All Forum Posts by: Victoria Winters

@Stephen BartonThis is a fantastic post!  Thanks so much for sharing your stories.  A mentor is a person who helps to guide another to greater success. Bravo for pointing out the necessity and importance of getting help for a new business. 

I have two mentors that I invest in to help me with my business. I have noticed that being accountable to someone else helps me to complete projects and maintain the course of action that is necessary to operate a successful company.  It is always a good idea to have someone with whom you can bounce ideas around with and who will listen and offer a second opinion.  The more mind power you have in your business the better for everyone. 

Hi Connor,

Welcome to Bigger Pockets!  You have taken the first step by asking questions on this site. There is a lot of information, help and advice to be had from many of the investors here. 

You can start just about anywhere in the real estate industry depending on what is of interest to you. Consider getting a real estate license. There are several options for the course of study required to take the state exam. You can attend community college, university or take the required courses from a real estate school. There are independent study courses available online if that suits your learning style. I can make recommendations if you are interested. 

Starting a new career and/or business requires study and taking action on the things you learn. Real estate is such a large industry and the opportunities are enormous for everyone involved. You will continuously learn as you go along and it is always interesting.

Please tell us more about your plans and what actions you have taken so far. There is help everywhere and all you have to do is ask.  I am looking forward to following your career. 

@Lee S.

Congratulations on choosing to get your real estate license Lee.  It is a good idea to interview several brokers.  You can begin the process now while you are waiting for the results from your exam. Visit both large franchisers and independent brokers. The relationship with a broker is a two way street.

You articulated clearly the kind of business you intend to run and that is important for the broker to know. Every broker specializes in a particular market, even if they are part of a national chain.  I think it is great that you know what you want. You can definitely find a good fit based on your requirements. If you need recommendations, please feel free to contact me.  Best wishes for your success at the exam. 

@Paul DoCampo

Welcome to BP Paul. You wrote a wonderful introduction post!  The world of real estate investing is wide open and you will make a great addition through your participation. It looks like you are a man with a plan and ready to take action. Do you plan to start a real estate investment business?

There are many people here on BP that can answer questions and offer advice about many situations. By all means take advantage of all the resources on this site.  I am really looking forward to following your progress. 

Comgratulations and thank you BP!  This site is awesome and a fabulous resource for real estate investors. I enjoy interacting with people here and helping out where I can. Much continued success!

@Curtis Hiner  

By all means get a real estate license if you plan to continue working in real estate. The benefits of a license are numerous. For one, access to the MLS is a huge benefit. The ability to list and sell property and collect commission for that work is another bonus.

A salesperson license must be placed with a broker.  Real estate law varies by state in terms of the requirements to obtain a broker license.  You can operate your business very effectively with a salesperson license.

Every business requires planning, financing and action.  Every business requires the use of certain tools.  You can begin at once by writing a plan, setting a budget and taking action.  Set up a real estate investment business by this method.   

One of the tools for a real estate business includes a license. When you make the decision to get a license, you will need to invest in the education courses to meet the requirements for the state exam. Once licensed, finding a broker to work with requires the investment of time to search for the correct broker for your business plan and money to pay for MLS subscription dues and any other requirements set by the broker.

Following your own business plan and working within the budget you set will help you to make decisions that benefit your business as you continue to build. Continuous learning is a part of this process, and as a licensee you will gain knowledge fairly quickly under the guidance of a broker and in the practice of real estate.  

It takes money to make money and the real estate business offers a fairly low threshold of entry in terms of initial investment. Also, you determine the pace and the investments you make in tools for the business. To be an investor in real estate means investing in your own business. 

You can get your real estate education through community college, university or through a real estate school. Study in a classroom style setting or independently, through online programs. If you would like recommendations for real estate schools, please contact me. 

Lastly, you can start your real estate business now.  Remember,  a license is a tool, and you will continue to acquire different business tools  as you go along.  The good news is that you can begin where you are and with the resources you have in hand today. 

@Tony Gunter

Thank you Tony for the well presented response. I am certain you are not alone in your thoughts about NAR and the MLS. Actually, the agents who pay dues to use the MLS may have a different opinion about making access available to everyone. Many, but not all, brokers share their listings openly through public sites that provide the public access to MLS listings. Realtor.com is one example.

The MLS also contains information that would not serve sellers well in a public forum. A licensee can gain access to property with their MLS system keys and as a protection for sellers, this information is private to MLS subscribers.

NAR is an organization that advocates on behalf of its members who they define as "Realtors". A real estate agent does not have to become a member of NAR unless their broker is a member. There are brokers who choose not to become members of NAR for many reasons. Because of the large membership enjoyed by the organization, they are able to speak with a loud voice on behalf of their members.

You can absolutely get reliable property information on any recorded property in the United States.  Recorded property is a public record available to the public at large. The hassle of obtaining that information is where many businesses took advantage of the opportunity to provide that public information in an easier to obtain format.  Therein you can easily purchase all the information you want from a businesses offering property information.

Sure it is tough when a person reaches a certain level in their career and changes beyond their control transform their positions into something quite different. You are definitely not alone in this regard. I empathize with you on this subject and offer to you that time and your life experience serve you now and is a big advantage for you right now.

Simply by having gone through many different joys and challenges speaks volumes about your resilience.  This is the power that every person can harness by standing on their story versus subcomming to a defeatist mentality. Your are here now in a better position than ever before because of your experiences, not in spite of them.  Think about what you can do with all you have learned and accomplished moving forward.  Your best days are still ahead. 

I look forward to hearing about the new business you are building. I bet it is a bigger dream than the "dream job" you moved beyond.

Hi DJ,

There are hundreds of books written on all aspects of real estate and real estate investment.  Building your business requires business planning and "how to" information in the area of your interest. 

An often overlooked area is self development. Your mindset is more than 90% of what it takes to be successful in business and every other area of your life. I recommend reading "Think and Grow Rich" by Napoleon Hill, and  "The Science of Getting Rich" by Wallace Wattles in addition to real estate books mentioned by the other writers on this post. 

Investing in yourself is as important as investing in your business.  If you are employed, the company you work for invests in you and it only makes sense that you invest in yourself.  

@Pat McGrath

Hi Pat,

Wholesalers who are unlicensed want to work directly with a seller as a "FSBO". Their objective is to find a seller who needs cash quickly and is willing to sell their property for an under market price. This is more commonly referred to as a "motivated seller".

Once a price is agreed upon and a contract is signed, the whole seller proceeds to sell the contract to a buyer. Not he buyer could definitely benefit from a TDS, but there probably is not one available. The buyer must perform their own inspection and due diligence before purchasing the contract from the wholesaler. 

A good wholesaler will do their best to disclose to the potential buyer of the contract as much information about the property as they have been able to gather based on their due diligence. Estimating the amount and types of repairs that may be necessary for the property to command a full retail price is part of the wholesalers work.  As long as the wholesaler works without violating real estate license law, this type of sales transaction is perfectly legal. 

The problems that arise from wholesale transactions have more to do with the diligence performed by the wholesaler and the quality of the contracts. 

@Tony Gunter

Hi Tony,

Your post was an interesting rant and one that a lot of people might relate to in their own situations. Thanks for posting. To coin an old phrase, "you have to pay the cost to be the boss".

Setting up your own real estate investment business is a worthy goal and obtaining your license makes perfect sense. In fact, it is a good idea. There are many advantages to having a license and one is access to the MLS. Access comes with a price and some conditions.

A salesperson license requires the licensee to place their license under a broker. Every state has requirements to become a licensed broker. In a lot of cases, working under a broker for a period of time is a good idea. You can learn the business and also prepare to get a brokers license simultaneously. A broker is required for a salesperson licensee to gain access to the MLS. There are costs associated with access such as MLS dues and sometimes other fees or requirements from the broker. None of this should serve as a deterrent to getting your license.

Working on your own investments is a terrific goal and you can do that now while you are in process of obtaining your license. Depending on the type of investment strategy you select, you can get all the information you want and need from reliable sources which allows you to conduct your independent research. The MLS is a great resource, but you can get MLS information independent of MLS membership.

Your "JOB" is your current investor. Your employer invests in you which serves you in a lot of ways. You have the ability to provide for yourself in terms of housing, transportation, food, clothing, utilities, entertainment and more because of your employment.  Make a decision to invest in your own business while employed. You can do this comfortably because your basic needs are covered and you have the luxury of investing what you can comfortably afford into your own venture. 

Building your real estate investment business requires investment money the same as any other type of business. The good news is that you can do this at your own pace stress free.   Building your own business on a solid financial platform will greatly add to your long term success. You will understand your business better and have complete control when you take the time to plan, invest and act in a deliberate and orderly manner.

A side benefit from viewing your current employer as your investor is the greater satisfaction you can get from your current job. Giving your best attention to your job will naturally become a part of how you operate. This means you will naturally give your best attention to building your own business. There will be no internal conflict to distract you from reaching your goals.  Doing your best work in all areas of your life is a lot easier than doing a good job on one thing and a slack job on another thing. Consistency is smoother. 

Decide to invest in yourself and get the help you need from the beginning. You'll be glad you did!