Getting your real estate license?

Question

Hello everyone,

I have been listening to the BP podcasts for a while now, and saving up to complete my first deal. However, I have been thinking, I am a firefighter in Maryland, and my schedule allows for a great deal of time off. I believe it might give me a better foundation to get my real estate license in my spare time, just to get my foot in the door faster, but I wanted to get some input first. I will be looking to flip or buy and hold, or both in the future.

I know they have touched on this in a recent podcast, but they didn't cover the topic long

Thanks

Jordan Sutherland · Answer

Hey @Terry McAllister! I'm a firefighter from Lubbock, Tx. I've been a career firefighter for 4 years now. I've done my fair share of odd jobs on my days off, but never had anything to substantially increase my income and make it worth working on my off days. We have a 24/48 schedule. After getting my second rental, My heart was really set on real estate. I decided that getting my real estate license would be very beneficial in my future investing and hopefully supplement my income as well. I recently got licensed a few months ago. Getting licensed was very time consuming and expensive, but it was definitely worth it for me! I've made a few commissions already that are way bigger than my FD paychecks, and they came with a lot less work. I've been lucky so far on that aspect, but it is also so nice to be able to look at the MLS and go look at houses whenever I want. I plan on acquiring my third rental this summer with money I've made with my real estate commissions. The best part is, I'll instantly get a paycheck on my next purchase, or can have it go towards my down payment. I think if you have the time (most firefighters do) and if you are really serious about REI, then you should go for it! I think it's been one of the best decisions I've ever made. It's definitely not easy and its not for everyone, but it could be very beneficial to you. Hope this helps!

Justin Brown · Answer

Hey Terry! If you are 18 and have a pulse an agency will take you. Do your research on who will charge you as little on fees as possible yet give you as much training and resources as possible. Good luck!

Terry McAllister · Answer

Thank you all for the replies, long story short, my fiancé and I had our first baby two weeks ago, so my hands have been tied for a little while. I have found a certified online 60 hour course that fits Marylands requirements through Long & foster learning. My last question before I pay for and start this class, is how difficult is it going to be to find an "affiliate" to sign off so I can take my test and get my license? Am I going to legitimately have to work part time and sell real estate? I am fine with that, I just don't know how appealing that will be to an agency. Thanks again!

Russell Brazil · Answer

Wholesaling via the method of using an assignable contract would bear almost no distinction from a net listing, which would be illegal for an agent in MD. Others may have a different view.

Eric Jan · Answer

Any issues in Maryland doing wholesaling while being a realtor from a legal standpoint?

Phyllis E. · Answer

Oops- Just found out that Maryland DOES allow pre-licensing classes to be taken online. Perhaps I had found old information online. I think that the Maryland State board webpage for real estate licenses is very confusing. I just wanted to add this correction in case anyone stumbles on my post above--I don't want to mislead anyone! ANd I found out that the online courses are much cheaper than the one offered by the community college! Do you have a course that you used, Terry, that you would recommend?

Phyllis E. · Answer

@Terry McAllister Hi, Terry. I am also from northern Calvert County! (Dunkirk) I know this is a slightly older post, but did you ever get your license? I just signed up to get mine from CSM (our local community college) but it is only offered at the LaPlata campus so it will be about an hours drive each time-ugh. I don't think that Maryland allows the pre-licensing test to be online, so we have to drive (like we Calvert Countians are used to having to do--drive everywhere, LOL. One of the few drawbacks to living in the country, I guess.)

JR T. · Answer

Definitely get your license. Hopefully @Mike Webb will pop in. He's a Maryland firefighter, RE investor and RE agent.

Jordan Sutherland · Answer

@Terry McAllister @Leslie Brown I took my real estate class online through "real estate express". It cost me $800 and the course takes 180 hours in Texas. I passed the licensing exam on the first try, but the course was a pain in the butt. It took me the full 180 hours to complete the course, but I did learn a lot. I think the first 12 months of realtor association dues, MLS access fees, etc costs about $1000. It takes a lot of time and money, but will completely pay off after your first deal! @Leslie Brown there is a company called TARREC in Lubbock that offers classes. I think it's around $1200, but you can finish it in just a few weekends. I've heard good things about it.

Richard Carlton · Answer

Hi @Terry McAllister , getting your license is not a bad thing in the state of MD or any other state for that matter. Having your license and affiliating with a broker will allow you to network in ways not normally available to investors without their licenses. It also allows you to earn commission check when buying your own rentals or flips and it saves you some money when marketing your own properties while being able to use MRIS(local MLS) to look for deals and marketing your own on MRIS. You might be able to find other local providers for hard money and other services that is needed for rentals of flips. As for costs, expect to spend @ $2000-2500 getting into the RE Industry as a MD Licensed Realtor. I took my test before there were online resources to take the pre-licensing classes. Feel free to PM me if you have any questions.