felony conviction.. Will it keep me from obtaining a license?

Question

seriously considering becoming an agent to pursue my dream of someday investing in real estate. I was convicted at 19yo and I am now 27. I live in Massachusetts and am still in the system on probation, but have no other convictions. my probation ends in about a year. Real estate investing will be my end game regardless, but I feel like obtaining a license will help me learn the in's and out's while adding supplemental income.

thoughts, advise, concerns and questions are all greatly appreciated. thanks!

Martin Mclaughlin · Answer

thank you very much Karen.

I will make contact with them tomorrow and see what they say.

I have made a complete turn around and now the sole supporter of a 4 family household which is tough. that's why the supplemental income would help with my initial investment.

thank you for your feedback and advice!

Karen Margrave · Answer

@Martin Mclaughlin Call your Department of Real Estate for your state. It will probably depend what the conviction was for. Though a real estate license does come in handy, allowing you access to become a member of MLS, and earn commissions that can be applied to your deals, there are also drawbacks. It makes it a little harder to get the "deals" because you are really obligated to tell sellers what their property is actually worth, whereas when you're just a buyer, that's not your place.

Having given opportunities on our construction jobs to people that were released from prison over the years, I know it can be very difficult to overcome the stigma. However; if you've turned your life around, and people see that, they'll give you a chance. Good luck.

Account Closed · Answer

@Martin Mclaughlin   Here is a link to the site that explains it.

http://www.mass.gov/ocabr/licensee/dpl-boards/re/d...

I would not let the issue get in the way of real estate investing.

Gloria Mirza · Answer

Agree, depends on the nature of the crime.  In the meantime you can write your own contracts and put an addendum in that states you will get no commission for the transaction and the listing agent agrees to only take his/her half of the commission.  You then drop your offer by 2.5 to 3%.  It's better than collecting commission because it keeps your properties assessed value (and property taxes) down while at the same time saving you from having to pay taxes on the income.  I did that with all my investment properties but I am licensed.  You can't collect commission if you are not licensed but you can legally ask for a price reduction.

Jay Hinrichs · Answer

@Martin Mclaughlin Generally speaking if it was a financial crime then I think you would have a tough go..

I know when I did my NMLS  ( mortgage banker) that's what they looked for.

Martin Mclaughlin · Answer

thank you mike and nick.

Michael, i am reading the link now and i thank you for sending it to me.

Nick Montville · Answer

I was told by the instructor of my class that it depends very heavily on the nature and severity of the offense. But also that many criminal offenses shouldn't be much of a barrier

felony conviction.. Will it keep me from obtaining a license?

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