Get a Real Estate License or not?

General Real Estate Investing
1

I’m a newbie in the REI world and can’t decide whether or not to obtain a real estate license. I’ve heard pros and cons to both and am unsure how to proceed. I’ve taken the first course for licensing and the information is great but don’t know if I should take all the classes and test. Also, are there brokers willling to work with salespeople who’s main focus is personal investing?

Help!

2

I had a license for 20 plus years and it saved me a few hundred bucks when buying for my own portfolio. When the State decided to double the fees I gave it up because of their high fees and I also was not using it as much. I did not buy many properties thru MLS any way. Having a license could help save a few bucks when selling but there are a lot of fees also in joining the Board of Realtors and getting access to MLS. There are a lot of discount agents that will list for a flat rate or a 1% to 1 1/2 % listing fee if you decide not to get a license.

There are also other problems with having a license.

  1. Duty to seller to obtain highest price for them and yet getting lowest price for yourself.
  2. The last course i took scared me out of keeping my license too. Laws for this and that and the other where i could be liable for the neglect and ommission of so much BS I said to heck with it.

Hope i did not confuse you too much rambling on so. I guess the bottom line is you have to decide if you will have the volume of buying thru MLS and selling thru MLS to offset the costs and liability of obtaining your license. Just for a few deals a year it would not be worth it but 10 or 12 I probably would get mine again too.

Hope i helped some. Call or contact me any way if i can help further.

3

bdebeaudry,

Welcome, glad you could join us.

The only license you need to be an investor is your drivers license.

Now go find some deals.

4

Thanks for the info. Your thoughts certainly support what I’ve heard out there and the last thing I want is to increase my liability!

5

Yes you would increase your liability, But with a licence you could jump on the hottest deals. You would gain privelged info on the seller that that an unlicencee wouldn’t get.