All Forum Posts by: Account Closed

If you're managing property as an employee of the owner, you do not need a real estate license.

It depends on who you work for.  In IL, if you work for the owner of the property, you don't need a license.  If you work for a 3rd party management company, you need at least a leasing license.  Typically your employer will give you 90-120 days or so to complete the classes and pass the exam once they hire you, and they usually reimburse you for the costs incurred in doing so.

A two-part response.

1. I think you'll find that home inspection is more customer service oriented than you think.  You'll be dealing with retail buyers for the most part, and they're making one of the biggest decisions of their life.  They'll need a certain amount of hand holding and will rely on your professional guidance.
You'll also want to build relationships with them, which as physicians have recently found out, results in fewer lawsuits.

As to training, that's a state-by-state issue.  In Massachusetts where I practice, the requirements include a lot of classroom, plus an apprenticeship.  Your state will have it's own requirements.

2. The past felony conviction should be an easy thing to research.  Call the state board of realtors and ask.  Then ask whether there are any exceptions for someone who has turned his life around - which you hopefully have.  See if you can get a sense as to whether an exception - if one exists - is arbitrary or rigid.

If it's the former, you may think twice.  If it's the latter, you might be good to go.

Best of luck in whatever you decide!

@Account Closed You have gotten some good advice here thus far.

I will add two other options which could be viable options. I was at a lender thing once and there was the head of a local private bank speaking. This was a small inner city lender, speaking about his company and calling it an alternative lender. They lend in the local neighborhood. I don't remember his name or the area other than inner city. But they are out there and they do lend money for non-bankable business loans.

Secondarily you can contact the local CDC in your area. Every neighborhood of Cleveland has a community development corporation. Local people trying to fix up houses and get people in them. You could partner with them on the house.

I have a friend who gets called by the CDC on the west side and he buys houses off of them to rehab. I know people at two on the East side and I know that they would probably be open to some type of arrangement if someone credible offered to help them get something accomplished. They are just trying with a volunteer board and a couple employees to get their mission done.

What's wrong with Prosper or Lending Club?  I have not heard that mentioned previously, but have considered it in the past.  I went other routes for funding, but thought that these were a viable option.  They're essentially a signature loan, you can get them from some credit card companies and banks as well.  They won't ask to verify income (I don't think), but they will check your credit score.

Do you have retirement accounts you could borrow from?  At those low prices you could pay it back pretty quickly.