BiggerPockets

Hey everyone -

22 year old guy here from SoCal. Currently living in Redondo Beach. Looking forward to law school this fall and strongly considering getting my real estate license in the meantime. Very interested but have a lot of learning to do. Eventually would like to invest in multiple properties, etc. Who knows what the future holds? Too bad I don't have the capital in this market! :wink:

Looking forward to speaking with you all and learning as much as possible! Thanks in advance for your insight and perspective.

Hi Latha,
I am just south of you in Orange County, Any questions I will do what I can to help.

Welcome, I'm originally from Los Angeles but moved to Denver in 2007. We love it. I have clients in SoCal who are picking up properties in Denver. Let me know if you have any questions.

Marcus

Thanks again everyone.

Let me start out with a very general question. As I said, I don't really have any interest in working as an agent, or even as a broker. My thinking was that getting my RE license would provide me with the underlying knowledge necessary to understand the ins- and outs of RE investments. How sound is this logic?

I am also very interested in various franchise opportunities, though clearly I wouldn't be in a position to get the ball rolling in that area before starting school this fall. A RE license, on the other hand, would be relatively easily attainable in a short period of time.

Thoughts? Apologize in advance if I've been to vague here.

Hi Latha,
Welcome to the group!

It really depends on your long range goals.

If it were me, I would definitely stay on course with the Law Degree while at the same time studing real estate investing.

If you're planning on negotiating with sellers to pick up properties for pennies on the dollar, there's the issue of fiduciary responsibility whereby a licensee can sometimes be considered to have insider information and viewed to have taken advantage of a participant to the transaction. This could be a disadvantage.

The advantages of licensing are:

permits you to gain access to proprietary MLS real estate software, represent buyers and sellers in a real estate transaction, be listed as a service provider and collect payment from the Hud-1 statement. Also you can hire agents and obtain monies from their efforts.

Most if not all of these activities are accessible to attorneys.....with the addition of being able to handle title work and actually close in your own office.

P.S. It's not always about having cash.

Originally posted by Dick Green

If you're planning on negotiating with sellers to pick up properties for pennies on the dollar, there's the issue of fiduciary responsibility whereby a licensee can sometimes be considered to have insider information and viewed to have taken advantage of a participant to the transaction. This could be a disadvantage.

Thanks for the response! This is something I hadn't yet considered.

I am definitely pursuing the law degree. I don't know at this point exactly what area of law I'll choose to practice as I haven't even started school yet.

My interest in the RE license was based more on the fact that I thought it would be an advantage when it comes time for me to invest. I do understand that the training for the license doesn't focus on investing, however I thought what I would gain from the training would be applicable down the road.

Mr_Investor - I haven't started law school yet. I'm planning on starting this fall.

Thanks again for the info.

So, I'm still having a difficult time deciding whether or not it would be worth it to get my RE license and/or brokers license...

If I were to go ahead and do it, what would be the verdict on the online "schools" through which I would be able to buy materials? I would study the materials they provide, etc, pass their exams, thereby qualifying me to sit for the actual RE licensee exam? Is this SOP?

Thanks again in advance for any and all input.