Updated over 3 years ago on . Most recent reply
Newly licensed (inactive) agent needs advice
Hello BP. I recently passed my Real Estate Salesperson state exam and I have yet to choose a broker to 'hang' my license with. The whole reason I even made the effort to take the course/test is so I could get comfortable with Real Estate transactions, and eventually transition to being an investor.
I currently rent my primary residence. My landlord has decided to raise my rent by almost 3x, and has given me about 60 days to decide if I'm down with the rate hike or if I want to move on.
I've been mulling the idea of buying a personal residence for some time now, and I have plenty of cash set aside for a down-payment, closing costs etc. I've decided I'm NOT going to pay the higher rent and will purchase a primary residence soon.
Here's my question:
Should I go ahead and hang my license with a broker now? I'll get the added advantage of having access to FMLS as an agent of the broker I've been chatting with. Theoretically I'll save some money on commissions if I represent myself. I've never done any Real Estate transactions or deals, so I will be completely green. The broker I've been considering has assured me that he'll hold my hand as much as I need it while I get my bearings down.
Do any of you have advice? My wife isn't too thrilled with the idea of a live-in rehab, so if we do buy a primary residence, it'll probably need to be pretty turnkey. Also, considering the market prices and my pretty abbreviated time frame, am I doomed?
I'm all ears. Thanks in advance...