To Become A Licensed Agent Before Becoming An Investor?

Question

Hi Everyone,

I am currently working on getting myself financially ready to become a real estate investor. I have started gathering the BP books so I know what I'll be getting myself into.

From different things I have read, it sounds like being a licensed real estate agent is very beneficial. Would you recommend it before I have purchased my first investment?

My goal is to be a full time investor and possibly a licensed agent as well. For now though, I'm keeping my day job and just wanting the best benefits for investing.

Any advise is greatly appreciated. Also, if you recommend being a licensed agent, do you have any suggestions for online schools for Ohio?

Thanks so much!

Chelsea

Douglas Larson · Answer

Some people think that technology will make real estate agents obsolete in the next decade. I'm not buying it!

The more information i have at my fingertips, the more I seem to rely on agents! They look for deals, find buyers and sellers for my wholesales and retail flips. They negotiate as an unemotional 3rd party with agents, banks and principles. They even play “bad cop” at times with uncooperative tenants, buyers and sellers when needed. Agents have watered my lawn when I’m out of town and negotiated with contractors to take care of final repairs before a sale. I think agents who solve problems and have great customer service will ALWAYS be in demand!

Becoming an agent on a great team would be a great place to start!

Christopher Giannino · Answer

I decided to become a licensed agent because I wanted to have access to the MLS, as well as, learn more about the industry.  As far as the pre-licensing class, it doesn't really teach you how to be an investor or analyze deals.  The class mostly teaches you the basics and prepares you for your State exam.  After passing your test and when you officially become a licensed agent is when the fun starts.  There is so much that needs to be learned regarding transactions, contracts, marketing strategies, getting clients, etc.  I would suggest that if you become an agent, make sure you sign on with a brokerage who offers training and coaching.

I personally think that becoming an agent is a great way to get started in REI because you will learn the basics as well as have the opportunity to network with others.  I would have to say that the upfront money spent in order to get started would be a "con."  For NJ, it took about $2,000 upfront to become fully licensed.

I can't really recommend any online schools but just make sure that whatever school you pick, it is recognized by the State of Ohio.

Best of luck and let me know if you have any specific questions regarding the process.

Chelsea Huebner · Answer

Great! Thank you so much!!

Chelsea Huebner · Answer

Thank you so much!! Very helpful information!