Real Estate License Costs - Michigan

[David Toupin]

Hi All! 

I am starting to get into real estate investing, and was told that getting a real estate license is a great way show I am more serious about investing and will help my name carry more weight to bankers, other agents, potential investors, etc.  

I have heard they can be expensive each year to continue to keep your license.  Can someone list out all of the expenses that are associated with getting a license, maintaining it, renewing it, etc particularly in Michigan?

Best,

David Toupin

[Kase Knochenhauer]

Getting your real estate license can be rewarding. Yes, the startup costs are low. However, proceed with caution.

As a part-time agent it's unlikely you'll be involved with more than 1-2 transaction per year. This isn't enough to make you familiar with the necessary paperwork or allow you to know the market like a full time agent does. Sure you might make a few thousand during your next transaction, or when a friend wants to sell their house- but it carries the risk of losing a deal or not accounting for other factors that could hurt you or your clients.

I encourage every investor to find a full-time professional who can assist with their search, help analyze the deal, and ensure the transaction goes smoothly every time.

If you decide to pursue licensing as a part-time agent tread very carefully! If you have any other questions, I'd be happy to give you a hand.