New to real estate. Will a license help?

Question

My name is Robert French and I'm currently in the process of transitioning out of the US Navy. I have seemed to develop a legit interest in breaking into the real estate industry. I am super new to the ins and outs but have been listening and reading as much as i can trying to gain knowledge.

I get out of the military in May 2024 and am thinking about getting my real estate license for FL this summer. I will be moving back to Jacksonville once I am out. In theory, my plan is to be an agent for a couple of years to really gain experience and knowledge about loans, inspections, good deals, areas, etc, and then start really investing. My long-term goal is to own rental properties to make passive income and possibly flip some houses along the way.

I know these forums are full of experienced, genius people so I'm open to any insight that will come my way.

Adam Bartomeo · Answer

@Robert French The Department of Business and Professional Regulation. They manage all licenses in the state of FL.

Robert French · Answer

I appreciate this. I have heard the same thing from what I have been looking into. Having a license definitely has its benefits. Not having to wait on an agent to view a house, you can be directly involved with the buying process instead of relying on a middle man, etc. What is the DBPR? I’ll have to look into this!

Samuel Metcalf · Answer

Welcome, Robert!

First, thank you for your service. And welcome to the BP community. I'm brand-new as well (also a new BP staff member) and I look forward to seeing you succeed in real-estate. If you have any questions along the way - around BP content, or the site - let myself or a real Forum Experts (like Noah Bacon) know. Happy to help if I can!

If you're up for it, perhaps we can connect and start our networking tree together.

sm

Joseph Beilke · Answer

@Robert French

First of thank you for your service.  I work NS Mayport as CIV Firefighter.  With our work schedule I was able to get into real estate about 7 years ago and have had great success with it.  I work with mostly investors, and my Broker/Wife handles most of the day to day Buyers and Sellers.  There is a bunch of great info here on BP and just this threat alone.

@Paul De Luca made a great point about try to get your first property before you lose the W-2 income.  I completely agree with that advice, It will make getting an investment property much more obtainable.

As your plan is to work with buyer and seller you will need to get a state license.  I recommend taking it in person.  The class it self is normal very dry, but online teaches you to pass a test, in person you get stories to understand why the rules are they way they are.  Your post lic class, take that one online.  Understanding "why" makes you a much better Realtor and when you work with other Realtor's you notice the difference and you appreciate it.

If you wanna talk, or have a bunch of questions feel free to DM me.

Adam Bartomeo · Answer

There are pros and cons to being an investor and having your license. As a licensee you are held to a higher standard and held accountable to things that non-licensed investors are not. You will have to look into the legalities to understand your investing strategy to see if it will help or hinder you. Personally, having my license changed my life and I will always have it. For me, the benefits far exceed any potential issues that may arise. Also, I was active-duty Army and Florida NG for a total of 6 years. I believe that if you apply with the DBPR while you are active duty they waive the application fees.

Hamp Lee III · Answer

I’m active duty Air Force and plan to retire in less than two years.

I think it’s helpful to have your real estate license as an investor. I have a LLC with a few friends looking to fix and flip a property. I’ve looked at 10-15 houses so far and it’s nice just to schedule and walk in. I don’t have to ask an agent to spend their time on properties that I may not put an offer on. Plus, working with buyers (not sellers) has been beneficial to learning the nuances of being an agent, my market, and investing strategies.

If you have additional questions, don’t hesitate to reach out. We can jump on a quick call.

I wish you all the best.

Caroline Gerardo · Answer

Get as many books you can order from the library, or online. You can study the real estate principles for the test online but the books are free. Don't buy some guru class or mentoring.

Practice the math problems, learn how to use a mortgage calculator, estimate for fire/flood insurance, property taxes in Florida 1.3%, how to repair a roof after hurricane, watch Youtube videos on plumbing repairs and inspection how to, read real estate contracts for Florida...

What is your role assignment in the Navy? DM if you don't want to post it. The Navy has many classes that can expand your skills for free.

I'm retired Navy. The VA loan is your first tool, read about it. Ask lots of questions on BP, there are some great helpers here.

Paul De Luca · Answer

Since your plan is to be a real estate agent, you will need your license. My recommendation is that you continue learning about real estate investing prior to leaving the military so you can hit the ground running right when you become an agent.

If possible, you should aim to buy your first rental property before you leave the military since I think it's going to be harder for you to finance your first property without a stable W2 job. Join a brokerage & team that is investor focused and think of that as your apprenticeship. That will shorten the learning curve.

New to real estate. Will a license help?

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