Real Estate Liscense??

Question

I am just starting out in real estate investing, and trying to figure out the best place to start with my education. To get our feet wet, my husband and I would like to find a fixer-upper/foreclosure to rehab and flip. We plan on living in the house as our primary residence while fixing it up. I'm very new to real estate, and have been thinking about taking a real estate liscensing course. Would this be a reccomended route to go? Eventual goals are to turn real estate investing into a career.

Joshua D. · Answer

Leah - 
Here's a fantastic article on the topic that I think you'll find useful:
Investors: Should You Get Your Real Estate License?

and the follow up (in case you're interested):
Traits of a Great Real Estate Agent

Michael Quarles · Answer

Hello

A lot of folks have use sweat equity to create wealth... Just live in the home 2 years so you don't have a tax issue...

Welcome to the green side

Michael

PS getting a license is nice however may not be required if you're building equity through living in and rehabbing a home.

Account Closed · Answer

Getting a RE license won't hurt, It will do good.  Learn all that you can and meet a lot of people, this will help you kick the doors down!

Leah H. · Answer

Hey Everyone, thanks for all of the helpful advice and information. I see that this is a very common question! It seems to me, from what I've read, that most people are thinking it's really only beneficial to have your liscence if you plan on being an agent for your career. With that in mind, what other avenues would you reccomend for gaining knowledge necessary to become an investor? I know that participating in this community is a great place to start!

Steve Babiak · Answer

Josh's links are good to check out.  And then there are a bunch of forum posts where this has been discussed ALOT; see this thread for a post I made that was well received (based on getting lots of votes):

http://www.biggerpockets.com/forums/55/topics/39235-new-member-from-phoenix-az?page=1

Henner Mohr · Answer

I think studying for your license is a great way to learn about the business and it's regulations.

Depending on your state, having a license can be a hindrance if you operate rentals. With a license you may be subject to additional regulations when dealing with rental property where without it, on property you own, you won't need to worry.

You won't need a license to make money in the business however.

Marcus Mccray · Answer

Leah,
          
          Having my license has definitely been an advantage because of the tools that come with being a Realtor along with advice from my co- workers who happen to be a great source of leads in my wholesale business.
          There are drawbacks though. Having your license means you're under a higher level of scrutiny and carry a higher liability should something go wrong in a transaction or someone feels they were cheated. 
          You could lose your license or worse.

Real Estate Liscense??

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