Hey all u happy ppl! New to the site *raises hands to accept applause*, thank u. I use to b a RE agent back in my good ole days but now, I'm looking to get back into RE w/ investing on the mind. I've heard advice backing up both but I'd like a further detailed, preferably unbiased opinion about the question: is it better/worse to have a RE license while investing in one's own RE personal wealth gaining? What kind of pitfalls r there to look out for if u do have a license? R there any legal qualms to worry about? I'm considering relicensing in the near future but if the signs point more to "no", I might stop that plan. Thanks in advance!
@Rickey Wallace I think it depends on your goals. I have mine, and it all has pros and cons.
@Jeremy Tillotson understandable. I haven't decided which way yet but I'm leaning more on the buy, rehab, n hold over the flip initially, unless the deal just screams otherwise. I have heard that there can b conflict of interest situations when one has a license. I'm thinking more so about issues like where u run into a seller that wants to sell but has approached u w/ the intent of wanting u to list it to get "max" value. However, the they're willing to go much lower to sell n the numbers make sense for u to buy from them n flip it urself. There's that ethical/legal line that can pop up where u want to get the best deal for u but u also don't want to encroach on that possible business relationship that could haunt u for the rest of ur RE caree. Lol I'm just doing a lot of thinking n would like more input, ya know? I
@Rickey Wallace those are good thoughts.
I don't know if you guys have realtors out there that advertise like this.
" IF I DONT SELL YOUR HOUSE IN 29 DAYS I WILL BUY IT AT A PRICE YOU AGREE ON"
In our market we usually have one broker running this scheme with big radio adds etc.
And of course in our market were listings sell in 5 to 30 days.. that's easy to say.
but in your case you can come in with your seller and say.. Hey I want to buy your property for X and ( usually those that sell at discount need work of some kind) or we can list for Y if I don't sell It on MLS IE another agent brings in a contract.. I will buy it for this price in 44 days. Your choice.
29 days and gone I believe is this agents tag line you could probably google it to see how he words it..
just a thought.
but your correct.. if your sitting with an unknoledgable seller who thinks there home is worth 30k and you know its worth 100k.. you do have a dilemma and any one with a conscience wresteles with this wether they are licensed or not.
@Rickey Wallace here is the link to the Portland Oregon agent
Having access to MLS and being able to buy and able to list and sell there by doubling your chances at revenue to my mind is the thing to do.. I can't imagine being in RE and not being able to get on my computer and look at MLS real time.
@Jay Hinrichs lol I completely agree! Personally, I couldn't take someone for that much of a ride cuz of those "having a conscious" "problem" lol but I do know those types of situations happen regularly enough in all aspects of business :/
We do not have those types of advertisements around my way but that is an interesting way to help push a deal through, w/ a majority of the happiness being spread around. Thanks for that enlightening thought.
What kind of legal problems can arise while having ur license though? Mostly, the top layer benefits scream "yes" but there has to b a few major pitfalls..?