I’m not sure if this has been covered before, but I’m a real estate agent. Am I still able to invest in properties and do creative financing as an agent?
Is all I have to do is disclose that I’m an agent?
That is correct. Your new name on conracts is John Smith, Agent.
You must disclose this on your listings that you own and on purchase contracts for properties you wihs to buy . I also tell people verbally, face to face it the situation arises.
There is no reason to withhold that you have an unfair advantage becaue you do. Right?
Jeff
Thanks Jeff,
Obviously you’re an agent too. Have you run into any problems because of it?
The advantage I can see so far are that I can easily find properties through the MLS and easily do comps. Also, being able to apply my commission to a sale will be nice.
I haven’t done any deals yet for myself, though. I’m still learning investment strategies.
Many successful investors in our area got their broker’s license after a period of time. It seems to really help you grow a large business if you have agents working under you to help get commissions buying and selling properties.
Most of the brokers also have a property management side to make it less costly to manage their properties or client’s properties. So far, the only problem with being an agent is that the board fees are so expensive that it seems like a waste if you aren’t actively working with clients to help offset the costs.
Actually, I think being an agent has helped. Sellers assume an agent knows what they are doing and have a little more confidence that the sale will go through.
i know a local investor who’s an agent. all his contracts have a clause that says
“seller hereby recognises that buyer is a licensed real estate agent and expects to make obscene profits from this deal”
he says it prevents sellers from suing him!