Advice needed: Should I get my RE License?

Orlando, Florida
Investor Mindset
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Advice needed: Should I get my RE License?

Melvy Concepcion
Member since 2022 · 21 posts · 11 votes

Hello everyone and thanks in advance for your experienced insights.

I'm currently at a crossroad since I'm currently looking for jobs and based on all of my experience I have several industries that I could go into. So, I wanted to get your advice on how should I proceed based on my goals.
I'm pretty much starting out in the REI industry but have been educating myself for the past 3 years, listening to podcasts, masterminds, meetups, etc... My goal is to focus on purchasing small multi-families to self manage with a STR/ MTR hybrid model in the Central FL market. I'm currently a Superhost on Airbnb managing my own property long distance (in Dominican Republic). So for that I need income. LOL
I ran a profitable construction business for 3 years so I have project management experience.
I have worked in the insurance industry in the past so I'm considering going that route.
I want to really focus in Real Estate so I'm also considering getting my license so that way I can work in the same industry I'll be investing in.
I also have over 12 years of customer service and banking experience. 
So, I'm looking to create more income to continue my investment journey and don't know which way to go and would love some feedback please.

Thanks again,

Melvy Concepcion

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  • Shawn McCormickPro Member
    Realtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
    2y

    Hey @Melvy Concepcion

    I'm not sure getting licensed should be at the forfront of your immediate goals. However, I do typically recommend investors get licensed if buying and selling via the MLS. Unless you have a vast network/sphere of influence to keep you afloat, making money being an agent can be really tough and you can literally go months without a paycheck.

    If you want to be licensed and learn it while you have a W2 job that's different.   Then you can show income should you need to get a loan, finance anything etc. But as an agent, you are a contract employee so if you are trying to buy properties and can't show consistent income, you will only push your dreams further down the line. 

    If you insist on going the path of becoming an agent, I would try to qualify for a loan (or find a creative way to finance) prior to leaving your current position. Maybe a DSCR loan would be a way to go for you to get started.

    I'm in Orlando, reach out if I can be of any help. 

    Best of luck

    1Reply
  • KiKi ChaseBusiness Member
    Real Estate Agent · Indianapolis, IN · Member since 2022 · 184 posts · 75 votes
    2y

    Hi Melvy! Great question. Congrats on all of your success in the real estate industry! It really depends on what your end goal is. You said you wanted to focus on real estate, but what facet of real estate? If it's investing, there are other ways to get involved in the real estate industry. I love being an agent and I work only with investors. I would do research about the process of getting licensed in your state and what costs are entailed, then see how you feel! Really, any facet of real estate has its perks, it's just what you feel interested in and what your end goal is! I hope this helps. :)

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  • Melvy Concepcion
    OP
    Member since 2022 · 21 posts · 11 votes
    2y
    Quote from @KiKi Chase:

    Hi Melvy! Great question. Congrats on all of your success in the real estate industry! It really depends on what your end goal is. You said you wanted to focus on real estate, but what facet of real estate? If it's investing, there are other ways to get involved in the real estate industry. I love being an agent and I work only with investors. I would do research about the process of getting licensed in your state and what costs are entailed, then see how you feel! Really, any facet of real estate has its perks, it's just what you feel interested in and what your end goal is! I hope this helps. :)


     Thank you so much for your feedback.

    1Reply
  • Melvy Concepcion
    OP
    Member since 2022 · 21 posts · 11 votes
    2y
    Quote from @Shawn McCormick:

    Hey @Melvy Concepcion

    I'm not sure getting licensed should be at the forfront of your immediate goals. However, I do typically recommend investors get licensed if buying and selling via the MLS. Unless you have a vast network/sphere of influence to keep you afloat, making money being an agent can be really tough and you can literally go months without a paycheck.

    If you want to be licensed and learn it while you have a W2 job that's different.   Then you can show income should you need to get a loan, finance anything etc. But as an agent, you are a contract employee so if you are trying to buy properties and can't show consistent income, you will only push your dreams further down the line. 

    If you insist on going the path of becoming an agent, I would try to qualify for a loan (or find a creative way to finance) prior to leaving your current position. Maybe a DSCR loan would be a way to go for you to get started.

    I'm in Orlando, reach out if I can be of any help. 

    Best of luck

     Thank you @Shawn McCormick for your feedback. I really appreciate it.

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