Should I get my real estate license

Question

All I ever hear on BP is that networking and meeting other investors is the best way to start your real estate career. I don't personally know any investors and was thinking that if getting my real estate licence would be a good way to get into the real estate world first hand. Tell me what you guys think and any recommendations on how to become an agent. Also im in nyc but would be willing to get the real estate licence anywhere near North East.

Michael Enriquez · Answer

@Justin Rodriguez as mentioned before it totally depends on your goals.  I recently got licensed because I wanted to be in the trenches and truly learn the market (and make a little money) as my long term goal is to eventually buy and hold a multifamily property in NY, even though I'm starting with a small duplex in Philadelphia.  As @Sid Leibowitz mentioned it's a great way to get an inexpensive education.  If you search on Groupon you can take the online course for as little as $99 from a school that is recognized by NY's department of state.

John Mathewson · Answer

yes I recommend 100% get your real estate license. It was the first step in my investing career and it has really helped me.

Sid Leibowitz · Answer

Justin. Taking a salesperson course is a great way of obtaining an inexpensive education in New York State real estate transactions, law and procedures.    You can take a "crash course" which is  75 hours and not very expensive. This will give you a basis to evaluate if selling or investing is right for you. You will find specific laws to your geographical location and some useful ideas by being with other like minded students all looking to work within the real estate community. You will take a course exam at the end of the course. Not everyone passes the first time. You will establish if you want to move to the next step of a real estate sales persons license (another exam and fee). Different states may have different laws. You will have to be licensed in every state that you want to agent in. Laws may be different in every location.

Marcus Auerbach · Answer

just like @Shane Hedeen said it's professional career and most good agents have 60 hour work weeks - it's just not a good part time job (unless you want to get your family in trouble by listing their home). But that's besides the point: I know very few agents who are also investors, I would guess less than 5%.  I think that says something about the value of getting licensed to start investing.

Shane Hedeen · Answer

@Justin R., beyond what @William Murrell stated - this comes down to your goals and values in your career. Being an agent is a career. Some use it as a way to help supplement their day job, or supplement their investment strategy. That said, there are many costs, liabilities and risk involved in getting your license.

There is at least one person it seems who posts this exact question daily on these forums. Spend some time, go back and read what others have asked, and what others will say as answers.

Beyond all the money and time, it's more about your values, purpose and what drives your passion. Take in all the pros and cons for your purpose, and see if it's a good fit. There are thousands who have asked the same question, and lots you can read to give more insight from different perspectives. Best of luck in the decision!

Account Closed · Answer

https://www.biggerpockets.com/renewsblog/2015/12/0...

Great blog by Mindy Jensen runs through the pros and cons.  Good luck!

Davit Gharibyan · Answer

It depends. If you are gong to do rehabs, having a license might help you when selling the rehabbed property by saving on the realtor fees. If you are going to do large multifamily deals then I don't think you need a license. You will be working with your team (broker, lawyer, accountant, bank lender). Plus keep in mind when you get a license you will have to hang it with a broker for three years. There can be some costs and fees associated with a brokerage. Then there are continuing education requirements. So there...

Personally I don't think you need a license, but everybody's situation/needs are different. Do whatever works for you.

Joel Owens · Answer

Not enough brokers and agents invest themselves.

They are married to the job making them a living instead of their investments giving them their financial freedom.

I am a principal broker on the commercial side 13 years into the business. I get to decide what projects I take on and what clients I work with.

When you are new in the beginning and not experienced it is very tough for an agent to get going. You might land a few deals from friends and family to close but after that you are running a business and must generate leads and referrals to grow.

Part of the process is going through the leaner years in the beginning and working your way up through smart work and dedication to constantly hone your craft. I love what I do so it is work but it isn't.

I love being a broker because I can take revenue from closings and plow it into investing. I leave so much reserves between deals etc.

If someone is going to be an agent to sell houses that is a very tough gig. There are a ton of people licensed for that type of stuff. What I do is highly specialized so there are only so many of us in the field.

Should I get my real estate license

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