I cleaned up an article that I published here a couple months ago and posted it over at BiggerPockets.com for my weekly BP blog post…
Take a look and feel free to leave comments either here or there:
Should You Get Your Real Estate License?
Enjoy!
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thanks for the re-posting this article. great points. something i need to think about and consider.
Hello J Scott!
Thank you so much for this site. The amount of useful material on here is astounding!
I am currently trying to break into the business as a flipper but I am hitting some stumbling blocks. I don’t have enough cash to purchase a property in cash so I have to finance. Every time I have made an offer, someone has come in behind me with a lower cash offer and gotten the property. I am at a loss as to what to do at this point. But I just started reading about your success with mobile homes so I am looking into that as a possible cash stream to build up my cash so I can start making cash offers on single family homes. I live in Tampa, FL so I’m thinking this would be a good place to do some Lonnie deals. I admit I am a little scared about what can go wrong with this, but my new motto is feel the fear and do it anyway!
Anyway, I also plan to get my real estate license for the same reasons your wife got hers. But I am wondering, couldn’t I go a bit further and get my broker’s license and then not have pay the broker fees that you mentioned you have to pay ($300 per month plus $40 per deal)? Or is there more to getting a broker’s license than just additional classtime plus exam?
Also, once I get my license how do I get access to the MLS? Do I have to be with a broker?
Once again, thank you for all you do on here!
Karen
Hi Karen –
Don’t let the rejected offers stop you! You’ll definitely find that competing cash offers take precedence, but if you keep making offers, you’ll start to get some accepted. It’s just a numbers game, so keep at it.
As for your broker question, in most states you need to have your agent’s license for some period of time before you are allowed to take the broker test. Here in Georgia, you have to be an agent for 3 years before you can become an agent. My wife has been an agent for about 18 months now, and is counting down the months until she can get her broker’s license.
As for MLS access, yes, you will likely need to “hang your license” with a broker to get access. That said, you can generally find some very low-cost brokers to work with if you’re just looking for MLS access and don’t want to pay very much.