Since as an agent you are self employed, I'm thinking about applying for a small business loan.

Has anyone done this?
I guess that the agent is not a business, so would that be a problem?
Do you think that it's necessary to prepare a business plan?
My thought is that if I apply for a SB loan that would help to keep me afloat financially as I get started and after I leave my current job.

You've all been so helpful, thank you for putting up with all my questions....I promise that this will be the last.

Thanks!! ZC, Tampa

Pearl,

Your questions are welcome here and I hope that this won't be the last I'm not familiar at all with SBA loans but regardless it's very smart to create at least a rough business plan for your new career/business. I don't know if the SBA or any other small business lender will classify you as a business and lend you money, but either way you're smart to look at it as starting your own business.

Here's a link to the SBA.

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Are you able to consider a home equity loan, in the form of a line of credit?

That, or a separate credit card would be my option. Would you recommend that?

I hope to keep my current job on a part time basis. Is there a formula or a way that would help determine when would be a good time to leave your current job?

Thanks for your help!!

I started real estate without a safety net (no other job) as it was the only way to motivate me enough to really get going. If I had kept my old job I would have left after I had a steady flow of leads to work with and I couldn't keep up with the business and work at the same time. Also would have wanted to have put away at least 3-4 months of my business and personal expenses (after paying the tax man). Many in this business seem to forget that they don't get to keep the whole check and get themselves in trouble the first 2 years in business with the IRS.

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