I'm a new wholesaler, should I get my real estate license ? Would it help with finding homes and doing rentals down the road? Do most investors also have real estate license?
There has been a lot of discussion regarding this topic. The biggest advantage I see in getting the license has been the increased exposure to real estate and being closer to deals on a daily basis. You meet a lot of great industry professionals and learn a ton by proxy.
I am not a wholesaler, but I don't see how having access to the MLS would be much of an advantage. Most properties that hit the MLS do not offer the type of margin that wholesalers are looking for.
The advantage to being on the MLS
as a wholesaler is to be able to quickly
comp an area accurately and to be able
to get information. Ours has the ability
also to make targeted mailing lists.
@Nicky Reef I'd say it certainly doesn't hurt. I also don't know what market you're in. For example, Texas is a non-disclosure state. You won't be getting comps unless you find a realtor. Most states disclose sales info though. But you won't be able to know from zillow or redfin if there were any seller concessions or what type of financing did the seller use, and some additional info provided in the listing that zillow or redfin won't reveal.
There's a huge plus in having a license if you're doing some direct mail. You can convert the retail not so much motivated leads into listings. You'll get a much better ROI out of your mail campaigns by offering your services as a realtor if the seller doesn't want to sell at a discount.
The only negative I can find is getting sued if you don't disclose you're a RE agent. But as long as you disclose, then you should be fine.
@Andy Rumple Can you elaborate on how you can use the MLS to make targeted listings? Do you mean pulling stats out of certain areas? I'm curious to know what metrics you use.
In California if you do 8 or more wholesales a year you need a licensee by law
In Indiana our MLS is connected to Realist, a property tax info site.
It allows us to search specific areas and to pull addresses of owners
based on many criteria. Once you know what you are looking for you
can create very smart mailing lists.
I'm new too.
I'm not sure if my opinion is valid LOL but I think getting a real estate license would be nice. Although not a necessity, I think it will be a bit of an advantage.
You'll have access to MLS to be able to look for deals, keep the commission, list your own deals, referrals commission, document database, you'd have the online tools to submit offers, its a good networking opportunity because you'll be further involved in the real estate community and you'd get more of an educational opportunity because you have to study in order to pass the state exam.
The realtor is involved throughout the process.
I'm new so I mean.. what the heck do I know? LOL but I think wholesaling first then getting the license wouldn't be a bad idea.
I wholesale and don't have a license. However, I have 2 realtors who are more than willing to look up sold comps for me, because of the business I give them. But sometimes it gets frustrating, because I have to wait to get the comps. I can definitely see the advantage of getting a license. I might be missing the boat on this one. But there's restrictions put on realtors and that's the main reason I've stayed away from it. Keep in mind that realtors might be hesitant to work with you, if all you do is ask for sold comps and they you don't throw any business their way. Let's face it, we're all in this to make money. I don't know anyone who works for free! Best of luck to you.
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