Bound Brook, NJ · Member since 2016 · 20 posts · 5 votes
Hello everyone, I want to acquire my real estate license and I want to start in investing after that. I have a steady income as a employee at Costco but, I don't want to be there forever so I'm not sure if I should start a career in real estate as a broker or an investor first? Is being self employed really worth it? I remember the EBSI rule by Robert T. Kiyosaki and remember that 90% of people are either employed, or they are self employed and they only get 10% of the money. On the other hand, 10% of the people are business owners or investors and they achieve 90% of the money. So my question is, once I get my license, should I start with real estate investor or find a company to work under as a broker? Any help would be great. I'm trying to get my feet wet with investing but am not sure who to talk to.
Investor · Hummelstown, PA · Member since 2013 · 50 posts · 37 votes
10y
@Ivan Larios Great that you are wanting to get into the real estate business and are looking towards the future. There is a reason that only 10% are in the B and I category, because it takes hard work, dedication, constant learning and sometimes a little luck too. It is not necessary to become a real estate agent or broker to become an investor. I would say you will learn more here on BP about investing than on any real estate license course. I know as I just sat through them recently, very boring. I would say get involved in some aspect of real estate though, local meetups, read through the BP books and look for a house hack. I think house hacking is a great step for newbie investors. You have a solid job it appears and use that to buy a duplex and get into investing. Its a slow start, but start somewhere and take some action at something. You'll make lots of mistakes, probably pay to much for your first property, but its all part of the learning curve.
Investor · Hummelstown, PA · Member since 2013 · 50 posts · 37 votes
10y
@Ivan Larios Great that you are wanting to get into the real estate business and are looking towards the future. There is a reason that only 10% are in the B and I category, because it takes hard work, dedication, constant learning and sometimes a little luck too. It is not necessary to become a real estate agent or broker to become an investor. I would say you will learn more here on BP about investing than on any real estate license course. I know as I just sat through them recently, very boring. I would say get involved in some aspect of real estate though, local meetups, read through the BP books and look for a house hack. I think house hacking is a great step for newbie investors. You have a solid job it appears and use that to buy a duplex and get into investing. Its a slow start, but start somewhere and take some action at something. You'll make lots of mistakes, probably pay to much for your first property, but its all part of the learning curve.
Rental Property Investor · Marianna Florida · Member since 2011 · 357 posts · 169 votes
10y
There's no reason you can get into both at the same time. I have my license and it allows me to collect commissions on deals I may not want as an investors, and it sometimes adds commissions to deals I am looking at as an investor.
Investor · Downers Grove, IL · Member since 2015 · 1k+ posts · 955 votes
10y
@Ivan Larios I suggest you go to your local REI and network. Talk to experienced investors and ask them for their opinion.
My suggestion is before you quit your steady job, find out what you would want to do. There are many different areas of investing. 1 of the benefits of having a W2 is the ability to get loans from banks. (assuming your credit is decent)
Before you start running, walk first. Listen to all the podcasts. Read the blogs and continue to contribute on the forums. You can be a part time realtor as well while you're still employed. This gives you an opportunity to build up your book of business before leaving.
Investor · Hamilton, OH · Member since 2016 · 272 posts · 77 votes
9y
I looked at the requirements in my state to become a broker.
Among them are:
Education Requirements
1. Ohio Real Estate Law (40 hours)
2. Ohio Real Estate Principles & Practices (40 hours)
3. Real Estate Appraisal (20 hours)
4. Real Estate Finance (20 hours)
5. A Financial Management course
6. A Human Resources or Personnel Management course
7. An Applied Business Economics course
8. A Business Law course
9. A minimum of two years of post-secondary education, or equivalent hours of (60) sixty semester or (90) ninety quarter hours. Courses #5 – 8 may be included in your postsecondary education
Experience Requirements – 20 transactions The Division calculates the transactions to ensure the applicant meets a total of twenty by using the following formulas:
• Listing agent in the sale of property owned by another = ½ transaction
• Selling agent in the sale of property owned by another = ½ transaction
• Listing agent in the lease of commercial or industrial real estate owned by another for a term of at least one year = ½ transaction
• Procuring agent in the lease of commercial or industrial real estate owned by another for a term of at least one year = ½ transaction
• Listing and /or procuring agent in the lease of four residential real estate properties owned by another for a term of at least one-year = 1 transaction
There are also requirements about not having a criminal record.