Originally posted by @Josiah Patrick Zebarth :
I liked that you mentioned getting your RE license at the CE shop. I’m in a similar boat right now, looking for a platform to become licensed through. Would you suggest the CE shop? How was/is the experience of getting the license going?
As far as which brokerage to use, I would subscribe to the advice others mentioned, of finding a place that is geared to benefit investors and getting into Real estate investing itself.
I would absolutely recommend The CE shop! It’s been a really smooth process, at the end of the majority of units there will be a study sheet you can bookmark to look back on when preparing for your test, you can do it right at home and they give you a great timeline to do so, I’ve really enjoyed my experience so far.
Originally posted by @Russell Brazil :
Redfin agents are salaried employees. You cant just place a license there. You have to apply for a job, and you know show up to work and do that job if they hire you.
Oh okay so it’s not commission based? I don’t think I’d be interested in that.
Originally posted by @Lien Vuong :
You cant 'hang' your license with RedFin, it's a working brokerage so you have to be in an active role such as a showing agent. Other (smaller) brokerages you can hang it for the time being and figure out where you want your license to take you to from there.
If you just want something passively to do like show houses and talk to some buyers in the area go to RedFin bc it's hourly plus a small commission on customer experience. If you're looking to excel as an agent and understand your market go with w top producing TEAM in a local brokerage that'll teach you everything you need to know. Don't know which ones are top? Drive around your neighborhood and count who has the most signs ..
Thank you, that’s great advice! I think I’ll do some of that this weekend.
Originally posted by @Jonathan Greene :
@Rebecca Salazar yes, the fees and splits are drastically different throughout different brokerages. Generally, if you want to be an investor/agent, you just want a brokerage that will be there when you need them, but also one that doesn't ask much of you as long as you pay the limited fees. We are currently recruiting in any state, happy to chat. But remember that everything is about fit. Getting your license is great for access, the education, and the MLS. Using your license is about where it fits. And also don't discount doing a few deals a year. A lot get into it saying they don't want to, but when you are investing, your friends want to invest too. Then all you do is take them with you when you look and find them a property. Then you get a commission. When the pressure is off the license as a primary means of income, it can actually be empowering to use it as an investor first, but agent second to help friends learn to invest. That's why I focus in this niche. Best of luck and reach out anytime.
That’s a great point, I think this was my main thought process when deciding to dive in and get it. I’d really want to use it as a means for my investments and to avoid any hiccups if I have to sell a property at wholesale. There are just so many laws and regulations I thought it would be worth my while to get the education and license. I know a lot of investors start from nothing at all and do great learning as they go, I’m sure I’ll do the same because I learn best hands on but I just felt so much more secure doing it this way and I’m just exploring my options on where to take it immediately after getting my license. I actually lost my job due to covid because all the daycares in my area are at capacity and I couldn’t return to work on the date they set so they told me I needed to turn in my resignation so I’m kind of in a transitional period in my career anyways so I figure it’s the perfect time to dive into what I’m really passionate about 🤷🏼♀️
@Rebecca Salazar Im I have an identical timeline/ strategy! Thanks for asking, I’m curious at the types of responses!
@Rebecca Salazar I started on the same path you are mainly because I wanted to be more educated when buying. One thing I didn’t know and just stumbled upon are that some brokerages will let you do personal deals where you are able to use 100% of your commission towards the purchase of a property. For me I try to buy with as little out of pocket as possible so that’s important to me when shopping a brokerage. I know EXP and KW both do but not sure of any other and they both have the best commission splits. KW will let you do one a year and pay a 6% royalty (of the commission) and I believe EXP is 3 deals a year with some minimal brokerage fees. Hope this helps and good luck!
I got my license specifically for MLS access. If you are looking to buy in a year from now, you can do a lot between now and then to generate cash. Wholesaling and being an agent are two ways.
@Rebecca Salazar the thing that people miss is that the class to get your RE license is way more beneficial to investors than agents. Most agents just go into residential sales and when they do that, the homeowner completes a lot of the back-end things like permits, CO, easement checks and title does their part on a sale. An agent forgets everything from the class because most of it never comes up in standard residential transactions. But as an investor you are often stuck with limited inspections and need to be very clear on things like easements, wells vs. septic, flood zones, etc. to protect your investment. It will be worth it whether you use your license or not.
Originally posted by @Kate Reese :
@Rebecca SalazarIm I have an identical timeline/ strategy! Thanks for asking, I’m curious at the types of responses!
Great to know someone’s following the same journey! Great minds think alike! 🙂