Is Real Estate a Hobby or a Profession?


Welcome to a REsheets’ Guest-Blog post!

By banker and real-estate investor, Jimmy Moncrief.

I’m sure most of you chose the latter option above, however, you probably still act like real estate is a hobby.

I’m an underwriter at a bank that specializes in real estate investment property and blog at

As an underwriter I see everything from people who have full-time jobs and flip and buy rental property on the side, to full-time real estate investors. The most amazing thing occurs during the transition: when we go from part-time (hobbyist) to full-time (professional).

And possibly more amazing than that, we still act the same.

We send our bankers our tax returns, personal financial statement, a couple of other forms and hope for the best. I hope this doesn’t sound like you!

Full-time (professional) real estate investors do the opposite. We develop relationships over time with multiple bankers. We let them know where we are now, and our plans moving forward. We ask for feedback. Every year, we supply all of these bankers with our updated tax returns and personal financial statements.

And when an actual deal arrives, we fill out a pro-forma financial statement of the investment. If you are using RESHEETS – this is very easy. Simply email the pro-forma statement to the bankers and ask for terms/rates and a pre-approval letter.

Do you see the difference?

There’s little difference in the amount of time and money invested. The professional does most of his work at the beginning of the year, lining up sources of capital. If a bank isn’t interested in a certain type of loan, the bank won’t waste its time.

Hobbyists typically drive bankers crazy. Why? Because they email assortments of scattered documents looking to close quickly. Who doesn’t want a quick answer? Professionals can close quickly because they keep their lenders up-to-date and the only thing to update is the actual proposed deal.

Although a hobbyist might get frustrated and blame the bank (or other lending institution), the solution is simple, an upgrade to professionalism, and until then, they only have themselves to blame.

One Recommendation | Two Ideas

Recommendation: Invest in Yourself – it’s the only type of insider trading that is legal.

Idea 1: If you’re in constant spreadsheet hell – just buy one of the packages RESHEETS.COM sells.

Idea 2: If you don’t understand the lending process and want an insider-advantage – try my report exclusively for RESHEETS: the Top 6 Things You Can Do to Negotiate Better Terms with your Banker.

(extra hint: it has nothing to do with your credit score).

That’s all from Jimmy Moncrief!

A special thanks from REsheets for writing us an exclusive blog (and for our product endorsement, you shouldn’t have!).

If you’d like to follow Jimmy, feel free to visit his blog at:

If you’d like to post your own Guest-Blog on REsheets, contact us here.