Updated over 9 years ago on . Most recent reply
Getting a RE license as a rehabber & wholesaler: pros & cons?
Hello all. What do you think the benefits and downfalls are to having a real estate license when wholesaling? In what ways are those pros and cons the same or different with rehabbing?
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@Regina Sitterley the benefit is that it gives you one more opportunity to make some money from a potential lead. Let me explain. You are able to find a lead, talk to the lead, find out their motivation etc. You then determine that there isn't enough room in the price to make a good wholesale, flip or whatever your exit strategy is with the deal. Instead of giving up and letting this one go you can convert this into a listing. You already have rapport with the seller so you can offer to list the house for them and make a commission. You can turn a possible dead lead into a listing that can still generate some revenue for you. I approach all leads with this mindset, my main goal is to find good off-market deals for myself and or my investors but if the numbers don't work I offer to list it for them and it works wonderfully. If they contacted you or agreed to meet they want to sell their house. Some are more realistic than others but still I see the benefit of having the license vs not.