Hello my name is Gaby and I am a newbie about to get my hands somewhat "dirty". I plan on buying a duplex in about 4 months ( when I find it). I am planning on taking the same path as most newbies which is living on one unit and renting the other. I plan on flipping about a yr after which will allow me time to do more research and learn more.
With that said, do you recommend real estate classes and or license? Is that a must in real estate investing? Will that help me more?
Thank you so much in advance for your time.
@Gabriela Gomez It's recommended you get your license sometime early on. Finding a investor friendly agent is a pain and communicating through an agent isn't exactly fun. Your license gives you unlimited access to the MLS as well as knowledge you wouldn't know otherwise. Plus the 3% commission doesn't hurt...
In short: Yes, you will need it.
Thank you Jack I needed someones confirmation. Thank you
Having a Real Estate License isn't required but it does help. You don't have to wait to be a licensed Realtor to begin investing, it's not something you MUST have. By the way, I have a few investor friendly realtors in my network so I know for a fact they aren't hard to find. Being a newby investor myself, though, I took the advice I received in the BP investor's guide and decided to enter the real estate world by taking the 63 hour real estate licensing course for Florida. I figured the formal education would help me understand the bigger picture while also learning to be a creative real estate investor as well.
Right now, if being licensed is the path you want to take, you can start your licensing training at www.Realestateexpress.com for a very low fee. Their initial training package is just $99 but I chose package 2 for $124. There are other fees involved that you should be aware of, though. You'll have to pay to have your finger prints taken and there's the licensing/exam fee as well. As far as the training, one of the pluses for me is that the course is online and self-paced so you can complete the training on your schedule. You have up to six months to complete the training but it's best not to take it to the limit, you'll want a month or so before the end to take your state certification exam. I'm shooting for no more than two months training time. Should you be unsuccessful at your first test attempt, you'll have to wait 30 days before you can retest. That would put you over the six months for the class and you'd have to pay for an extension.
I recommend stopping by the website above for more detailed information!
I just wanted to echo what Dwight said, and give you a little insight on my view on this as well.
First of all, I'm a "newbie" investor too. I've been "house hacking" a duplex for a little over a year now, and it has been a good experience for all the reasons I'm sure you're aware of. Looking to do another shortly and get into some wholesaling too, but I digress.
I'm currently taking RE classes, but I chose to do mine in person at a reputable realty company in town. The fees are a little bit higher, but not much when you consider what it includes. You are stuck to a set schedule, but my teachers are flexible if I can't make it here and there.
The reason I chose to do mine in person is two-fold:
1.) You tend to learn much more when someone teaches you and you can ask questions etc. (at least for me, this is very true) You are right in that you learn RE from a different angle, and it can only help your investing. Although the things you learn are from a different angle, most of it is obviously intertwined with what we are trying to do as investors... (buying/selling/contracts/law etc)
2.) The most important to me was the ability to network with other agents. Again, this can only help you and could lead to relationships that can make you a LOT of money. Inside deals, tips/tricks of the trade, investors that your colleagues might know and the opportunities those may bring. Etc etc etc.
Bottom line, whether you get it online or in person, I agree that getting a license is a good idea if you are truly serious about getting into RE. MLS access is invaluable, and controlling your deals/submitting your own offers has to be amazing. I plan on listing a few for some side cash as well, can't hurt!
Good luck on finding that first duplex!
Hello @Gabriela Gomez , I know this post is from a year ago but how are you doing with your plans regarding the duplex, flip and RE licensing? This thread was really helpful me as well.
I finished the course but I haven't taken the test yet. I had gotten some conflicting information about the continuing education requirements and wanted to do some more research before I took the test. I helped a family member complete the course and receive their certification! The information I received from the training was very useful, though. I will probably go back and get certified; the family member that just got certified would like to partner up with me and start our own real estate brokerage in a few years. I am a few steps closer to getting my first multi-family unit. I found a few investors through my local REI club meetings, CFRI, and started co-brokering with them. I post their properties on my Facebook page and advertise them to individuals and real estate investment groups for a commission. I will more than likely get my investment properties through one of the folks I advertise for.
Good luck with your endeavors!
I'm new to Real Estate investing and have a very basic (i.e. dumb) question. I've invested in the class and will use it to prepare for the exam. My aim is to get my license and get access to MLS so I can begin hunting and securing properties independently.
If I understand the licensing requirements correctly, I have to be tied to a Real Estate Broker to get my license. Endorsed by them or affiliated with them. I hadn't made a connection with a local Agency yet because I didn't know a reason why the RE Broker would want to endorse me or work with me if all I'm doing is hunting for my own investment opportunities. Could someone explain that relationship a little better for me?
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