I heard that it’s good to be Real estate agent while being an investor, but my questions is that is there any limitations as what you can do as a agent.
I just started my classes and I was wondering if becoming an agent can harm the business of wholesale because I know agents can’t take deals from other agents.
I just want to know the pros and cons of being an Real estate agent while working on becoming a wholesaler.
I just want to build a legacy for me and my future family and I feel the best way will be through investing and I don’t want there to be any set backs as being an agent.
Agents are often also investors. If you're looking to purchase a property (regardless of assigning it or not), you need to disclose to the seller that you're an agent but that you're reaching out to them as an investor. In other words, you want to buy their property, not list it.
Also, as an agent, you can offer more services. The vast majority of home owners are looking to get top dollar for their property by listing it and selling it retail. When you talk to them, you can then list their property. However, if they're in some sort of distress and want to sell at a discount so they don't have to go through that whole process - including fixing up their house, then you can act as an investor.
Of course, you need to find out the nuances of how you can do this, which you should be learning in your classes.
Investor · Tampa, FL · Member since 2011 · 2k+ posts · 3k+ votes
6y
The only "limitation" as an agent is having a governing body to answer to, but this will only be an issue for anyone who plans on being shady or dealing unethically with people. Other than that there is no downside.
Rental Property Investor · Member since 2019 · 304 posts · 462 votes
6y
I asked the same question when I first started out. It seemed logical so I moved forward and got my real estate license. Taking the course was definitely worth it; I learned a lot. I was surprised how it didn't really help when it came to investing. In certain jurisdictions, if you are a licensed agent, you are required to disclose that on any offer you make. That sometimes alarms the seller. They think, he probably knows more about this property than I do and since he is willing to buy it, my asking price must be too low. So they counter-offer at full price. I ended up hanging my license with a broker just to get access to the MLS. When I wanted to put in an offer, I would get another agent to present it. That circumvented the disclosure requirement. I found that I got a better deal with less hassle.
Real Estate Broker · Portland, OR · Member since 2019 · 4k+ posts · 2k+ votes
6y
"I just started my classes and I was wondering if becoming an agent can harm the business of wholesale because I know agents can’t take deals from other agents."
That I haven't heard, but in OR, if you do a deal as a broker and the principal (i.e. buyer or seller) you must state you are a licensed broker. I think this is to imply that you know the game and have a certain level of knowledge/experience a normal principal wouldn't.