Is a real estate license necessary ?

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Is a real estate license necessary ?

Kandice Manciel
Detroit, MI · Member since 2018 · 38 posts · 14 votes

My plan is to purchase my first piece of real estate by the summer of 2021. I work in the social services sector, but am determined to create cash flow for myself and family through real estate, with a multi-unit property being my first purchase.

I’m considering taking a real estate pre-license course before the end of this year to prepare for getting my license. My question though, is do you think it’s really worth it to get a real estate license if I’m not looking to sell homes?

Thanks for any feedback you can offer :-)

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Matthew Irish-JonesBusiness Member
Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
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@Kandice Manciel no I don’t. You will spend both time and money on getting and maintaining your license. If you do not plan to use it you are better off finding an agent that does investment properties full time and leveraging their expertise.

That way you can spend your time and money learning about investing, searching for investments, and analyzing deals.

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  • Mark Brown
    Contractor · Webster, TX · Member since 2016 · 94 posts · 75 votes
    5y

    @Kandice Manciel. I’m a licensed real estate broker that originally got his license for investment purposes. What I’ve found is that I usually do so much research in looking for properties that I would exhaust your regular realtor. I like being able to search the mls for very specific parameters. The mls search engine allows a much mote find grained search capability than you get on Zillow or one of the other aggregators. The research allows me to find properties that I can make money on. Also it’s nice to save about 3% every time I purchase and sell a property because I pocket my own side of the commission. For me it’s worth it. But bring a broker, not an agent, also cuts down on a lot of costs on having a license since I’m not paying a desk fee or commission split to anyone.

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  • Terrance ClarkPro Member
    Real Estate Professional · Hickory, NC · Member since 2016 · 172 posts · 47 votes
    5y

    @Kandice Manciel

    Hey Kandice this very good question. I would say if you have intentions of wholesaling as investor I wouldn’t suggest getting a license.

    If you are looking to build a pandemic proof business I would highly suggest it!

    Having a license gives you more tools on your tool belt and as long you continue learning as an agent and as an investor you will likely have more longevity in the business.

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  • Kandice Manciel
    OP
    Detroit, MI · Member since 2018 · 38 posts · 14 votes
    5y

    @Mark Brown

    Thanks Mark for sharing your feedback!! That’s definitely been a major reason behind thinking about getting a license is having direct nmls access. Your perspective is appreciated!

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  • Kandice Manciel
    OP
    Detroit, MI · Member since 2018 · 38 posts · 14 votes
    5y

    @Terrance Clark

    Thanks @Terrance Clark for your feedback!! My intention is to definitely position myself to be pandemic-proof.

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