Virginia Investors - Real Estate License or No? Impact to LLC?

3 Replies

Virginia real estate investors - are there any concerns that one should be aware of if pursuing real estate investing using a LLC and obtaining a Real Estate Salesperson license (the goal being to eventually license as a broker)? We want to, at least initially manage our own properties. Thanks!

No. Not if you are doing everything on the up and up.

I believe that I do have to disclose that I am licensed but am not aware of any other special requirements or restrictions.

You'll need to find a broker who allows you to buy and sell under an LLC as you'll need to place your license with a broker until you have the qualifications to sit for the broker's exam. The broker I'm with will allow me to buy any amount on my own and sell up to 3 per year that I have an interest in, but none that I'm in any way a member of an LLC. Something about their E&O insurance, I think. Also, I'm allowed to self-manage my own properties as owner/agent, but not on the MLS or use their office or name in any way. So you may want to interview some brokers and find one that suits your needs before obtaining your license.

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