New to RE: should I get a broker license?

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Account Closed · Answer

Check out this thread from a few months before! It has great answers. @Chabu Nsokoshi

https://www.biggerpockets.com/forums/12/topics/292396-should-i-get-my-real-estate-license

Joshua Martin · Answer

Hey @Chabu Nsokoshi!

Welcome to BP! Just keep diving in.

As far as your question goes, I suppose it depends what you want to do. If you want to wholesale specifically, first make sure assignments are legal in your state (I've heard they aren't in some, I think you're fine in IL but I can't guarantee it), and then work on finding deals. The license seems an unnecessary piece if this is your specific goal.

This is coming from someone who doesn't have a lot of experience but is actively trying to find deals and wholesale them, but someone who also took the time to get a license. At the current moment it's actually an obstacle, as I'm having trouble finding a broker who will let me hang my license there and not want to split wholesale assignments fees 50/50 or 60/40 because they consider it real estate brokerage.

So, at the moment I'm a little irritated I have it because it's posing this additional challenge to wholesaling (because I want to do everything above board and have my broker know what I'm doing), but I think down the road, like everyone who has it says, they can't imagine not having it. That will come, at the moment it is an unnecessary challenge.

If it's the education you think you might obtain from getting your license, I would say that it simply isn't necessary. You can get all of that information studying on your own from books or here on BP.

Best of luck, and go find that deal!

JTM

Louis Davis · Answer

Hi @Chabu Nsokoshi and welcome to BP and real estate. I have been a wholesaler now for 5 years and never have obtained my brokers license or real estate license. PM me if you have any questions.

Thanks,

Louis

New to RE: should I get a broker license?

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