I’m just starting out in RE investing and I was wondering if it’s a good idea to become a RE agent first before you start investing
so you can have complete knowledge about Real Estate?
Does anybody invest in the Northwest? (Not trying to rhyme )
Are there any Real Estate Agents in Seattle Washington here?
Any information would be helpful, Thanks in advance.
OHHHH the on ging battle of should I be a agent or not!!! hummmmmmm I say no its not worth it but that is like saying should I be a Doctor or a lawyer both great jobs!!! I just dont like to dis-close everything I am the king or prince or maybe joker of creative finance!!! LOL this is all personal preferance!!! What should you do?
PROS AND CONS AND CONS AND PROS AND SO ON AND ON AND ON AND ON!!!
To be honest with you, I would say NO. I am a real estate agent and I am bound by so many laws and regulations that what you do as a private investor might get you into a little trouble. If I do the same thing because I am supposed to know better, I could be fined and in some cases lose my license.
Being a real estate agent has provided me some training that I would not have otherwise gotten (for free) but there is enough training vehicles out there that if you really want to INVEST in real estate then do that.
Being an RE agent does not mean you know a lick about investing. Also you have all the rules and regulations to follow.
Knowing “about” Real Estate and how to make money with it are two different things. Some have done the courses and just not tested.
If you are going to just be buying like 1 home for you, then being an agent can be a plus since you get a few % commission when you buy.
So far I believe that it’s not a good idea because if you are an agent you have to disclose
everything, (Also how much profit you are going to make out of the transaction). The people
that you work with might not like that idea.
Or maybe I should do like some of the commericals on T.V. and put in a giant paragraph that’s very small so you need a magnifying glass to see it :). That might help. Thanks for the info.
Thought about changing my post here to say yes just to start a good debate but so far it looks like a NO
Wouldn’t you have access to more properties being an agent?
I am currently studying to get my license, but mainly I am doing to have the knowledge and to have access to the mls…I guess
By law, you must tell anyone you are negotiating with that you are an Agent. Most people will then reply “I don’t want to list with an agent,” or “I already have an agent” before hanging up the phone.
Glad I read all of this because I was considering the same thing, and it seems better to not be licensed by everyone’s feedback.
What about just taking the classes and not going for the license? Waste of time and money?
I think that time and money invested in a good REI education is probably well spent. Take the classes from the local Adult Education branch or from the local community college!
But do NOT let going to school hinder your progress of GOING OUT AND DOING IT!!! Don’t use the school as an excuse or a crutch that “once I get done, I’ll be set to invest”…JUST DO IT (NOW!)…
We have Gold Coast here, and it is $425 for the course. I was planning on going in the fall nighttime classes.
All of the books, tapes, etc. all say you can get started with this with no money, but to be truly educated it is a big investment. I am very willing to invest in my eventual finalcial freedom, but am I missing some corners people are able to cut with some of these costs?
(keep in mind I am reading every free e-book and article I can get my hands on through this site and others)
$425 Real Estate Courses
$300 local Investors association membership
$100+ for local workshops to learn about various topics
Fees for WebSite memberships (ex. foreclosure lists)
Plus, I am looking for a mentor for the first couple of deals I am able to do to hopefully avoid pitfalls. There goes some of the profits.
Gosh… Am I even on the right track here???
I have taken many real estate investment courses, some good, and some not so good ;D
I have also taken the full Real Estate Sales Associate course for my state and passed the test with 97%. Then did I hang my shingle, heck NO! I don’t want to have to disclose anything when making my deals. As everyone has stated, you’d have to if you were a LICENSED realtor. I found the information in the classes valuable – it gives me a leg up on those Realtors who know nothing. And, believe me there are tons of them out there. You can always find a really good Realtor who knows what they are doing to assist you with finding properties and being your buyer’s agent – you just have to look for them.
And, I agree 1000% with Keith – get out there!
Are there any Real Estate Agents in Seattle Washington here?
Sometimes I just can’t believe what I read here.
So you’ve got to disclose you’ve got a real estate license…so what?
I’ve been at this 15 years & how in the world am I suppose to disclose what I intend on making (profit) when no one knows for sure what the market’s going to do from day to day?
You don’t have to disclose what you think you’re going to make…that’s just silly. All you have to do is disclose the fact you have a license (your qualifications).
I’m one of 5 Brokers in an office of 55. I’m one of a handful of agents with experience working with investors & investing. Some of those Agents have become millionaires by investing & selling Real Property.
This is America…nowhere is it written you cannot profit from your knowledge. Moreover, we have the services of an entire law firm should someone want to argue that we cannot profit from our knowledge & experience.
If you become an Agent, and if you’re successful…you’ll see more opportunity than you have either time or money for.
so, lets say you pass the test, but hang up your license with a brocker. Do you still need to disclose everything?
Let’s just put it this way - if a buyer finds out you are a Realtor but you didn’t tell them upfront, that is all they need to back out of their contract AND sue you for the deposit to be returned.
Also, noone claimed you had to disclose how much you were going to make, or even what you were going to do with the property. Only that you are an Agent/Broker.
Some people simply don’t want to work with agents. To the average person, working with an agent means giving up 6% in commission in their mind. Whether or not it is true is irrelevant.
I’m so sorry…I forgot to type the word “don’t” after hang. So let me retype what I really wanted to say.
so, lets say you pass the test, but you don’t hang up your license with a brocker. Do you still need to disclose everything?
“Let’s just put it this way - if a buyer finds out you are a Realtor but you didn’t tell them upfront, that is all they need to back out of their contract AND sue you for the deposit to be returned.”
You’ve said a mouthful there.
There’s no reason not to dislcose your qualifications. We’re grown-ups and should always tell the truth…our reputations (which is what we are) depend on it.
There’s no reason to fear disclosing your qualfications. There are so many opportunities everyday–that an agent shouldn’t waste their time with people who don’t trust them.
When I weigh the benefits of having a license to the potential drawbacks…I wouldn’t hesitate to advise anyone to get their license if they want to invest.
In fact…I work with a number of Agents who’re millionaires thanks to their real estate investments. Can you imagine the flesh eating attorney’s who’d come to their rescue should someone think they could sue an Agent simply because they have a license?
Abide by the rules & understand litigation is a possiblity…the downside is outweighed by the potential upside if you’re honest & conduct yourself ethically.
if that is the case, then why is such a big deal not to have your license? Are the people saying “no”, is b/c their experience have taught them so? Are you saying “yes” b/c you are license yourself? Thus, you feel the need to defend yourself? If investing is all simple just getting a good bargain, then why is it so hard to be disclose everything to get a good bargain? Is it b/c you have to lie and decieve to get good bargains?
“Thus, you feel the need to defend yourself? If investing is all simple just getting a good bargain, then why is it so hard to be disclose everything to get a good bargain? Is it b/c you have to lie and decieve to get good bargains?”
I’d like to see a little more involvement from the Moderator’s on these kinds of posts.
This continues, and experience, knowledge & education won’t bother to contribute.