Hello! My name is Kamille and I am new here on BP:) I’m a student from the upstate in South Carolina! I have a few questions. I am interested in wholesaling, becoming a landlord and financial freedom through investing.
1. Should I obtain my real estate license?
2. Best books when it comes to learning about real estate & wholesaling? Especially if you are teaching yourself?
If you are in the upstate, I would love to start like a meet up with individuals my age or older so, we can all have a support group ❤️
@Kamille Tyson , welcome to Bigger pockets! Those are fantastic goals and let me commend you for taking action and working toward your goals. I too have just started my journey into real estate investing, I'm in Corpus Christi, Tx. These forums are a treasure trove of information and best of all, individuals that are doing just want you want to do. I have been listening to podcasts, reading, attended a video conference last night, and trying to network with people to learn more, kinda hard as I am normally a keep to myself guy so I am forcing myself out of my comfort zone. From what I have learned so far here are the answers to your questions:
1.) It's a toss-up. You definitely don't have to have your real estate license to invest in real estate, especially when you start digging and find out there are sooooo many different ways to invest. Some of the benefits are:
a) Access to the MLS. This can be huge! My state is a non-disclosure state, meaning that sales prices of homes don't have to be disclosed and most often not. One of the core things that you will need to be doing as an investor is running comps (comparable home sales in your immediate area) to determine the ARV (after repair value) of the deal you are looking at. As a real estate agent, you can have full access to the MLS
b) Access to homes that are listed on the MLS. Again, another big advantage is that you would not have to have a realtor escort you to a property you want to look at. you would simply contact the listing agent, get permission, and you can let yourself in. Can be a huge time saver
c) Commission. As you may already know, realtor fees can add up. 6%+ does not seem like much but when its 6% of a 250000 home...that's 15K that you are paying out (realtor fees vary, I'm just using an average), and at least part of that could be going to you if you are a realtor
d) legitimacy. This is somewhat of an intangible and some will argue the point, but some people just feel more comfortable dealing with a licensed realtor. They know that all the proper paperwork that is required by law will be filled out, etc. (that is not to mean that investors dont do that, they do, but perception can mean the difference between a yes or a no.)
and there are many more pros. Now some of the Cons
a) Takes time and investment to get your license. This will vary by state but in Texas its a 150hr course which you are paying for.
b.) Continued cost to hold on to your license. From what I have read, there are continuing education requirements, brokerage fees, etc. involved with keeping your license
c.) perception. It's a wonderful double-edged sword. while some people will want to work exclusively with a licensed realtor, others will shy away from you because you are a realtor.
There are possible legal ramifications as well so I urge you to really research the topic before you decide yes or no.
In regards to the best books. I have read and really enjoyed "How to invest in real estate". I posted a review of it on the forums. it is a good book to help you get started. I am also currently listening to "Your money or your life" on audiobook and reading the "book on rental property investing" at night, my wife thinks I have lost it because I read it to my kids as their night time book last night, just a couple of chapters....they seemed to enjoy it, lol.
Overall, keep making progress, keep educating yourself. Leverage the tons of experience and knowledge that you will find in these forums. Be honest with yourself and realize that much like most things in life (I am a lifelong martial artist and powerlifter) things can be much much harder than others make it out to be, but that is a good thing. The best things in life take hard work and dedication, and if you have them, you will succeed. Might have some failures on the way, but you learn from them, fail better, and keep pushing forward till you make it. Best of luck Kamille, and I hope to see a post of your deals in the future.
@Kamille Tyson . Welcome to bp. We have some pretty good meetups in Greenville. Have you been to any of the upstate Creia meetings? Bp has a lot of good books in there bookstore too.
@John Hovanec Thank you so much for that information, I will check it out!
@Rigoberto Medina Great advice. Thank you so much