I’m looking for some advice of getting started into RE. A little about my situation. I’m currently in the military but will be getting out August of this year. Financially, I am strap with money living paycheck to paycheck at the moment. My credit isn’t what it should be but I am trying to get it corrected slowly but surely. I just became a single parent of two due to their mother being stationed in Korea. I plan on attending a RE school to gain more knowledge about RE and I might get my license depending on my situation at that present time. I thought I had an opportunity with an investor who would pay a finders fee if the property refered to him with through. However, he only invested in NV. I currently reside in Sierra Vista, AZ. REI is the number one career I want to do. It’s all I read and think about. Would anyone have some good advice to lend me?
Thank you
Not sure why you’re getting your license if you just want to invest. The real estate agent license doesn’t teach you about investing or any principals of real estate that you can’t learn on this forum. The purpose of getting the license is to act as a licensee, which costs a lot.
If you’re living paycheck to paycheck, it sounds like you need to get your finances together and do some learning that won’t cost you what a license will. I think I paid $500 for my classes and a few hundred to join the board. The test was about $60, etc. For that type of investment, you should join a local investment club and try to find someone who can help you get started on a plan.
Having a license means you have to take a certain number of classes per year, pay your broker monthly fees, pay for E&O insurance, etc.
Not trying to discourage you from getting your license if you really want to use it. The best way to start investing is to learn as much as you can so you can develop a good game plan. It also starts with managing your finances and at least having some money to fall back on. No matter how good of a loan you have, there will be times that you need extra cash.
Definitely join a local investment club if you can. At least subscribe to their monthly newsletters (usually free) and read through the old posts and articles on this forum.
The reason why I wanted to get my RE license was to gain some experience and more knowledge in the business of RE for at least a year and branch off and do my own thing. But I do understand where you are coming from about if investing is what I want to do, than learn all I can and do it. I will definitely look at joining a local RE investment club, I don’t know if there is one in this small town I’m in, Sierra Vista, Az. I’m pretty sure there’s one in Tucson, but it’s a hour away.
Thanks
If all you want is knowledge then you can take the RE course but do not take the test. I’m new as well, but from what I’ve read on this forum, getting a licence opens up a whole can of worms. As a licenced realtor your first obligation is to the seller if there is not another realtor agent involved. You can’t turn your Licence off to be a investor. This is just what I’ve read on this forum, I could be wrong. Going through the course without getting a licence may sound like a waist of time, but it may save you thousands in the long run. Knowlege is power and knowing you local RE laws is important. ;)Just my 2 cents!
Good Luck!