North Carolina Real Estate Q&A Discussion Forum
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 5 years ago, 11/10/2019
Real Estate License
Hello everyone,
My goal before my 24th birthday is to
A. Get my real estate license
B. Generate $1000 of monthly passive income from investment properties.
My question for you all is what is the best path to get my license. I have a somewhat unique situation, where I will be living in Florida for my current job from January '20 to August '20, but will be practicing in my home state of North Carolina. North Carolina requires I complete a state-approved 75-hour broker pre-licensing course in a live classroom and take the exam in North Carolina.
This presents me with a little bit of an issue. Do any of your guys have any suggestions? I really want to avoid having to wait till August when I get back to take the course...this sets my plan back half a year.
Thank You for your Time! Anything Helps!
Chris
Hey @Christopher Holba! It doesn't look like there is reciprocity with Florida. So it might be difficult.
You could get your license in Florida, but only have it for a few months? You can take that course online so you could start it today. Took me six weeks to get licensed by working on it a couple hours a day. Of course you might put all this effort in just to start over in a year. Where in Florida will you be?
You definitely don't need your license to become an investor making $1000/month. But, there are options to do that WITH your license as well.
Could you maybe get in to investing by purchasing a small multifamily for your move to Florida and then renting it out when you go back to NC?
Wish I could be more helpful. Best of luck to you!
- Charlie Cameron
I’m not aware of an online pre-licensing course for NC unfortunately. You may have to get your license in a different state as previously mentioned, then get your NC Brokers license when you move back officially in August of 2020.
Hi @Christopher Holba, I love the clear goals that you've set for yourself. As a NC licensee, I'll tell you that you do have to sit in a classroom for 75 hours and there is no way around that. There are places that will do weekend classes if that helps at all.
Getting licensed in a different state and then getting an out of state license for NC is a possibility. If you're active and in good standing for 3 months in another state, you can waive the pre-licensing portion and either take the state test (it's tough!) or do the 3 post-licensing classes within the following 18 months which sounds like would be possible for you. Something to look into. Check out the guidelines HERE.
That being said, you could also focus on the passive income goal, which being a FL agent may help you with. Getting that basis of knowledge, albeit a different state, is always helpful, plus you may find some good opportunities down there before you move up to NC.
Can I ask why you intend to get your license? Is the goal knowledge, a new career, access...?
@Brian Corbett
Thanks for your help @Brian Corbett. Believe this is what I will have to do. Might as well go ahead and get my license down here in Florida to expand my knowledge base and switch gears when I get back up to NC.
@Laura Yates thanks for your comment. I have considered taking the pre licensing course in FL then taking the exam when I get back to NC. Do you think I would be adequately prepared if I took the course in FL?
Right now I am playing baseball in the Cardinals organization and would like to practice in the offseason. Not sure if any firm would take me for half the year but it’s worth a shot!
Thanks again.
@Christopher Holba no problem, happy to help. As far as being prepared for the NC state exam with just FL experience/testing, no. But you can buy books/study guides for NC specific laws that would help prepare you for the test. I think you would have a lot less to learn coming from a real estate background so it wouldn't be as challenging a transition. That being said, I have not done real estate in Florida so I'm not sure how their laws translate.
As far as a firm taking you for half the year, yes they totally would! Real estate firms vary greatly as far a niches and agent productivity. Some firms may not be ok with it or have a certain amount that you need to sell per month. But there are a lot of agents out there that do it part time, and some that just hang a license with a firm so they can stay compliant with laws and collect referral bonuses. I personally work with Keller Williams Realty which is big on supporting the agent and educating agents on running a business and being successful. Other firms will let you hang your license for a flat fee per month and just charge a certain amount per closing that you bring. It all depends on their business model. I'd recommend just getting out there, talking to different firms and seeing what works for you! (And it's hard, but try to look past the sales pitch and see what they're really offering, maybe talk to a few agents that work there. That can be enlightening) And congrats on your career thus far!!
Hope that helps,
@Laura Shinkle This is all great information and has given me much to consider. Thanks again and I will do some research this week to explore what my best option is going forward. Like you said, it can't hurt me to learn the business in more than one state!
@Christopher Holba Find a NC course that just takes place on weekends -- #FrequentFlierMiles!!!