Newbie from Iowa

[Jessica Loan]

Hi everyone! 

I'm a new investor from Iowa. My fiance and I have one single family home that is a college rental right now, along with our current home where we live and rent out the basement. We are mostly interested in buy and hold investing and learned about Bigger Pockets from listening to the podcast (love it!) Both my fiance and I have full time jobs. Although we have a couple of properties, I would definitely say we are still rookies and have lots to learn! I am considering getting my Real Estate License right now (primarily to get access to the MLS). I am not planning to become a Real Estate Agent as my full time job but I noticed when I was researching the Real Estate License that they have a requirement in Iowa ...

1. A salesperson must be assigned to (work for) a licensed broker or firm and cannot conduct business independently

I'm not sure if this means that I would not be able to get my Real Estate License unless I am working as a agent?  If anyone has any advice it would be much appreciated.

Looking forward to learning lots and becoming involved in the Bigger Pockets community!

[Dave Visaya]

Hey @Jessica Loan, welcome to the site! Feel free to jump in the community here and also take advantage of the treasure of knowledge here.

[Paul Timmins]

@Jessica Loan

Welcome. Fill in the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com Here you can get an answer to your question.

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul 

[Linda Osborn]

Jessica,

Welcome to BP! I'm not sure about the laws in Iowa, but there is a similar requirement in Texas, so I'll tell you how it works here.

Once you get your RE license in Texas, you are not allowed to work independently as a salesperson, but must choose a RE broker to "hang your license" with. I believe the intent of these types of laws is to keep new real estate licensees from jumping right in and working with the public independently when in reality you really still do not know what you are doing!! ;-) The intent is to have you work with someone who has been in the business longer who can help teach you the ropes and, in theory, keep you out of trouble....especially since real estate does involve quite a bit of money, working with the public, & legal issues.

In Texas, your license is not considered "active" unless you have a broker. And you can't work independently until/unless you have worked 4 years as an active agent (with a broker) and after 4 years you study and get your own broker's license.

What this probably means is that you'll have to find a broker to hang your license with so you can remain "active", but who understands that you will not be acting as a truely active salesperson  (translate: you won't really be making him/her any money to speak of). Some brokers are okay with this. You just have to find one that is...and you should find one that also likes working with investors.

There might be another option. If all you are looking for is MLS access, you might try finding an agent or broker to "help" with CMAs. In Texas, agents are allowed to have "assistants" that we can set up with MLS access for additional fees. If Iowa is set up the same way, you might be able to locate and befriend an agent who would let you have access if you offer to pay the fees, offer to give her/him any non-motivated seller leads you get, offer to help with their CMAs, and/or buy/sell your properties thru him/her, etc. (Again, as long as this is allowed/std practice in Iowa.)

Hope this helps!

-Linda

[Chase Keller]

Hello @Jessica Loan,  Good to see another Iowan on the forums.  Welcome!

@Linda Osborn is correct, you are required in Iowa as well to be licensed under a broker. There aren't too many brokers that will want to hang your license if you're not doing any deals for them, and not just because they are all greedy, but they are also held liable if you make any mistake dealing with real estate or property management, even if they have nothing to do with it. A bit of a risk for taking on a newbie without any gain. I would find an agent that will allow you access to the MLS, you'll have to find some way to benefit them for doing so. Maybe it's just going through them for every deal you do, buying and selling. But there's other ways too.

[Jack Butala]

Hello @Jessica Loan and welcome to Bigger Pockets. BP is a great place for newbies like yourself. BP has tons of real estate information including it's free online courses and videos. BP also has it's own podcast in itunes for you to listen to as well. You came to the right place and good luck!

[Bhekizwe M.]

Hello @Jessica Loan. Welcome to BiggerPockets

[Matt Fisher]

There are other ways to get access to the MLS... Find a good realtor that can provide you with a (daily or automatic) email feed of houses that meet your criteria. You will still pay for their services but it is efficient and doesn't require you to have a second job...

I know two great realtors in IC that would be great to talk to if you want to go this route.  One I used twice and was super happy with and the other helped both my brother and sister buy houses-a great guy.

Also, it's possible that you could get a job as an assistant or something in a realtor's office?  I think you'd learn a lot about whether it's right for you and I'm sure you'd get to peruse the listings (maybe not?).

Matt

[Todd English]

Hi @Jessica Loan  welcome to BP!  I live in MN and I think the real estate licensing requirements are similar here... I was wondering the same question - Can I get my license even if I'm not employed by a broker?  So far, from what I've heard (anyone jump in and correct me please) the answer is no...  bummer.

[Michael Corso]

Good Luck Jessica

[Brandon L.]

Hello! @Jessica Loan

Welcome to BP, and congratulations on making the decision to invest in your future via real estate.

I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.

First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:

https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp

The second is a post that will help get you focused with your real estate investing goals:

https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciated

The last one is a post that will help you choose an “investor friendly” real estate agent. There are many agents out there, but it’s important to choose the right one.

https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agent

I love answering questions if you have any! Good Luck :)