Could anyone tell me how long it would take to get a realtor license for Kansas city MO?
Would it be better to get a license before I start investing, jump in and invest then try and get it, or not worry about it at all?
@Ryan Guffey - yes, get it! We have literally saved tens of thousands of dollars, close to 100k, by having our license and keeping the purchase commission and not paying the 3% of a sale commission. Plus you have the ability to pull accurate comps and info only available to agents. If you want DM me. We run a brokerage that specializes in working with investors and all our agents our investors. Our goal is to help them become better investors (we have been full time investing for 3.5 years - 68 flips, 7 rentals, PM company, etc...) so they can better help their clients better and grow their own portfolio.
@Dan Krupa do you know roughly how long it would take to get the license? And is that something that can be done primarily on nights and weekends?? That definitely sounds pretty advantageous. I was waiting to get the intro and info email to go though still
@Ryan Guffey you can find all that info online. You have to take a 24 and 48-hour course, then pass the national and state portion of the test. It can be taken completely online and you have six months to complete the course and test.
@Dan Krupa Awesome thank you. That doesn't sound to bad. I'll look around more online for some more info. I was worried about trying to get it while working, but sounds like it would help quite a bit overall
@Ryan Guffey I used real estate express for both my license and then my broker's license. I really liked them. They don't offer the KS broker course but they offer everything else for MO and KS. DM me if you have any other questions.
I second getting that license.
Initial training is a weeklong class of all day or a month-long class of a couple of nights a week - I recommend Career Education Systems. They teach you to pass the test.
Next up, pass the test - you have to pass Real Estate Law in General and then State Specific.
That gets you your learner permit of real estate licenses that need to be held by a real estate broker and you need to go practice and actually do the job and at the same time take a practice class which is a 48 hour class that can be taken in a few days or a few more evenings. After you pass that and practice for the right amount of time, I want to say 6 months. Then you can get a full Agent license that is held by your broker.
CESKC is also holding live and in-person classes, but you do have to social distance and wear a mask. They may also offer the classes via zoom, but not sure.
@Kim Tucker ill definitely look into that one too. Would it be practical for me to get the license for mainly nights and weekends?
@Ryan Guffey , I'm not sure what you are asking?
Is it practical to get a license via the nights and weekends, yes, it just takes longer.
Is it practical to get a license to only be an agent around your day job - sure, lots of people do it.
When I got started I was very quickly a full time agent, but didn't know enough about being an agent to make it profitable. I got my license to be the agent for our investing so we could run comps, go look at houses and list our own homes. And it was worth it there, but I still was not making enough to make it worth my time and feed myself so I went out and got an additional job, that just just happened to be in real estate and used the license.
But my license did pay for itself and back when I did part time agent around my investing, I was earning on average about $20,000 in commissions from buying my own listed properties, and listing a few properties here and there.
Now we have our own brokerage and it's just my son and I, but we list almost all of our investment properties, saving us 3% in commission that we would be paying out - probably somewhere around $40 and $60k a year. Plus we list a few other properties that don't fit our investing criteria - nice pretty houses, small multi family and apartments. That brings in a lot more in commission. But the agent part is still around our day job that is now buying houses, managing a few rentals and running MAREI.
@Kim Tucker mainly around my day job was my main concern because my time would be limited when I could meet with people.
I see it sounds like it's worth it either way. Is there a monthly fee or did you just pay your broker for each transaction?
Thanks for the info that really helps, though it sounds like it may be better for my wife to get it, she will have a little more time and be able to benefit from it more.
some brokerages have a monthly fee, some do not. They all vary in the percentage of commission they take as well.