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Updated over 1 year ago,
Should I invest in a property before becoming an investor friendly agent?
I am currently studying to be an investor friendly agent in NY, and currently do not have any investments. I'm aware that investors vet out their agents by working exclusively with agents that invest. Would it be the right move to invest in a property before I take my exam and get sponsored in order to be more prepared for the field?
Any thoughts or advice is appreciated, Thanks!
I think you can still be an expert in the market regardless. Some clients may want to work with someone else but not everyone you come in contact with will want to work with you. I just got my license too in MA. I am a 2x house hacker, while I do think it will look good to SOME, I don't think it's going to be the biggest draw to me.
I personally do not care if the realtor has an investment property or not. As long as they can find me the property, I am happy.
- Real Estate Broker
- Coppell, TX
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Personally I think it is hugely important if you're going to help other investors to have done it yourself. That brings your street cred to the table.
I always find it so interesting that there are so many agents that don't own any property, trying to help others to do so. I know everyone has to start somewhere, and there may be circumstances where it does not make sense, but for the most part, as an agent, I think your #1 goal is to own your own home. If you are going to help investors, then invest yourself.
I'm putting together a class now for my office and thinking...what if someone tells me they have zero funds today to invest, but want to help investors. I think a start is invest in some real estate stocks. Maybe $50 in 3 stocks....maybe something like AHFR or a builder like DR Horton and maybe a REIT like Ashford. That way you are an investor in a way....you start getting quarterly and annual reports you can devour and learn the terminology, see where their issues and successes are and start down that path, That's where you save your nest egg until you can pull the trigger on your own deal. That's one option.