I am looking at getting my real estate license, but had a couple questions. I have listened to the podcasts, read some other posts, but still was a little unsure how this worked when you are an investor and working full time.
- I was told what was on the test in FL was not exactly how the real world works for doing day-to-day operations. If this is the case, how do you learn as an investor to write contracts, do paperwork, etc..? I assume a agent mentor would be good at this point.
- Once you get your license, how do investors align/find themselves with a investor friendly broker?
I want a license, so i can make offers, have MLS access, run numbers to do comps, etc...
If anyone has info that would help in the Tampa market, I would love to hear about it.
First of all, here's how to get a Florida Real Estate License.
Second, the test covers almost nothing that you'll actually use in your day-to-day business but it is a necessary evil. The way you learn to write contracts and all of the practical information is generally through a broker or through your board. If you pick a good broker, they'll offer some great training. But, don't overlook your local board! My board in Naples has classes almost every single weekday! Some are really short and cover a small topic. Others, like one that's all day this Thursday will over the two main contracts used. They have lawyers going over every little detail of the contract!
Definitely get your license but pick a brokerage that is going to offer you the best training. You have to hang your license with a broker anyway so take the time to research Tampa brokerages and make a good decision in that regard. Your early training can really leverage your license into a huge asset.
Thanks for the reply. I have a link to a online RE license school for Florida.
I will have to do more research on an invsetor friendly Broker in Tampa that will be able to help teach the day-to-day items needed to make deals, and work with investors that are working full time jobs.
Chris, what does local board mean? sorry for the basic question.
Originally posted by @Aaron T. :
Chris, what does local board mean? sorry for the basic question.
Not a basic question at all. The local board is your group of Realtors that control the area you're in, the MLS, etc. For example, mine is the "Naples Area Board of Realtors" or NABOR. The board does a lot of things other than just give you access to the MLS and offer training. They handle disputes, the have committees, offer local advertising for Realtors, etc.
Hi Aaron. You can definitely get your license even if you are working full-time and are an investor.
I can tell you what was on the test and handbook 13 years ago. The study material is primarily information dealing with FREC, legal situations, how to read metes and bounds and other forms of property identification systems, and ethics. I imagine much of it is still the same. I'd call up Bob Hogue school of real estate with specific questions.
I learned to write and read contracts from a 2 week class at my brokerage before beginning to work. Though I think you can go to Staples and pick up a Farbar contract with various addenda and read it over. If you have any contacts at a title company I'd ask for a few copies of contracts where names and addresses have been blotted out. That way you can see the dance party of all the initials when something new happens on the agreement along with the dates. Basically see how starts and how it ends up.
To find a good broker that specializes or is at least friendly with investors I'd start with Hud homes for sale. Find out who they have selected in the local market to list it. I'd also go to your bank and community banks and ask who handles their REO's. The same names will probably start popping up. You can also ask local investors on BP who their brokers are.
I found value in being a realtor with my lockbox access. It was nice not having to have my agent arrange with the sellers agent. I could just call up the sellers agent and save a lot of time, days at times. I used to have to carry around a big clunky box but now they have fancy apps. so your phone can open it.
The benefit I liked the most though was the ability to see the days on market for houses in a neighborhood, price adjustments, length of time into the listing agreement the price adjustments occurred and the amount of the price adjustment. This was great for quantifying demand for a specific neighborhood and also gives a reasonable estimate what the sellers mindset is. Are they euphoric because days on market is very low and there is hardly any price adjustments or are they optimistic but willing to capitulate to reality because days on market are long and multiple, sizeable price reductions have occurred repeatedly in the neighborhood? Are the same model of homes hot and others not? The last thing you want is to go into a neighborhood thinking it's hot when really 2 floorplans in there are and you wind up buying the bad one thinking you got a deal based solely on "comps".
You can run comps with info available at the property appraiser website. Jump in your car, find the target area then go to google maps and write down the street names. Input the street names into the property appraisers website. Make sure you scroll down and check out floor plans to make sure you're comparing apples to apples.
I know this is quite an old thread, but I heard from a few different licensed wholesalers that Keller Williams is a good brokerage to hang your license with in the Tampa Bay area. Just out of curiosity, have you accomplished your goal @Aaron Trommater? I'm looking to get my license as well.
Do you have any tips on the process?
Hi Devin, Century 21 Beggins is the best brokerage in tampa bay, feel free to ask me why!
To the OPs point- we do an hour of training every day, and every quarter a full 4 day new agent course that I take about twice a year as a refresher and we don't charge for training. But i digress....
I took the class online here http://www.hogue-school.com/sales/online.html
Took me two weeks~ 4 hrs per day. I then did the weekend prep course and passed the test on the first try.
You will use nothing in these courses in your day to day life. These are about how to not get sued/fined/thrown in jail/lose your license. Which... is important too...
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!