becomming a real estate agent

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becomming a real estate agent

Virginia Jones
Rental Property Investor · Pulaski, VA · Member since 2016 · 70 posts · 31 votes

I am interested in getting my real estate license. I would also be keeping my 9-5 banking career. is this possible to do?

could anyone refer me to any real estate school websites?

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Lynn McGeein
Real Estate Agent · Virginia Beach, VA · Member since 2012 · 2k+ posts · 1k+ votes
9y

I just did this before purchasing our new home in Virginia Beach as the savings in being my own buyer's agent and the freedom to schedule my own viewings and search MLS on my own more than made up for the costs involved. I used moseley flint's online course so I could complete at my own pace, no classroom, and it was less expensive than most, then the required continuing education I found for free at moseley.com, and I'm halfway through that.

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  • Al Wilson
    Investor · Daphne, AL · Member since 2014 · 1k+ posts · 242 votes
    9y
    If you are a banker, be wary of conflicts of interest. Unlikely that you can do both. Good luck.
    0Reply
  • Brandon L.
    Real Estate Agent · Falls Church · Member since 2012 · 2k+ posts · 1k+ votes
    9y

    @Virginia Jones anything is possible if you commit, educate yourself, and take action. I used Kaplan for my pre-licensing and highly reccomend them

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    9y

    I was a part time agent for a decade before moving on to being full time. It's a good way to get your feet wet. However you will have a low ceiling on how successful you can be just from an available time perspective. But you should be able to do 2 to 5 transaction sides part time.

    [email protected]301-893-4635Podcast Guest on Show #192
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  • Virginia Jones
    OP
    Rental Property Investor · Pulaski, VA · Member since 2016 · 70 posts · 31 votes
    9y
    Is it beneficial to be licensed just for investing purposes? Ex) knowing what comes on the market first and accessing homes quickly?
    1Reply
  • Tiffany S.
    Investor · Portsmouth, VA · Member since 2016 · 289 posts · 107 votes
    9y

    @Virginia Jones i've heard being an agent sort of limits what you are allowed to do as an investor. I am not really sure how or why but I am interested in finding out myself. 

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  • Account Closed
    Developer · Austin, TX · Member since 2016 · 108 posts · 23 votes
    9y

    Hey @Virginia Jones

    I'm about half-way through my lessons with https://www.theceshop.com/ and I think they're awesome. Just note that I haven't taken the test and can't verify how well I'm prepared for it. But the customer service and price are very good.

    @Tiffany S. I'm also really interested in any potential downsides. Please let us know if you find any out! 

    I also found this https://www.biggerpockets.com/renewsblog/2010/02/2...

    Quick summary for you all.

    Benefits:

    • Access to the MLS
    • Extra income on the commission, 3% savings on every deal
    • Direct control of the deals
    • He entices listing agents by working out different fees and duties

    Drawbacks:

    • Licensing- It takes time and money. Plus you have to kick some of your commission to the broker.
    • Paperwork- now you have to do the paperwork on your properties. If you have a lot of deals, you'll have to go back to outsourcing
    • Disclosure: You are required to disclose a number of things. You also are liable for your actions and are held to a much higher standard
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  • Austin Youmans
    Investor · Vancouver, WA · Member since 2014 · 359 posts · 143 votes
    9y

    @Virginia Jones I used http://trainagents.com/

    They have text format and audio. I liked the audio as I was able to listen and do other things. Then they have quizzes for different sections and practice tests at the end. 

    I passed so it worked for me. 

    I think part time is ok as long as you are motivated and have the time to work 2 jobs.

    I don't think it is worth it to get your license for investing unless you are going to be flipping a lot of houses. If you are just small time flipper or buy and hold it would not be worth it. 

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  • Lynn McGeein
    Real Estate Agent · Virginia Beach, VA · Member since 2012 · 2k+ posts · 1k+ votes
    9y

    I just did this before purchasing our new home in Virginia Beach as the savings in being my own buyer's agent and the freedom to schedule my own viewings and search MLS on my own more than made up for the costs involved. I used moseley flint's online course so I could complete at my own pace, no classroom, and it was less expensive than most, then the required continuing education I found for free at moseley.com, and I'm halfway through that.

    1Reply
  • Tiffany S.
    Investor · Portsmouth, VA · Member since 2016 · 289 posts · 107 votes
    9y

    @Lynn McGeein Can you clarify for me? I thought the seller would pay the agent fees? How did being your own agent save you money?

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  • Account Closed
    Developer · Austin, TX · Member since 2016 · 108 posts · 23 votes
    9y

    @Tiffany S. Although the seller pays the agent fees, it is still a significant amount of money that changes what the seller is willing to sell for.

    Lynn as an agent was able to take the cash herself, thus avoiding the loss.

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