Realtor · Midlothian, VA · Member since 2014 · 35 posts · 3 votes
I live in Midlothian, VA and am new to the site and REI in general. So glad I found this site. I've listened to a dozen or so podcasts over the past week (which have been fantastic) and have read the BP Ultimate Beginner's Guide. I also purchased both of @J Scott 's books and am about halfway through "The Book on Flipping Houses." All great stuff.
Question: My wife is contemplating getting her license primarily to use for our own investments. However, she will likely also do some work on the side as a Realtor as time permits. I'm wondering what are the typical responsibilities/requirements that a broker might have or do they vary wildly. Do you need to put in time at the office answering phones, showing properties etc? Or, can you simply hang your shingle with a broker and work as much, or as little, as you'd like?
I guess I'm thinking I'd like to do both, but think we need to concentrate on flipping initially so that we can create our own capital to then eventually invest. Is my thinking flawed?
This is how a lot of investors build their net worth. They flip houses for income and then use part of that income to invest in buy-and-hold.
However, she will likely also do some work on the side as a Realtor as time permits. I'm wondering what are the typical responsibilities/requirements that a broker might have or do they vary wildly. Do you need to put in time at the office answering phones, showing properties etc? Or, can you simply hang your shingle with a broker and work as much, or as little, as you'd like?
It's going to depend on the broker. Some of the big brand brokers (Century 21, Coldwell Banker, etc) are much more likely to require "office hours," require minimum number of transactions, require answering phones, etc. These are full-service brokerages who expect that their agents are full-time Realtors as a career. (The one exception is Keller Williams, which tends to be more investor friendly.)
The smaller brokerages are going to be a lot more flexible. The ones we work with don't care if we never come into the office (we've never even met the broker in Maryland that we're affiliated with), don't care if we never represent other clients, don't care if we never do a single deal and don't care if real estate is a full-time, part-time or never-time activity (as long as we're current on our fees/dues).
If your wife wants to do some Realtor work for others, I'd recommend considering a mid-sized brokerage, where she gets some name recognition with the brand, but also gets a good bit of flexibility. If you/she doesn't mind giving up a decent part of your commissions (and perhaps pay a decent amount of monthly dues), you might want to check out Keller Williams. They tend to be relatively investor friendly, and you still get the advantages of big brand name.
Thanks @J Scott . I'm really enjoying your book and coincidentally just finished listening to your podcast (#10) this morning. Really appreciate the feedback. We know a couple that are just starting out locally and she went the Keller Williams route. I think I'll give them a call and see how that's going. I currently work in institutional equity trading for a large southeastern bank, but am hoping to start investing soon and go full time as soon as possible (we have 4 kids so need to be sure I know what I'm getting into.) My wife and I have been debating flipping vs. buy & hold. She likes the long term security of buy & hold while I don't even know how to go about financing our 1st deal and feel like we'd be tying up any capital we might be able to raise for minimal monthly returns. I guess I'm thinking I'd like to do both, but think we need to concentrate on flipping initially so that we can create our own capital to then eventually invest. Is my thinking flawed?
I guess I'm thinking I'd like to do both, but think we need to concentrate on flipping initially so that we can create our own capital to then eventually invest. Is my thinking flawed?
This is how a lot of investors build their net worth. They flip houses for income and then use part of that income to invest in buy-and-hold.
Hey @Bill Morris welcome to BP! I'm glad you're enjoying the podcast. You should definitely start jumping right in the forums! Also, if you haven't yet, try to setup some "Keyword Alerts." It's great for getting into local conversations.
@Bill Morris I recently signed up with a smaller brokerage (8 agents) for the exact reason that I wanted to have the freedom to pursue investments while working as a retail realtor at the same time. I met with a few brokers before making my decision. Coldwell Banker and Keller Williams to name the big ones. Kw was my 2nd choice for sure. Check out this site for info on their split. http://moving-careers.com/keller-williams-realty-t...