Obtaining a Real Estate License as a College Student

[Sam Steadman]

Hi everyone,

This is my first post EVER on Biggerpockets. I'm excited to be here!

 I have listened to a lot of podcasts and read blogs about the pros and cons of getting a real estate license. I was just curious as to what you all thought about it. I am still in college and planning to buy a residential property 3-6 months after I graduate this upcoming spring. I would love to get a jump start into my investing career and was wondering if the initial/maintenance costs of being a licensed real estate agent were worth it when acquiring a residential property.

Also, I am from Minnesota and would love to hear from anyone on the site who has a MN real estate license and what they think.

Sam

[Jessica Sheppard]

Sam,

I definitely agree with @Dan Amstutz. I have been interested in investing in real estate for over a year now. I have decided to take action and I am working on the things that I need to get set in place before just rushing to buy my first investment.

I recently just got my Michigan Sales Real Estate license. I took an online course, which required 40 hours of log-in time and you had to pass a final the end. I then was able to register through the Michigan licensing board to scheduled my exam. It was fairly easy to get my license, but there are fees associated with actually becoming a licensed Realtor. I had to pay around $100.00 for the online course and roughly $165.00 to take the exam. Once I passed I had to find a broker to sponsor me as an agent, which was fairly easy too, but then you have more fees you have to pay for the local Realtor association in your area and fees for the MLS. When it is all said and done it costs roughly around $1200.00 per year. It can cost more depending on your sponsoring broker's fees, area etc.

I did it to learn and get some experience first before jumping right into the game and for the reasons Dan mentioned. 

Best of luck in your journey.