I am new investor on the block with a desire to generate passive income to support family using RE investing to pursue other goals outside of RE. I have one rental unit 3/2/2 (45 k still owed to bank) which is bringing in some +ve cash flow. I have a decent 40 hour job which brings in the bacon and the finances for RE investment. My kids are 3.5 & 1.5, so I dont have huge school bills yet. I intend to rack up 10-15 rentals in the next 3-5 years to generate the needed cash flow. My credit is good and I hope to capitalize on that.
Here is the ? Does the BP forum recommend me getting my RE license to advance my goals or is it not worth saving? The MLS access is necessary to find good deals I hear and besides my CPA/broker recommended to go for it and offered to list me under his RE brokerage...Thoughts, advice?
I took the advice of an experienced investor 19 years ago and got my RE license. Great advice... I buy and hold/ sell and make money helping others buy and sell. Good way to know the market and the business plus, you can act as your own agent and put some commission dollars in your own pocket. I prefer to be my own agent to get things done quickly and grab hot deals.
@Abhilash Joseph , I say go for it. You will have access to the MLS to find your own deals and be able to represent yourself in RE transactions. The only drawback is you will have annual Realtor association dues to pay but as long as you are active and making commissions off your own deals (and the deals of others like friends/family) you'll easily cover that cost. You will also be getting a great education in the process. Good luck!
I recommend it. I think it would be much more difficult to find and analyze deals without your license and access to the MLS. Some of the pros and cons have been mentioned above and I think the pros definitely outweigh the cons.
Another con to consider though, is your increased liability when you buy and sell properties when representing yourself. I recommend you check with your potential broker's E&O insurance carrier to see if being the agent for the purchase or sale of your own properties is covered under their policy.
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I say do it.....there is nothing more beneficial to be out and about scouring neighborhoods and finding a few for sale signs and being able to make one call and get into the property. Plus, you add the fact that you can write offers at any time of the day/night. There are costs associated with not only getting your license but maintaining it as well - MLS, technology dues, local realtor associations etc. If you are in this for the long haul then do it.
Thanks all for the recommendations...i was debating getting my PE or getting my RE for my portfolio growth...SO I should put my P.E licensing aside for a while...:-) Again, thanks for the affirmation
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