Newbie RE Agent to Interview Brokers Next Week

[Cody Stone]

My wife has just earned her RE license and will be interviewing brokers next week. Our plan is for her NOT to become a traditional real estate agent long term, but in order to generate some income to invest she will be playing that role short term. Below are some of the reasons we decided for her to become an agent with a bit of help from J. Scott and his book on flipping houses. 

1) solidify our commitment to real estate and learn the business

2) earn extra income for investing and save $$$ when we buy and sell 

3) have full access to the MLS to make our own offers and run comps

4) have more control of our deals

We will be focusing on buying, rehabbing and selling SFRs short term. Then we will be switching to more of a buy and hold strategy long term.

What are some specific things we should be looking for in a broker when we have little experience and could use the education, but want the flexibility to be investing as well? 

Any advice is greatly appreciated!

[Russell Brazil]

@Cody Stone Ive worked for several types of brokerages, both big brand name and small investor friendly places. If I were you, I would suggest going with a big brand name that has a lot of education, training and broker support. The small places just will not have the resources someone new to real estate needs. You may be thinking but we dont really want her career to be as an agent....but the training will be invaluable.  Much of what you can learn (Marketing, local law, fair housing) is going to carry over quite a bit to the investing side of your business. 

I see so many novice agents and investors get themselves into trouble because they do not fully grasp the law.  It is a very different thing to sit down in your licensing class and read what the law is, then to see in life how the law is actually applied. This chasm is huge and surprising to most people who do not deal with it on a daily basis.

One other suggestion I have.  If these things are open in your state, go sit in on the Real Estate Commission disciplinary hearings...and go sit in housing court for a couple days. You will get a sense for what the things are that people are really getting in trouble for.