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Question: I am a 25-year-old who recently purchased two, three-family units with the help of my father. I eventually want to own enough real estate so that it can be my full-time job. In the meantime, however, I understand that I need a steady income for a number of years while I acquire more properties. Since I don't currently have a career, what sector of the real-estate industry would be best in allowing me to eventually break out on my own -- working with a small group of investors, managing properties or obtaining a broker's license?

-- Michael, Worcester, Mass.

Michael: Many people who want to get started in real-estate investing ask this same question. They correctly surmise that they won't be making much money initially from their investments, so they are looking for another steady source of funds on which to live.

There are many good opportunities in real estate. You mention property management, which is a good way of keeping a steady income while at the same time getting the first crack at investment properties. Long-distance investors typically use property managers to handle their homes, commercial and industrial properties. And when they sell, they usually turn to these managers for help. Often, a manager can pick up such properties for a good price. Be aware, however, that collecting rents, handling disputes and dealing with tenant cleanup isn't easy work. And unless you own a property-management firm and have lots of clients, you aren't likely to earn a great deal of money.

Another option is to work as an appraiser. These days, with so many people refinancing and selling homes, appraisers are in great demand. An appraisal typically costs $250 to $350 -- and appraisers sometimes make as many as five appraisals in a day. Of course, this is a highly technical job. Check with your state department of real estate for qualification requirements and contact the Appraisal Institute for more information. As an appraiser you will quickly develop a keen sense of property values, helping you to make good investments.

The home-inspection field offers another opportunity. Today this field is still getting off the ground, with only a few states licensing inspectors. A typical home inspection costs around $250 to $300 and usually takes an inspector only a couple of hours on site, plus perhaps an hour or so for paperwork. Check the yellow pages for home-inspection companies in your area and look into the American Society of Home Inspectors, a trade group that offers lots of information on the field. As a home inspector you will gain keen insight into properties in your area.

Related positions include mortgage broker, escrow agent and, of course, real-estate broker. In short, the opportunities are many and varied enough to suit almost anyone's temperament.

-- Mr. Irwin has more than 25 years' experience as a Los Angeles-area real-estate broker. He is the author of more than two dozen books about real estate and is recognized as one of the most knowledgeable writers in the real-estate field. Mr. Irwin's most recent books are "How to Get Started in Real Estate Investing" and "How to Buy a Home When You Can't Afford It" (McGraw-Hill, 2002).

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