Just wanted to get some advice on a possible "open door" into REI. A family member, who is currently a real estate agent, wants to build a family business. I would be in charge of finding and maintaining rental properties and facilitating rehab projects. I'm currently Planner with a county agency and working on an MS in Real Estate and Infrastructure (which is more focused on commercial RE), but have been planning to get into REI as a part-time business for several months.
This family member wants me to work on getting a real estate license first to learn the ins and outs of the business and setting up deals, as he has. Is this a good entrance strategy? I do still have a FT job and am working on my master's degree. If our goal is for start working on deals and acquiring property as soon as we can, is this a good use of my efforts at the moment?
Also, are there any recommendations for ways to quickly obtain a real estate license? Not really looking for a quick fix or easy out, just something that maximizes my time.
Thanks - Will
I am working towards getting my real estate license now. I use realestateexpress.com
It is all done online. You can take the classes at your own pace. It is mostly just reading material and multiple choice questions. From the time you start your classes you have 6 months to finish them AND take the exam to be licensed. Hope that helps. The classes are broken down into many different sections so I believe you could fit in a section a day with your busy schedule.
Yup, My wife is getting her license on the line (did he just say "on the line"). She's going rather slow, but it is at your own pace. I know im my state you have to hang your RE license on a brokers wall for two years and work under them before you can make deals on your own. Her uncle is a broker with his own company so that is the only reason we see an actual benefit or she probably wouldn't be getting her license.
As far as an entrance strategy goes, I'd say that sounds fine. I have a hand full of SFH and it was more of a shoot first ask questions later. I just read every RE book I could get my hands on and found a house where the numbers made sense. You sound like a sharp guy so just try to take in all you can and develop a business plan you are comfortable with and stick to it.
This site is thebomb.com so keep checking out bigger pockets.
Yes in my state you also have to hang your license with a broker. The best option is to find a investor minded broker who understands your purpose for getting the license. I do not plan to work as a full time agent. I am getting mine to benefit my investing career.
@Ryan Billingsley @Max Shaw thanks for the advice. I'm definitely going to that website and make sure to connect with an investment-minded broker. - Will
Also, if you plan to manage rental properties that you don't personally own, you'll need to have your license (in most states anyways, no sure about MD specifically).
There are loopholes to that here in IL, such as being a full-time employee of the company that owns the rental properties, but there are stipulations with that as well.
Read into the licensing laws in your state to get a better understanding of whether or not it's completely necessary. If you do decide to pursue your license, you'll need to know those laws for the exam anyways!
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