-2007, 09:55 AM

Well I'm sure you've already heard that you've put yourself in a tight spot; normally you'd either have money saved up or maybe another source of income to tide you over your first few months while learning the business.

But it is what it is. Have you called up your bank and asked about an unsecured loan? Basically they check your credit rating and history. Based on the numbers they get they will or will not issue you a loan. Typically the rates are a bit higher than other types of loans (7-15%) depnding on your credit scores.

**AKaufenberg** · 07-07-2007, 04:23 PM

Originally Posted by michael krotchie

Well I'm sure you've already heard that you've put yourself in a tight spot; normally you'd either have money saved up or maybe another source of income to tide you over your first few months while learning the business.

But it is what it is. Have you called up your bank and asked about an unsecured loan? Basically they check your credit rating and history. Based on the numbers they get they will or will not issue you a loan. Typically the rates are a bit higher than other types of loans (7-15%) depnding on your credit scores.

Yes I tried that. I know about the start up expenses but I unexpectly lost me job which put me in a little tight spot. I'm sure I will figure something out.

Thank you

**gjtrafl** · 07-08-2007, 05:31 AM

Personally if I were in this situation, either I would find a full time job for myself or have my spouse find one. The more you dig yourself into a hole, the longer it will be to find your way out. Do Real Estate on a Part Time basis for now. Not to mention, until you build up a stream of contacts, you won't be very busy anyway. Productively busy that is.

IF you are in a VERY STRONG MARKET, I would say you will be OK getting a loan. If not, I would not advise it. This is a tough business.

**AKaufenberg** · 07-08-2007, 04:39 PM

Originally Posted by gjtrafl

Personally if I were in this situation, either I would find a full time job for myself or have my spouse find one. The more you dig yourself into a hole, the longer it will be to find your way out. Do Real Estate on a Part Time basis for now. Not to mention, until you build up a stream of contacts, you won't be very busy anyway. Productively busy that is.

IF you are in a VERY STRONG MARKET, I would say you will be OK getting a loan. If not, I would not advise it. This is a tough business.

Our market is pretty good here. I have some contacts already. My husband already works full time so him getting another job just wouldn't be right. Unfortunetly even though the market is well the jobs here a limited.

**gjtrafl** · 07-09-2007, 05:23 AM

Just fully realize that your cash flow is going to get much tighter going forward as you are further away from your income producing days. Not to mention, unless you are actively showing property to ready, willing, and able buyers, you are atleast 30 days out from seeing anything coming in.

This business can be great as long as you can hold on long enough to see your efforts pay off.