Taking action in reaching my real estate and house flipping goals

Taking action in reaching my real estate and house flipping goals

Rockford, IL · Member since 2014 · 6 posts · 2 votes

Hi everyone!~

     Firstly, this sight has given me so much information and after every single time I do research and read I get more and more excited in making this decision. Being a stay at home mom has been rewarding in every way, but I'm ready to get back into the work force and to help provide even more for my family. I've taken in a lot of information and now I think it's time to take action in the next steps, and the right ones, towards reaching my goals. However, what I'm nervous about is HOW to get there.

     My ultimate goal is to flip houses. I've read that I don't necessarily need my realtors license to make that possible, but I'm thinking that would be a very good start. Simply for educational purposes, discipline in the working life again, and to bring in a second income to gain financial stability. This way, I/we would have a solid foundation, which I find extremely important. 

     I currently live in Rockford, IL but plan on moving to the Rockton, IL area around spring/summer. Are there particular schools that anyone would recommend anywhere near these areas? I really don't want to fall for and pay more for a scam/gimmick. I've already made that mistake in attending an institute and being stuck with thousands of dollars in student loans, which is almost all paid off finally, and no degree to show for it. I understand that one day I could be a competitor to those in my area, but am I also correct that building a "team" would be beneficial? After I do get my license, I would need to find and work for a broker? Do I have to work for a corporation like 21st Century, etc. or can I find an independent broker? I think I may be a little confused with how that works, and that's making me feel a little dicey about things. Can someone explain that and make it clearer to me?

     Thank you so much BP and to all on here. I'm going to have to say finding you may have been one of the best things to happen in regards to my next chapter. I can't tell you enough how excited I am! 

~Katie McGuire~

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  • Investor · TN · Member since 2014 · 508 posts · 167 votes
    11y

    Hi Katie,

    I am fairly new to BP as well and it will be a while before I get through all the information I want to read.

    I am in Loves Park, IL and just recently received my IL Broker license and my wife received her IL Leasing Agent license so we are familiar with the process.  The Broker license requires 90 hours of pre-license training (15 of which need to be interactive classroom).

    There are local classes in Rockford that you can attend in person or you can take online or self study courses for the first 75 hours.  To start in your search of education, the link below is a list of the Illinois Department of Financial & Professional Regulation approved real estate schools.  http://www.idfpr.com/RealEstate/Education/RESCH110...

    Once you take the pre-license education, you will need to pass an exam administered by AMP, and then apply to the IDFPR for your license.  It may sound like a lot but if you take it in steps it is not bad and you can spread out the costs if you like.  When you have your license, you will need to find a Sponsoring Broker (this will be covered in the education).  You can choose any Managing Broker as your Sponsor that fits your needs from a big franchise or a small local office.  We chose to go with a small office because of the niche market they serve, the similar core values, and the direct mentoring we receive.  Others may prefer a large company with a broader market and formal training.  

    Feel free to PM for more specifics if you like.  We would be happy to help.  As I said, we just went through this so it is fresh in my head.  My wife and I got our licenses to help people with their real estate goals so helping you get your license fits our mission.

    Craig 

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    11y

    @Katie McGuire 

    Welcome. 

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.

    Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good Luck

    Paul 

  • Rockford, IL · Member since 2014 · 6 posts · 2 votes
    11y

    Thanks for the information! I've been acting on it and if everything goes right I could start as early as March 19th. Keeping fingers crossed! 

  • Investor · TN · Member since 2014 · 508 posts · 167 votes
    11y

    Hi @Katie McGuire,

    Congratulations on taking action!  Did you end up going with the classes in Rockford?  I took an online class because of my schedule but I was wondering how the local classes are.  

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