Im looking to get into the Real estate Business and plan on starting off wholesaling.
What are the pros and cons of becoming an agent first.
I thought it would be a great idea to become an agent and get a feel for how the business works, what do you guys think?
Any help? I just enrolled in real estate school for the knowledge but not sure if I will sit for the test.
Thanks,
Steve
From what I’ve read- some people say no, because it will limit the type of deals you can do. Others say yes, because it will increase your ability to do things. I wish I could be more specific but I haven’t come across specifics yet…
Hello guys
I am new to this forum and have been reading some of these interesting posts.
Great info. As far as becoming a real estate agent, I don’t see any downside.
As a matter of fact, I am a retired agent and broker, I found over the years that
being licensed allowed me access to a lot of information that I couldn’t obtain
otherwise. I worked with a lot of investors before getting involved in deals for
myself and I discovered that I had an advantage most of the time. The key here
is to always disclose…disclose… and disclose. Do this and you’ll be just fine.
My main concern in getting licensed is Disclosure. I could see disclosing to the seller that I am contracting your house substantially under fair market value as a problem, that may change the buyers mind in terms of selling to me.
What do you think about this?
Any agents out there buying and wholesaling good deals, Are you having any problems with the disclosures?
To be, or not to be: that is the question: Whether 'tis nobler in the mind to suffer The slings and arrows of becoming a Realtor,Or to take arms against a sea of troubles, And by opposing stay an Investor?
That is the question?
Sorry just had to my bad!
I’ve been battling this question. Here are some insights:
WITHOUT ANY QUESTION I would recommend taking the licensing courses for your state. Do you know what it means to purchase a life estate? Do you know whether balloon payment loans are legal in your state? Is yours a judicial or non-judicial foreclosure state? Do you know the difference between the listing agent’s exclusive right to purchase v. exclusive agency contract? What about the implications of not having a non-parole clause in your purchase contract? Do you know what makes a contract binding? Without an understanding of the Allodial system of land ownership, contract law, agency law, I had nowhere near the confidence I do now.
Most importantly: you’re not going to have anything to give to the community unless you’re an expert in something. If you want to get anything, you gotta give. This is cosmic law. What’s your contribution?
If I hung an RE license, I’m most worried about UNLICENSED PRACTICE OF LAW. As an investor, I can draft contracts all day for myself. As a Realtor, you’re in violation. You’re only allowed to fill-in-the-blank. I also am required to disclosure my brokerage in every transaction. I’m also required to produce estimates of closing costs for every transaction I’m in, personal or otherwise. I don’t know if I want these responsibilities.
Almost had a friend-of-a-friend talk me into being a Realtor last week. Yes, I’m sure I’d make it as a Realtor, but I chose investing because I wouldn’t have to deal with that bullshit.
disclaimer: I’m still crack-a-lackin on my first deal. Been at it 60 days at least, but I’m about to have my first duplex valued at well over 170k under contract for 111k.
Def start of wholesaling. Being an agent is cool because of the tools you have access to like the MLS. But the downfall is the mindset of most realtors. They act like employees but get paid like entrepreneurs so be careful.
I would think it would be more valuable to become an appraiser since getting a successful deal depends on getting teh right numbers.