Agent or not?

Question

I am just beginning studying how to invest in real estate and its such a large subject that I thought about getting my real estate agent license and learning as much about real estate that way as well as my studies. Any thoughts? Has anyone tried this route before? Thanks for you help.

J Scott · Answer

There are dozens of threads on this topic here on BP. Try the search function and start reading! :)

James H. · Answer

I can think of lots of other less worthwhile things I've wasted money on. The cost, in the grand scheme of things, is not that high if you shop around for the classes. The time burden,well, I've met a lot of agents and just can't imagine it would be that difficult to get the license.

J Scott · Answer

That seems like a huge generalization...how can you make a blanket statement like that without know the OP's goals or plans?

Personally, I've saved/made nearly $60K in commissions so far this year by having my license, and it's required essentially no extra work on my part. That's essentially adding a six-figure full-time income to my investing business with essentially no downside. Plus, I have access to the MLS and the ability to fully control all my deals.

So, having my license is certainly right for me. Whether it's right for the OP, I have no idea, but to say it certainly isn't doesn't make any sense.

And for what it's worth, my wife has had her license since our second project, and we wouldn't have been anywhere near as successful if she hadn't gotten it (we wish she had gotten it sooner). So, it was certainly right for us.

Michael S. · Answer

I would recommend it. As a real estate agent/wholesaler, I can't imagine doing it without my license. HUD bids, writing your own offers, listing your own properties; I don't see why it's not worth it. Not to mention the occasional friend want's to buy a home.

Just get your license. If nothing else you'll meet a lot of people that can help you with investing.

Steve Babiak · Answer

You really can get to most of those from this thread: http://www.biggerpockets.com/forums/55/topics/39235-new-member-from-phoenix-az

One of these days Josh should get around to having a good sticky thread, because there are also a few blogs as well that had good input on this topic.

Nick J. · Answer

While I overall agree with this statement, I believe it holds more true if you're completely new to real estate in general.

There are additional benefits to obtaining your license once you actually know what you're doing. There are also negatives to getting your license as well.

One nice thing is(and I'm not admitting publicly I do this) but if you and your family are looking for a new home, you can search the MLS, gain access to the listed homes with the fancy MLS key and view them without the realtor tagging along.

Mitch Kronowit · Answer

You don't need to be a yacht broker to sail a yacht.

Seriously, education never hurts, but you'll find several successful real estate investors who never got a real estate license. We all have a finite amount of time and money. Figure out where to apply yours the best.

Dale Osborn · Answer

getting a license would be a big waste of your time and money.

Don Konipol · Answer

I obtained my brokers license in 1979 and worked for 2 years as a commercial broker. It laid a good foundation for my investment career.

Watson Smith · Answer

I got my real estate licence to help cut the commission as well as have access to the MLS. If you want to learn about real estate investing getting your licence won't help. The class you take is a waste of time and the book we used had so many flaws and typos it was unbelievable. I still remember them teaching us that you don't need a rental agreement if the term is less than one year. That question was on the state exam too... Please. Try winning that one in court. Your best bet is to learn the laws in your state with regard to real estate. Or shadow a real estate attorney. Then find people who have been investing this way and hang around them. They'll teach you the in's and out's.

Agent or not?

Agent or not?

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