This was one of my earliest post here on Active Rain. I posted this when the market was still cooking along. I feel this has more application today. Realtors do have to have a back up plan; most do not. Our rental properties will see us through the bumps in the road and retirement. If rental income helps your client why not yourself.
Realtors should not forget to help themselves.
As I was sitting at a closing table some years ago, I thought to my self I should have bought this property myself. What a deal. In our quest to get deals for others we often forget to include our selves in investments property. We to have to retire someday. I don't know when, but it will happen for all of us. Our children will need their educations paid. I like to play golf and go on very nice vacations. How can we afford these luxuries? We need to purchase investment property. If nothing else for tax reasons.
Over the past twenty years, I have own several property's. All have produced significant income and appreciation. The monthly revenue is a great cash flow. The property management is manageable. So why just help others become real estate wealthy and not our selves.
In order to work with real estate investors you need to be able to explain cost. How do you understand cost if you have never bought property before. How do you explain how to handle problem tenants? One of best case example, I do not and will never provide a refrigerator in any of my units. Why you should asked, in my region the courts have held if the (landlord's) refrigerator malfunctions all the contents are the landlord's responsibility and not the tenants. That being said if the tenant has food in the refrigerator the tenant would need reimbursement for their lost if there is an issue with the unit's refrigerator.
My whole point here is pay your self. We as Realtor's help many clients everyday but once in while don't forget to help your selves.