Any special license to start a real estate investing business?

4 Replies

Hi, i was wondering if I needed a license or anything to start a real estate investing company? Also I had a webinar last week for a program called flipcomp. I was wondering if anyone has actually purchased and used it And if it works as great/ fast as it looks. Any information will help thank you.

Ive never heard of flipcom so I cant tell you anything about that

You do not need any liscense to invest in real estate, just as you need none to invest in stocks.  

All you need to make money in real estate is an RE education and you need to take action.  Too many people on here want to sit around having academic discussions when there is money to be had in the real world (sorry for the rant)

To your success

Josh

Go buy a cheap house, and rent it. Then you are in business.

You do not need a real estate license to buy/sell/rent your own real estate.

You do need a real estate license to buy/sell/rent real estate for others, for a compensation

(Wholesaling can be a gray area here - when wholesaling you are generally selling your own equitable interest in a contract - wholesalers should be careful not to market/advertise properties they don't have an interest in, and some states are cracking down on this). See http://www.idfpr.com/faq/dpr/realestatefaqs.pdf.

You may need a business or occupational license for the city/county you're in to open bank accounts, etc. These are generally pretty painless to acquire.

You may need a general contractor's license to do certain renovations on a property - particularly those requiring permits. Of course you can always just hire a GC - it depends on your business model.

Jeff Copeland, Real Estate Agent in FL (#BK3326487)
727-235-7988

I'll bet Jerseyville has a business license department. You can have city and/or county business license requirements. Part of the academics some, a few of us, talk about. Why?

Because you just run out and buy a cheap house, rent it, in a cheap house you get marginal tenants. They don't pay the rent. Then you try to evict them. You go to court, XYZ LLC is evicting, the judge asks you, is your company licensed to do business here? Daaaah, no your honor. Case dismissed, get a proper license to enforce your company contracts in this court!

Now you get to start all over with you eviction.....why? Because folks just tell you that the academics are a waste of time to go make money.   :)

    

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