Becoming a realtor and running BRRRR strategy?

Question

So we have our first rental property but it was turn key. Still cash flow positive and we are in process of a cashout refi on it (had paid cash initially for it). With the funds from refi we plan to run BRRRR strategy for future properties. Ideally adding 1 property per year. I do own my own business as regular job so my question is, would it be wise/worth it to get my realtor license? Would I save much for RE expenses by doing so and also have the convenience of finding properties perhaps faster/easier? I don't care to sell or list properties or anything like that for others so this would strictly be for personal use. I am in Florida if that makes any difference.  thanks for any information

Jeff Copeland · Answer

There are very few downsides to having your real estate license, and the benefits far outweigh the costs.

You may get some responses in this thread that disagree. But it seems to me that most of the people on BP who are "anti-license" are not licensed and never have been, so how would they know?

One factor to consider is you will need to activate your license with a Broker in Florida. Given your situation, you'll want to find a low cost brokerage that doesn't take a big chunk or your commission, expect you to work in the office ("floor duty"), meet minimum sales quotas, etc.

Dustin Morris · Answer

@Chris Simms getting your license can definitely help with access to properties on your schedule especially if you have other commitments. The commission for buying your own on market deals is a bonus and as long as you don’t switch to no longer buying on market deals, 1 deal a year should at least cover all your dues and fees while also giving you a little extra money. This will help you even more with your RE business. Not absolutely critical to have but sounds like it would help with your strategy.

Brad Bellstedt · Answer

We agents refer to our licenses as "the gift that keeps on giving" for this exact reason.

Brad Bellstedt · Answer

If you have the time available to you to learn the material to take and pass the test as well as how to complete the contracts and how to execute the transaction, spending a couple of thousand dollars to get your license and have access to the MLS will be the best couple of thousand dollars you ever spent. Between the time saved and the commissions earned (or saved depending on how you structure your deals) your license will pay for itself on the first transaction. Good luck out there!