Cleveland, OH · Member since 2016 · 11 posts · 1 vote
I'm a new Cleveland real estate investor, who's still working on my first deal. Would it be a good idea to get my real estate broker license to have quicker access to deals? I also think I could learn a lot about the whole home buying process. Did any of you do this when you were starting out or have any input for me?
If not, are there any realtors you'd recommend on the west side of Cleveland. I'm specifically looking for multi family homes.
Thanks,
Marcus
I'm a new Cleveland real estate investor, who's still working on my first deal. Would it be a good idea to get my real estate broker license to have quicker access to deals? I also think I could learn a lot about the whole home buying process. Did any of you do this when you were starting out or have any input for me?
If not, are there any realtors you'd recommend on the west side of Cleveland. I'm specifically looking for multi family homes.
Thanks,
Marcus
This is how myself and a ton of other successful entrepreneurs started off in the business. Originally just got the license to buy my own properties didn't think I'd want to sell much for others. Then the commissions started rolling in. Today our management portfolio is $30+ Million. Getting licensed was the best decision of my life.
I'm a new Cleveland real estate investor, who's still working on my first deal. Would it be a good idea to get my real estate broker license to have quicker access to deals? I also think I could learn a lot about the whole home buying process. Did any of you do this when you were starting out or have any input for me?
If not, are there any realtors you'd recommend on the west side of Cleveland. I'm specifically looking for multi family homes.
Thanks,
Marcus
This is how myself and a ton of other successful entrepreneurs started off in the business. Originally just got the license to buy my own properties didn't think I'd want to sell much for others. Then the commissions started rolling in. Today our management portfolio is $30+ Million. Getting licensed was the best decision of my life.
@Marcus H. I completely agree with @James Wise. I am licensed just starting out, but my boss started his career as an agent. He built his team and invested himself all at the same time. Eventually you get to a point where things start working for you. MLS access is a big bonus plus you can list your own properties if need be. If you are still green and need help definitely reach out to a broker or agent who can help you with your search.
James Wise Gunnar Sevart I appreciate the input! Would you suggest getting a salesperson license or broker license? I currently have a non-real estate career that I don't intend on stopping immediately. Would it be difficult to find a sponsoring broker if I get my salesperson license and don't want to do real estate full time yet?
Thanks,
Marcus
Many investors think that getting a real estate license will save them money, but unless you do multiple transactions a year (5+), the fees associated with getting and maintaining your license are not worth it, in my opinion. It worked for @James Wise and that's awesome that he loved it enough to also deal non-personal transactions, but realistically, that doesn't happen very often.
Ivy Wang is it possible that California has much higher fees than Ohio? I mostly want to do it for the education, not necessarily the cost savings. Regardless, thanks for your input!
Marcus
@Marcus H. To have access to all the listings, a Supra key, and all that jazz, you need to join a local MLS board, which costs $600-1,000/year. Average commission splits and fees are pretty consistent across the nation, but will ultimately be dependent on your broker. If it's for education, I'm assuming you would want a broker who would provide any and all necessary training. If yes, your broker will definitely take a high cut of your commission.
James Wise Gunnar Sevart I appreciate the input! Would you suggest getting a salesperson license or broker license? I currently have a non-real estate career that I don't intend on stopping immediately. Would it be difficult to find a sponsoring broker if I get my salesperson license and don't want to do real estate full time yet?
Thanks,
Marcus
You will have to get the sales license 1st. To be eligable for a brokers license you must 1st obtain a sales license and do the following.
Work under another broker for 2 yrs.
Complete 40 transactions.
Complete two years of college.
Take additional broker pre licensing courses
Open a brick & mortar location with published office hours.