Get Real Estate License & Start Part time?

Question

Good Afternoon BP Community!

I have been recently  trying to decide to get my real estate license in order to transition my career into the real estate industry while also investing.  I am a full time W-2 employee averaging between 45-50 hours a week at the moment.

My plan is to get my license in order to gain access to the MLS as well as increase the number of people I can connect with while being able to potentially add meaningful value. Along with that I’ll be able to use the study material and class to gain a better grasp of real estate as a whole. Moreover, I figured i could start out by focusing on a smaller number of clients and deals to start out and then once I get some traction make the transition into full time realtor and real estate investor.

If possible, I’d like to hear some of your experiences and advice as to whether or not it’d be beneficial to start part time.

Thanks in advance!

Marc Winter · Answer

@Andre Jernigan--re inspecting:  for the timid, go to open houses and ask the agent lots of questions about the property.  For the bold, contact FSBO's and set an appointment to view.

Marc Winter · Answer

I'd say "no".  That is, 'no' to part-time.

Sure, get your license, make some contacts with brokers, but wait until you can devote yourself to this business 100%.  If you are serving two masters, every time you hit a wall in real estate, you will be more prone to just go back to the 9/5 and give up your dream.  One foot on the dock, one on the boat.  OOPS!

Don't let that split of passion put out the desire you have to become a success in real estate.  Save up enough money to survive at least 9 months, then go for it whole-hog.

Good luck!

Brad Pickett · Answer

Hey Andre, I'm new to the BiggerPockets forums with a similar question. I'm wondering if getting my real estate license is worthwhile, even if I have no interest in becoming an agent. I've recently embarked on a path to learn about becoming a real estate investor. I also wonder if the license would give me beneficial access to information from MLS.

I'm hoping some of the more experienced members will share their POV's.

Best of luck to you!

I'm hoping some of the more experienced members will share their POV's.

Best of luck to you!

Andre Jernigan · Answer

@Marc Winter thank you for the advice. I figured there is a wealth of information that can be learned about real estate as a whole but more specifically what is and isn’t allowed while being an agent as well as wholesaler. I actually am excited to be going to my first REIA meetup next week. I have made sure to take note about inspecting as much as possible. Out of curiosity do you have any recommendations as the best approach/place to learn to do so?

I can’t thank you enough for your insightful responses today.

Take care!

Marc Winter · Answer

@Andre Jernigan,

I would encourage you to take the re course, and take the licensing exam.  You'll have a good basic understanding of what you may and may not do as an agent and as a 'wholesaler'.  Start making contacts with other brokers, attorneys and at re meetups.  Get involved.  I'd use my spare time to do 3 things:  inspect, inspect, inspect.

Andre Jernigan · Answer

@Brad Pickett welcome aboard man! I too as you can see am new and still trying to figure out my path. A big part for me is access to the MLS as well as not having to worry about any legal problems that could arise if I were to go into wholesaling and accept any kind of finder’s fee for example. We’ve had two separate opinions so far which have been insightful so I’m hoping more come up! Best of luck to you as well. Let me know what you eventually decide and I’ll do the same.

@Ben Grotzke I appreciate it. I am more than prepared to become organized in my scheduling in order to balance the two. When you got your license and started part time, was your intent fully to become an agent?

@Marc Winter thank you for your outlook. Just to clarify, would you recommend atleast getting my license and then choosing to go full time when i have the money saved up correct? I know it would be somewhat difficult to balance the two. And like you said, there are responsibilities that would come up both ways. Currently my W-2 hours are 7-3, therefore I still am done early enough in the day. Unfortunately I can’t leave for lunch to meet with clients earlier in the day. To me, the biggest thing was getting the license in order to have access to a wider network. I’ve been wanting to get I to wholesaling or looking for deals in order to bring to other investors which would help me to build my capital to start investing myself. My concern is not knowing the exact law here’s in Indiana with respect to accepting any sort of payment for such actions. Would you mind me asking your opinion on that idea? As for hitting a wall with real estate, yes I know it will be difficult as with anything else in life, however I have fully committed to wanting to be a real estate investor and working in the industry, so I want to make the appropriate decisions in order to make that’s transition here within the year. I don’t need have much experience in the industry so I figure do getting my license would be a good start to getting my foot inn in the door. I appreciate the help!

Ben Grotzke · Answer

Hey Andre,

I started out as a part time agent and it worked for me. You can do it, it will take some scheduling time and making sure your clients understand that.

I utilize my google calendar, drive, task lists, and keep.

You can do it man.

Ben

Get Real Estate License & Start Part time?

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