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Updated almost 6 years ago,
"Double-Dipping" in Real Estate Professions?
Hello all!
I am currently preparing myself to purchase my first multifamily property in Minnesota, and will proceed after I've solidified my financial position a bit more (I already have a lender and an agent I'll be using, if that's pertinent to anyone out there).
However... I am perusing the idea of widening my breadth of knowledge in real estate, and hopefully I'll set myself up with multiple streams of income before I start receiving passive income from my future investments.
I currently work in a commercial real estate valuation firm as an analyst after years of working in residential real estate (on the appraising end of things). Eventually, I will be getting my Certified General Appraiser license, which will allow me to get an MAI and be able to take on commercial work independently, if I desire.
As for right now, I'm in a bit of a transitionary period (injury) and have a few months to sit around and work on my computer. So I am planning on getting my real estate agent's license and representing buyers/sellers. I have several friends that will be investing soon, so it should pay off this year, even if I don't pursue it further than that. This benefits me in the sense that I will be able to save some money as I buy and sell my own investments in the future, although I will be using a very experienced agent for the first couple properties so I can get a handle on things.
I'm also debating on getting my home inspector's license. I have some background in construction, but not nearly enough to make this a profession. So it'd be purely for my own knowledge and benefit as I invest going forward. Being able to tell the difference between a cosmetic blemish and a full-blown, $25,000 problem is a valuable skill, in my opinion!
Thoughts? Would a broker see any potential conflicts of interest or issues with me working as an appraiser (commercial) and attempting to become an agent? I've never heard of an appraiser that also works as a realtor, but many have their realtor's license for a variety of reasons. So I know it's done regularly, I just don't know anyone that has developed it into a full-on side hustle like I intend to do.
Is a home inspector's license worth it, if it's just for the benefit of the knowledge of it? Or would it be better to take some classes at a local community college in the field of home inspections or code inspections, disregarding the "license" aspect of it?
Any other ideas that may be beneficial to someone in my position? I'm just interested in being diversified with my education in real estate, keeping in mind that it's virtually all going to be used to invest in real estate... And I am very non-discriminatory about what I'll invest in. Whether it's a posh, 110 unit apartment complex, a strip mall, a mobile home park, or a standard SFR; I am open to it all.
Thanks in advance!