Should I get my Real Estate Licence to be safe?

5 Replies

Hey BP, I am thinking about going ahead and doing a real estate broker training and completing the WA State Real Estate Licensure just to be completely safe for when I start out Wholesaling. I have a family with two boys and I really don't want to make a mistake just starting out that could put our lifestyle in jeopardy.

What are your thoughts on this? And if I did do this, would it change the way I handle the deal (e.g. agent commissions instead of assignment fees)?

For a lot less time you could educate yourself on how to do deals correctly so that you are not violating the law.  Then you can focus your remaining energies on actually building the business.

you want the license because when you find out wholesaling is very very hard in this market .. and if you still want to be involved in real estate you can make some darn good money as an agent..

I look at it this way.. 95% of those that want to wholesale try and fail year one.. 50% people that want to get into real estate sales fail year one.. so you have a better chance.

also in our high priced market you can make a killing if your have way decent at sales.

either way you need money to do either..

Originally posted by @Greg Scott :

For a lot less time you could educate yourself on how to do deals correctly so that you are not violating the law.  Then you can focus your remaining energies on actually building the business.

 I agree, I know it is not something I need. And I do feel confident that if I took the time and sought the proper counsel, I could go about wholesaling without legal repercussions; however, I really just want to know how different it would be to have the license.

Such as, are there work arounds that typical wholesalers use that licensed agents don't have to use? Also, would you still have to assign contracts and such or could you simply broker the deal and still consider it "wholesaling" by taking your cut out of the buyer's price being higher than the seller's?

Please forgive any of my naivete I am still trying to learn about these things.

They key is do not sell a property on behalf of someone else, because then you are acting as a broker / agent.   

If you own the house, you have a right to sell it yourself.  If you own a contract to buy a house, you have the right to sell the contract.