I'm very conflicted in which direction I would like to go with my career in real estate. I have set out to wholesale and have gotten off to a good start ( no deals yet but I've came close). I am currently taking a class to obtain my realtors license in my current state (Pennslyvania) and I also have a strong interest in becoming a realtor. Problem is, I've heard that if you are a licensed realtor, there are certain things that you cannot do under a code of ethics. I don't want to get my license and then block myself from potential success in wholesaling. Can I do both?? If I have to make a choice I would go with what would make me more money, but I also want to be respected as a professional in the real estate industry. I need feedback guys! I'm so confused
@Dara Diallo From my personal experience.... I wanted to wholesale at first, but its harder than it seems to get deals under contract.
There's also a thing they talk about on the podcast where a bunch of people are thinking they can start as wholesalers and build there way up in the industry. It is possible, but still hard. But yea, I think some guru classes are spreading that idea. I personally thought of wholesaling first but am now transitioning into fix and flips and buy and holds.
And yea, they also seem to recommend staying an investor and not being an agent, from what I've heard.
Real Estate Agent. The things you can't do as an agent, you probably wouldn't want to do anyway (think ripping off little old ladies and committing fraud). Otherwise it's mostly disclosure of your status as a Real Estate Agent. You can buy or sell all the real estate you want, using any legal means you want.
Bottom line is that you will end up paying for your experience one way or another. Being an agent gets you in on the ground floor. You get an intimate knowledge of just how the sausage is made, so to speak. There is lots to learn, so it will be a vertical learning curve for a while. Get good at hearing "NO", because your in for 99.99% "NO". Tip: "NO" means "not now" or "not yet".
Keep in mind that you will be on commission only (most likely) so you will have no income until you sell something. Plan on having minimum of 6 months or better 12 months (or more) of expenses saved up.
Other than those few of things, it's a bunch of fun (and work) being an agent. I enjoyed my time as one, learned a big bunch o' stuff, and made a living.
Thank you both! I have 2 years after I finish my class to take the exam. I certainly won't take that much time but it will come to e sooner than later. I will probably try to do both if possible
Most agents that I know don't make a lot of money. Not because they can't, because they are not out there hustling and working. The same goes with any career choice. Wholesaling is not easy because you are in the marketing business first and foremost. If you apply the marketing principles of wholesaling to retail real estate, you get the best of both worlds. You don't have choose. As an agent, you need your broker's permission for certain things, but as long as they make money and it's ethical, you shouldn't have a problem. Keep in mind, wholesaling is normally the entry level real estate investment model. People who own multi-family properties don't aspire to be wholesalers. Wholesalers aspire to be owners.