My two part question is 1. Could becoming a real estate agent be vehicle to give me immense hands on experience to help me learn more about investing? 2. Can you hold a real estate license and wholesale in the Detroit/surrounding areas.
I have been reading and reading and reading about wholesaling but because of the negative attitudes in the real estate investing towards wholesalers I wondered if having my real estate license and selling some properties could help me ease into investing.
I have a burning passion for a real estate but this route would ultimately require me to change to careers (currently in IT) just wanted to have some more insight from you guys. Thanks in advance to anyone that replies.
Having a license is a great way get your foot in the door in the world of investing. You will be able to rub elbows/ do business with many investors working in your area.
for me, it was a great way to get sidetracked from investing.
Originally posted by @Marques Barton :
My two part question is 1. Could becoming a real estate agent be vehicle to give me immense hands on experience to help me learn more about investing? 2. Can you hold a real estate license and wholesale in the Detroit/surrounding areas....
Great questions @Marques!
To answer your first question, absolutely YES. There are TONS of avenues for the average real estate agent to get lots of experience. REO, Short sales, regular residential buyers and sellers; simply an ABUNDANCE of opportunity.
To answer your question, YES. Article 4 of the National Code of Ethics clearly spells out our responsibilities to the customers as well as the Clients you will face as a Realtor®.
No Realtor® Resources
Unfortunately, there are no resources available for the Realtor® who intends to add wholesaling to their repetoire of services.
Do not listen to those who have no training as a Realtor® about the legal authority, and procedures for you to wholesale. It is allowable, and absolutely legal. As an Investing Realtor®, you have specific guidelines you must follow.
I wrote an article about this in my blog at TenMinuteSkill. It was called "Does Getting a Real Estate License Help or Hurt You?"
Distractions and Politics
One thing to keep in mind, as one of the previous posters had mentioned, it is a good way to get distracted. As an Entrepreneur, you are not "of the same mind" as many of the Realtors® in your office.
Don't get involved in the "office politics" or gossip. That is the fastest way to get distracted from your goals and your dreams!
Have a Powerful Sales Day!
So if you want to make a living as a Realtor, replacing your full time income in IT, its building a business. Its not something that typically, you can just jump in and replace your full time income. I loved being a real estate agent but its an entrepreneurial venture in itself. It think the experience I gained in working with clients for 11 year was very valuable. If you aren't passionate about building a real estate practice I would stick to your current career and put your efforts and focus and passion into becoming an investor. I think trying to learn a new career, build it into a profitable business and adding investing is a whole lot of new things and pressures at one time. Just my opinion! Best wishes no matter what direction you choose!
Thanks @James Wise I appreciate your input.
Thanks @Leslie A.
I can see that becoming an issue.
Thanks @Lisa Thoele for your insight, I have really been contemplating making a career switch and putting my energy towards being a agent and building a business.
Thanks @Karl Krentzel for your insight. I really appreciate you breaking the facts down to me and I love spider man meme as well! lol
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing