I have an opportunity to get into luxury real estate. The person that would act as my mentor makes about $500k-1mil per year, and around $2-300k in bad years. They have done this their whole life and has an amazing network, and is willing to mentor me to take over their role as they near retirement, which would be more of an advisory role sitting on the board. I have always been interested in real estate, but am not sure if anyone else has made a transition like this and has any advice on it!

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Go in with eyes wide open and don’t look at it as a gift, you’re going to work hard to earn it. With that in mind, and your emergency fund in place, go for it. I’ve made several transitions and learned from them all. Your age can work for and against you. Social media is a huge part of it so build your own network online. Maybe start by shadowing her for a few months so it’s not as much a leap of faith. This is a tricky market so if you can be successful now, you’ll be in great shape.

I have always to do luxury real estate. Wish I had a family member who could walk the ropes with me and share their network. Given your age, your interest in real estate, and this family mentor- I would say give it a try. See how you do. Worst case scenario, the experience of selling real estate is never going to be wasted. Research on suitable exit opportunities right now, before jumping in, so you you can focus fully on the new job at hand with some peace of mind.

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This sounds like a scam, good luck!

500k-1M sounds like the new NY laws posting pay ranges

funny

If legit, you should do it. It sounds scammy though.

How do you know this person? Are they a friend? Family member? Professional contact? Do you have solid evidence of their professional track record?

Luxury real estate sales is a money printer if you can stay in business.

Have you ever done sales and do you enjoy it?

No matter what kind of network this guy has, you have to close a bunch of deals. And to get paid you have to close the deal twice, first you have to sell the client to let you represent them and then you have to sell a property either to them or someone else.

Money aside. Can you and do you enjoy sales? It’s a different career. Need thick skin, be prepared to face rejection and have difficult conversations.

If you have a good 6 months minimum of savings or other means to keep you secure as you learn, I’d go for it. You have an experienced mentor with the track record and the network. I’d give it a year. Learn everything you can about investing and set yourself up for a good financial future.

Note: I’m responding under the assumption that this is someone with a legitimate real estate business/agency not a “real estate investor” selling courses who has a “huge network” that actually consists of other people who bought into their program.

If they are one of those people that call my cell phone all the time, without my permission, constantly asking to buy my property for a cash offer … if so, I hope they get a drive-by, I’m lobbing to have all those people hung, as a rule of law.

I’d go for it

Don’t mean to sound like an ass, but can you define luxury? Where I’m from (major HCOL city), luxury house would be like $10-25M and up…so a real estate agent would be your mentor’s yearly salary just on one transaction. You might have the right idea but wrong market?

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