New to BP!

[Joe DiMarzo]

Hey guys, this is my first post on BP. I really enjoy spending time on this website, its filled with tons of good info and resources.

Currently, I have 6 units with my dad. I'm 22 yrs old, work full-time and invest on the side, but I plan on making the transition to investing full-time in 2 years. If you take a look at my page, you can find a little more info on my real estate experience/goals. My dad is an experienced investor and he's taught me everything I know. I'm constantly looking for new resources to make myself a better investor.

Last week I went to my local bank to get some information on different financing options. The manager and I got on the topic of myself investing as a career. She thought it was a good idea for me to get my real estate license, so I could have access to the MLS and pick up the best deals. I ran that idea by my parents and they didn't agree. What do you guys think? What are some of the best ways to find good deals, foreclosures, etc?

[Simon Campbell]

If you are going to pursue a career in real estate investing, having a real estate license is definitely a perk. In fact, I would recommend getting your Broker's license. Here are a few reasons:

1. Access to MLS information.
2. Good source of industry data, networking peers and mentors
3. Standardized real estate training necessary for licensing
4. You are not paying commissions for properties you purchase, you get paid commission.
5. Brokers can work for themselves.
6. Credibility is increased which is good when getting loans and negotiating.

Reasons you may not want to get licensed:
1. Fees for education.
2. Fees for licensing
3. Fees for MLS access.
4. Must have your agent's license with a company until have Broker license.
5. Con-Ed takes too much time.

You have to weigh your options and see what works best for you - but I personally recommend getting licensed if you are looking at doing this full-time.

As to where to find good deals and foreclosures: Check some of the online sites that offer discounted, REO, foreclosure, auctions and short sale properties. These can be a great source of information. The sites that have membership fees generally have the newest listings and are most up to date.