Real Estate License

1 Reply

Two questions:

1) Is it possible to get a joint real estate license for Illinois and Indiana, or do they at least offer reciprocity?

2) Is it even necessary to have a real estate license to become a real estate investor?

I am 22 years old just trying to learn the basics.

1. Yes those two states do offer reciprocity, but that just means you will have to apply to the other state once you have passed your license in the first state, and then you will have to pass the other state's exam as well as pay additional fees. 

2. No it is not necessary at all to have a real estate license to become a real estate investor. You as an individual have the ability to buy any property you want, or at least enter into a contract to buy a property and then sell(assign) that contract to someone else who wants the property. For example, you enter into a contract to buy a property for $75k, and you specify in the contract that you DO have the ability to assign the contract to someone else if so desired. You then find someone to buy that property for $80k, you keep the extra $5k. This is a very general explanation of what we call wholesaling. Wholesaling is typically very hard to do with properties you find already listed with an agent, so finding these properties to get under contract require some legwork on your part. Bandit signs, researching/contacting potential sellers, door knocking, mass mailings, the list goes on and on and on. 

Your best bet for learning is to look up a REIA meeting or go to www.meetup.com and search for another real estate networking meeting. Your best bet is to find some investors who are already doing what you want to do and offer to buy them lunch in exchange for letting you bounce every question you might have off of them. Jot down questions before your meeting, almost like an interview, so you look prepared, but do lots of listening. Offer to help with anything they need or see if they offer to let you spend a day with them. You will learn a lot by reading the forums and blog posts on here but nothing beats the real life experience you will get from learning what investors do on a daily basis. 

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