Getting Your Real Estate License To Get More Insight?

Question

Good Afternoon BP family!!

I have a question,

I want to purchase my first multi family unit in the

Inland Empire, CA area.

My question to you guys is what it be beneficial to get my real estate license to get better insight on information?

I am planning on being an investor and purchasing multiple properties overtime and hold for long term returns.

Any recommendations or feedback is greatly appreciated.

Thanks In Advanced BP Family!

Jonathan Greene · Answer

The most undervalued part of the process of getting your license is what you learn in the licensing class. The licensing class is mostly useless for agents, but there is a ton of good information on things you will encounter for investors. You could just pay for the class, learn and then decide whether or not to take the test. The class is cheap and you don't have to get your license after. But, your license is best used for access and MLS comps. That, in and of itself, should pay your fees for the year because you can see everything on day one and run much better comps than bothering an agent every time you need comps or need to get into a house.

Dutch Langley · Answer

We found it to be valuable as we buy and sell our flips. Financially and intellectually. Plus will buy and list occasionally for others.

Noah Gregory · Answer

I got my license because I want to eventually switch to being an agent and investing full time. Even if you represent yourself on one deal you buy it will pay for itself. It definitely won't hurt you in the long term and right now if you have free time from COVID you can knock out the studying.

Jo-Ann Lapin · Answer

I believe networking with a good investment club and investor friendly agents may get you the result you are looking for .

Cameron Tope · Answer

I would agree with @Joe Aiola & @Kyle Spearin, you don't need it unless you plan on making a business out of real estate. If you're going to just buy a property or two every year then I would find a solid investor friendly real estate agent.

Evan Polaski · Answer

@Firas Faraj what type of properties are you looking to invest in? There is a big diffence between a 2-4plex and a 100 unit apartment.

If you are primarily focusing on smaller multi's that typically end up on the MLS, then I think there is some value in having it. Lets you do your own showings, lower or waive commissions on your side, and all the analytics available in the MLS (most of which are fairly readily available on Zillow these days).

As your asset size gets bigger, it holds less value. When you get to larger assets, there is no buyer side commission, and the level of understanding is far more than anything you will get from a license.

Joe Aiola · Answer

Hey @Firas Faraj! Great question. My opinion is to view it as an investment, because it does cost money and you should hold each dollar you spend accountable. If you're looking to get the license strictly for information, then I don't think it's necessary - just find a good investor-friendly agent and they will be able to get you all the information you need. If you're going to be buying several houses a year, then it might make sense to earn a little extra on the commission as well.

Best of luck!

Kyle Spearin · Answer

@Firas Faraj this is a great question. People have varying opinions about this, some will say that it gives you great insight, others will say it is not worth your time if you don't plan on selling houses and making it a business.

I have my real estate license and only do a few deals a year, but it was worth it for me. When buying through the MLS, you can be your own agent so that saves on commission. It really depends on how you view yourself using your time--I think it's worth a couple months of studying.

Good luck!

Getting Your Real Estate License To Get More Insight?

Getting Your Real Estate License To Get More Insight?

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