All Forum Posts by: Andy Johnson

@Arianne L.

It was great meeting you, Chris, Anthony, and Sharon. I’m looking forward to learning and finding my way, and hopefully being able to collaborate and build value.

@Arianne L.

I will be there. Thanks!

@Bobby J Price Jr.

Hi Bobby,

This topic has been addressed a few times on BP, and the general consensus is that getting a license isn’t required to be an investor. The pros to getting the license are that you will learn a lot of the “nuts and bolts” of real estate, that it can enable you to enter a career in real estate if you choose, and the additional knowledge you gain could be useful. The cons are the costs associated with the education and with maintaining the license, and the fact that under some circumstances you need to disclose that you have a license when making a deal. Here in Florida, the costs aren’t too bad. You can take a pre-licensure course for around $250. License application and testing fees will vary, depending on veteran status, and post-licensure courses are around $150. Every couple years, you will need 14 hours of continuing education, which will vary in cost but will most likely be somewhere between $50 and $150.

When you get a license, you don't automatically get MLS access. To do this, as far as I know, you need to actually be working for a broker. Another interesting fact is that your license can be in a voluntary inactive status. In other words, you are licensed but are not performing real estate services for others. If you go this route, you need to make sure that you don't help someone out or otherwise inadvertently perform any real estate services for anyone.

I’d say that if you are new to real estate, more knowledge doesn’t hurt. I went through the process and got a sales associate license and feel that I learned a lot of valuable things. Just about all of the questions I would have had about general basic real estate were answered in the pre and post-licensure courses I took, and I feel I was able to gain this knowledge quicker this way than I would have, had I decided to read several books instead.

Basically, if you are starting from zero real estate knowledge like I was, then getting a license is a good way to learn a lot of basic real estate things quickly. It is definitely not going to teach you everything there is to know about real estate investing. In fact, it will teach you very little. You will learn a lot of the laws and regulations and about how some of the different transactions work. It really is not a substitute for learning from others here on BP, but I think that gaining the knowledge is worthwhile, and if you combine it with what you learn on BP it can’t hurt.

Hi Marcus,

I recently passed the Florida sales associate exam, and it wasn’t too bad. From what I learned while studying, the exam questions are drawn from a much larger pool and the exam is thus a bit different each time. 

The state puts out this book that’s pretty helpful: http://www.myfloridalicense.com/dbpr/servop/testing/documents/RE_sales_cib.pdf

A few pages into the document, there’s a content overview and outline, and it reflects what’s on the exam pretty accurately. I’d pay attention to the closing cost calculation problems and the Florida property tax rules, as they’re probably a bit different from Texas. When you show up to take the exam, at least at the location where I was, they basically want your pockets to be completely empty. You can bring a financial calculator, but they don’t want you to bring its cover or case into the test room. I brought a TI BA II+ to the exam and they allowed it because it isn’t programmable. They’ll supply all scratch paper and you’ll go take it on a computer. You’ll get your results (pass/fail) immediately. 

Since you’re already licensed in another state, I’m guessing that much of the material will not be too different. I wouldn’t over study or over think any of the questions, as the exam is pretty straightforward. You really don’t need any other study materials besides the prelicensure book. I hope this helps.

Andy

@Arianne L.

I’m probably not going to be able to make this one, but look forward to next month.

Thanks!

@Dave Kirby Hi Dave, I just had an idea that may be helpful. I’ve had some friends down here who have done the house hacking thing on 30a with houses that were designed to be vacation rentals. It’s been a few years, but when they were actively renting out the separately accessible floors, they were using VRBO. I think that looking at VRBO or other similar resources would help you get a more specific idea of where the types of properties you want are located. Knowing this, Caleb might be able to give you a hundred listings rather than thousands.

@Dave Kirby Hi Dave, I’m not sure of any specific vacation rental marketplace, but I can tell you that the location of the property down here in Destin will definitely give you a clue. For the most part, you can find properties like this on 30a in Walton County and on Scenic Highway 98 (often called “Old 98”) in Destin and Miramar Beach. Additionally, condo type properties around here would probably fall into that category as well. There are several of these properties on Old 98, although I don’t know too many of the details. The single family home neighborhoods in Destin are hit or miss, as many have HOAs with rules against short term rentals.

Hi Arianne,

I can’t make this one either, but would definitely like to attend in the future.

Thanks!

@Brandon L. Thanks! Much appreciated.

Hello everyone. I’m new here and to investing, and just wanted to introduce myself. Like many of you, I’ve put in the hours and years at my day job, saved, done the right things, and realized that I need to be doing more than relying on stocks and 401(k)s (I’m not a fan of mutual funds). I read Brandon’s The Book on Rental Property Investing, and that got me thinking and really lit the fuze. I’ve since joined BP and have devoured every podcast and decent book I could find, and have finally gotten to where I feel a lot more comfortable with real estate investing. I look forward to learning from everyone and hopefully being able to contribute and help others as well. All the best and thanks, Andy Johnson