Correction: has anyone had success as a part-time real estate agent and part-time real estate investor? How did you get started? Did having your license give you a considerable advantage?
Hello Keith M ivy !!!
I started as a full-time real estate agent and a full-time real estate investor/developer. I found out that it was easier to be both at the same time representing myself as a seller or myself as a buyer while having a couple clients on the side family friends or acquaintances that I've become wonderful clients over the years. There is no question or doubt in my mind that having your real estate license gives you a huge advantage. By having your real estate license, you're able to assess and evaluate properties much better because you have a first-hand experience as an agent as well as an investor less to provide you the comps to make a better judgment on whether to purchase a property or not. I also don't have to wait for someone to give me comps or to provide me with listing information.
Thank you @David Michael for the reply. I'm just getting started and thought that being a real estate agent would help to make the money i need to get started and give me knowledge i need in the business.
Hi! For the longest time, I mean like at least 7 years, I thought about being an agent because I always felt I received sub-par attention from realtors and hated waiting for them to be available to take me too view properties. I took the plunge earlier this year to get my license. I passed the test and got my license, BUT little did I know I would have to be a Realtor, I thought I could just be an agent and not have to pay a bunch of extra fees to have the fancy title.
Its expensive in Maryland to get your license and be "active" because of the brokerage fees (depending on which company you join, mine is cheap at $99 a month--I heard some are $400), realtor dues (run about $1200 a year, must join local, state and national associations), MLS subscriptions (another $1000 a year, which you have to have if your going to get the access information to those properties your interested in). This short list is absolutely not all inclusive.
In addition, apparently according to a tax article on BP, you can't write those expenses off unless you make a sale or work over 750 hours on your real estate endeavors annually.
I too thought it was a good idea and possibly a great way to earn money to funnel into more real estate deals...perhaps it might be. As of right now, it hasn't netted any additional money, only a loss...but I'm actively networking and hoping that maybe next year I will reap some sales (FYI: people who are interested in purchasing seem to be interested in getting for information to help them purchase in a year or two...)