Should I get My License

Question

I am brand new to the game of realestate.  I have been a physician in the healthcare field for 10 years and finally looking to start leveraging myself for retirement.  I have read many of the basics and guides and I am so excited to have found this forum.

Here is my questions:

I have sat for my real estate agent license here in Florida, and I am just about to hand it under a broker to become active.  As I am reading through these posts I see that wholesaling is the best place for me to start with investing.  Should I go ahead and activate my license or will that limit me and cause me to take all of my wholesaling transactions through my broker?

Thank you in advance for any input.

Account Closed · Answer

Sean Price Welcome to BiggerPockets and congrats on starting your investing career. I would say that getting your license would definitely be an advantage. Having access to MLS and running comps will help you out greatly.

While wholesaling is a great place to start, it is not the only place. Some people just don't like it. You will learn a lot by wholesaling. But don't think you have to start there. The great thing about real estate investing is that you can create your own path. If you want to wholesale then totally go for it, but I think too many people assume that if you are just starting out then you have to wholesale first. That is just not the case. Again, I'm not trying to discourage you from it, just trying to point out that it is not the only place to begin your career. There are many ways to make money in real estate!!

Sean Price · Answer

Ben- that is exactly what I was thinking....I was worried about muddying the waters.   I was thinking that to build up cash I would continue with working as an agent as a side business to my practice with the intention of using all income to begin investing in real estate.  That way I could learn the ins and outs on the contracts and laws etc and maybe find sme good investors to work with, then move into rehabbing and buy and holds etc.  does that sound like a good plan?

I already have one job with my practice and I am looking to build long term passive income with real estate so. Need to raise the cash first so I can do this.

Brandon- thank you and I will definately check out the books.

Ben Leybovich · Answer

Welcome to BP Sean Price.  If you want to wholesale, I would think hard about getting a license.  The issue is disclosure and ethics.  What is wholesaling – you sign a contract and then pass it along for more money.  Do you think that your state’s licensing authority will look kindly on that - especially if you build a business out of it?

I have a license in Ohio, and I specifically do not do wholesaling – muddy waters so to speak.  Besides, as Brandon Turner mentioned there is that little known fact of it being REALLY HARD :)

Brandon Turner · Answer

Hey Sean Price, I do think wholesaling is a decent way to build up cash. That said, it's also the easiest for people to quit, so be sure your resolve is strong!

As for rehabbing- definitely look into the new BiggerPockets books that were just released, The Book on Flipping Houses and The Book on Estimating Rehab Costs. The second book, especially, will be really helpful for you! check those out here

Sean Price · Answer

Thanks for the info everyone. I don' quite have $30K cash to get started, I am looking at the wholesaling as a way to build up to that.  Are their other creative ways to build up cash?  Also, I would love to get straight into rehabbing once I hit the $30K ish mark (dont have too far to go) but I do not know anything about rehabbing a house or estimating costs. How do I find threads on BP geared toward that?

Thanks again for the help everyone!

Ben Hughes · Answer

Totally agree with what Travis said.  If you have over $30K to use I personally wouldn't start out wholesaling.  I would just start rehabbing myself.  This is the route I am taking but each of us makes our way.  Welcome and good luck to you.

Louis Vargas · Answer

Sean Price, If you already have it and have a broker you want to hang the license with. Go ahead and active it. You'll have access to the local MLS which would help you out in your wholesaling business. I'm also thinking of reactive my PA license and getting one for NY.

Should I get My License

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