Can anyone here advise me on this...

I am beginning my real Estate career while collecting unemployment from my former job (I was laid off-good circumstances just no more work). I am assuming since RE is an UNPAID profession that there shouln't be any problems. Also, I am assuming like with disability you can probably earn a certain amount ON TOP of your unemployment claims, as I would if I had a transaction or two during these 6 months. (For instance, in my state - NJ-individuals on disability (like my wife) are allowed to earn a certain amount on top of disability allowance). I am assuming Unemployemt is similar...

You should probably consult your accountant or a tax attorney. I don't think you should make a decision that could determine if your unemployment status is changed based on what an an anonymous poster says.

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Thanks Jeff--And I wasn't planning to Just wanted some advice to give me a 'warm fuzzy'. I am meeting with my tax guy after the holiday

I am assuming Unemployemt is similar...

but then, you could call the local employment security commission office, identify yourself and ask them for a ruling; after all, you could be committing a misdemeanor in violation of state statues.

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good move.

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Several different views here.

1) A lot in the beginning is training and schooling. This would count as training toward a different career than what you are "supposed" to be looking for in employment. So, i would not mention it to your unemployment officer if you chose to do that.

2) I was on unemployment years back in Va. (things may be different where you're at, I know) But, I am sure I could have gone all the way to the point where I received my First check for real estate, then they would have dropped me. In Va. you had to show a certain quota on how many companies you tried to get employment (with in your field of expertise) with to continue receiving your benefits. If you did not, the they assumed you were "milking" the system and dropped you (makes scenes).

3) If you are serious about the career move and have the time and enough income and or savings to get you through the first 6 months; I suggest you start now. During your training, interviewing brokers, etc. you will be drawing a small income.
In TN. you have a certain grace period to actually sign on with a brokerage, so you could delay in that respect if it worked out better for you.

4) All kinds of things take time, like finding the right school, broker, even setting up your website, etc. you could use this time wisely if you chose to.

Good luck in your decision.

P.S.- I was an aircraft mechanic and made $128,000 the year I left for real estate and dropped to $12000 the next year. I have NEVER regretted leaving maintenance and have never looked back since. Make your decision and go balls to the walls, or don't (IMHO).

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