I am new to Real estate investing, should I get my real estate license? What are the pros and cons?
Depends on how many homes you plan to invest in each year and what type of investing you plan on do. More than 4-6 homes I say its worth it to get your license and save yourself 3% on every home you sell.
Now this is also a double edge sword as when you're both the seller and the agent representing the home, the buyer agent might push you to lower the price knowing you're saving yourself the 3%.
Its all mind games and numbers but from experience the break even point was 4-6 homes before the real savings on commission fees were apparent.
I have purchased and sold only 2 properties off the mls in the past year and I still feel it was a worthwhile investment. It allows me to pull my own comps and see listed properties on my own schedule. It does make for some red tape and requires you hold yourself to a higher ethical standard. I have found it advantageous to be 100% upfront with sellers about the true value of their property if I were to list it and I also give them my cash offer as well. I think they really appreciate being able to get the facts from one person and more often than not, they take my cash offer. It's a win for me either way if I list it or buy it myself.
It does cost about $2,000/ yr for all your dues and everything so make sure you will be using it.
A license doesn't make you ethical, and you don't need a license to be ethical. That comes from who you are, not what you've done or paid for. Yes - I agree 100%. ALWAYS be upfront with everyone, with full disclosure.
I would say the answer to your question is: "It depends".
What do you expect the license to do for you?
You found the pluses, and you've acknowledged the minuses which are few.
Remember to include continuing education - if your state requires it - in the annual costs of your license and MLS access.
There are actually classes from the REI education school to which I am connected which count toward a broker's continuing education requirements in IL. So, if I chose that route (being licensed), I already have some coverage there.