Real Estate License and investing

[Jason W.]

Hi All!!

I'm a newbie to BP and real estate investing. I am interested in finally getting into investing or at least purchase my first home (eventually). I am eligible to sit for the California Real Estate Salesperson exam. I was thinking the real estate salesperson license would assist me my goals (saving some costs on buying/selling, access to MLS, etc).

Are there any recommendations on where I can hang (is that a term?) my license?  I would imagine that the traditional brokerage expects licensees to be a real estate agent or bring in a certain amount, no?  So, I was looking online brokerage companies.  Am I going down the correct rabbit hole?

Ultimately, being able to sit and obtain a broker's license would be ideal as well.  Here in CA there is a 2 year requirement.  Would "hanging" my license for two qualify?  

Thanks all for any help and looking forward to making BP my new daily site!! :)

[Trey Williams]

@Jason W. I got my Licences a few months ago and will just tell you what I would have done knowing what I know now.

1. keep your day job so you can qualify for loans if not your will need a partner with lots of cash I did I was lucky . Yes be a part time realtor/investor.

2. Find a multifamily property to purchase the larger the better because more renters means more cash covering your mortgage. If its your first property  you can obtain a 203k loan( this will finance the purchase and construction loan)

3. Find a multifamily that needs renovations so you get it at a discount and can rehab below the actual ARV and later refinance

4. Oh yeah join a team or a realtor that already invest in rentals so you have a built in mentor. They will help you write your first contracts but you will split your commission. But getting paid to purchase your rental is a nice situation ( I did this on my first rental and looking for a multifamily currently) 

5. If you can rehab your multifamily below the ARV you can refinance out of the loan and possibly get some cash. Also asap ( 6 moths typically) the refi will allow you to do this process in a year again because you cannot have more then one 203k loan or FHA first time buyer loan out at once. But you actually don't have to be a first time buyer you just can't have two of these loans at one time.

6. Read Bigger Pockets " The book on managing Rental Properties" so you can manage your multifamily and save 10% instead of hiring a property manager. Its tough but worth it.  

This is just what I have learned and I probably am missing a few things but this is what I can think of at the moment off the top of my head.