I passed the Georgia real estate licensing exam today! Given that it was exactly one year ago (to the day) that I started the licensing course, it’s about time… 🙂
I’m not really sure why I decided to get my license or what I’ll use it for; as most of you probably know, my wife is already licensed and is awesome at all the selling, marketing, and negotiating tasks, so my having my license if somewhat redundant. But, even if it means being able to take some of the work off her shoulders or being able to do a couple deals a year outside our business (the stuff my wife has no interest in doing), it will probably be worth it.
The last step in the process is actually setting myself up with a broker…until I do that, my license is inactive and there’s nothing I can do with it. I’ll probably do that once I figure out why I spent a year working on getting my license… 🙂
Your wife will no longer have leverage over you. You have hand J!
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congratulations! it will come in handy at some point!
And I’m gonna need it!!!
Nice! I didn’t realize you were going for your license. I’m sure Carol won’t mind a little back up!
Congrats! Looks like you have some friends here but I don’t know you : )
Congrats J!!
I’ve been thinking of getting mine in here in Ohio, I might look into it next year.
I love this site!!
Congrats! State licensing tests are always a blast ;). I’ve been doing those all year for mortgage licensing in various states this year.
Well done J! It’s a nice feeling not having to depend on anyone else if you don’t have to. I’d hang that license as quickly as possible before your momentum dies down and you forget about it.
Awesome, I just discovered this site and it applies directly to the investment strategy I’m looking at. Thanks! Congrats on pursuing a license, too, I’m finishing up my classes now here in VA.
I’ve been looking on your site for awhile, and haven’t come across a lot of information on. But I recently graduated form college with a marketing degree with the full intentions of because a real estate broker. With the collapse in 2008 I continued to study marketing but have been doing the financial corporate grind for a year now and have realized sitting at a desk from 9-5 is something I don’t see myself doing for the rest of my life.
I use to do some landscaping work for a broker on foreclosed homes and realized at some point in my life I would love to get into flipping properties, and that point in my life I feel like is soon approaching.
I was wondering if you could point me in the direction of where I should start right now or have any advice for a 24 year old who has been out of school for one year looking to get into this type of business.
Being from MD, specifically the DC area, their isn’t much cheap real estate, but I would enjoy hearing what you’d have to say to someone who want to get into this business.
Thanks!
Red
Hey Red,
I honestly don’t like promoting my books like this (it feels “icky”), but there’s not much information I have for new investors that isn’t contained in those books. I strived to document a step-by-step plan for new investors to get started in the business with essentially no real estate background or experience. If you want to check them out:
On Amazon:
http://www.amazon.com/Book-Flipping-Houses-Residential-BiggerPockets/dp/0988973707/ref=sr_1_1?s=books&ie=UTF8&qid=1376943493&sr=1-1&keywords=j+scott+flipping+houses
http://www.amazon.com/Book-Estimating-Rehab-Costs-BiggerPockets/dp/0988973715/ref=pd_sim_b_1?ie=UTF8&refRID=0MQQ2AXNGV44VQ7R2TDT
Or direct from the publisher:
http://www.biggerpockets.com/flippingbook
If there is anything not covered in those books that I might be able to answer or help with, I’m certainly happy to try to help. But, I’m not sure I can summarize the best way to get started in much less than a couple hundred pages… 🙂
Btw, in terms of prices, if you’re in the DC area, you’re not far from PG County, Maryland — in my opinion, it’s a great place to get started investing. There is a decent amount of inventory, lots of distressed property, good population trends and in many areas, real estate isn’t too expensive.
I appreciate the help! A buddy of mine was reading your book this weekend while on vacation and told me about this blog, needless to say, after about an hour or two of going through your blog I went onto Amazon and purchased “The Book On Flipping Houses”.
Also, thanks for responding so fast! Much appreciated and I look forward to reading your book!
Thanks Red — if you have any questions while reading, just shoot me an email!
Hey J,
I’ve been reading your book “The Book on Flipping Houses”, and it has definitely opened my eyes to the possibilities available with getting a real estate license. However, as I researched what it would take to get licensed and stay licensed, I noticed that a Real Estate Broker has to sponsor you.
I’m concerned because if you’re not planning on producing sales commissions for the Broker (because you are not a traditional agent), then how do you convince a broker to sponsor you?
How does this part of the process work? Did you get a broker to sponsor your license? What is the best and cheapest way to handle this scenario?
Thanks for your time and consideration,
Caleb
Hey Caleb,
There are many smaller brokers who won’t require any specific number of transactions — including if you do no transactions whatsoever. They may charge a monthly fee to hang your license with them, but remember, even if you’re only doing one transaction per year (buying one property or selling one property), you’ll likely earn or save enough in commission to pay all your fees for that year.
Btw, I’ve been licensed for 3 years now and have never done a transaction in my name (we do everything in my wife’s name)…but our broker doesn’t care, as I still pay the $50/month fee every month. It’s worth that $50/month for me to have MLS access and to get access to houses legally.
Hey Caleb,
There are plenty of small brokers who don’t care if you never do a single transaction. They may charge a small monthly fee to stay affiliated with them, but the value you’re getting still makes it worthwhile. For example, I’ve been licensed for 3 years, and I’ve never done a transaction in my name (we do everything in my wife’s name), but I pay $50/month to my broker to keep MLS access and to be able to get into houses any time I want.
Also keep in mind that if you’re buying or selling even one house per year for yourself, you’re likely saving/earning enough in commission to cover your annual costs.
Hey J,
Thanks for this information. I am sold!
I’m going to look in to the options for pre-licensing education for Texas. Any recommendations?
Thanks,
Caleb