Question about getting a real estate license to do flipping, etc.

[Bienes Raices]

I was thinking about getting my RE license just so that I could obtain MLS access and have an advantage over other buyers, but there were a few things I was wondering about:

1) Is there a long lag time from the time you pass the test to when you actually receive your license (and are able to purchase an MLS subscription)?

2) I know that when you work under a broker you need to pay the broker a yearly(?) fee. But do they also expect you to do other things such as desk duty at the office, etc.? Is it a good idea to tell them you are only doing this for MLS access, or will that make them not want to deal with you?

3) I suppose it varies by state, but what are some of the disclosures that you are required to make (as an agent) when you sell a flip?

Thanks.

[J Scott]

Getting MLS access is just one benefit of getting your license, and I would argue not the most important. I would also argue that saving 3% commission on purchases/sales is not the most important.

In my opinion, BY FAR the best reason to get your real estate license is so that you can CONTROL YOUR DEALS. How many people post here daily about the frustrations they have with their buyer's agents, the listing agents of the properties they buy, appraisers, buyer inspectors, their end-buyers and end-buyer agents, mortgage brokers, etc?

We normally don't have those issues. I'm my own buyer's agent so I always know what's going on with my offers. If a listing agent isn't doing their job, I don't have to sit around and wait -- I can call them directly, call their broker, call the real estate commission, etc. When I have a property on the market, I know when it is being shown (the agents call me directly), I can get feedback directly from the agents, and I don't have to worry about another agent saying something I don't want them to say during a negotiation. When I get a property under contract to sell, I can talk directly to the buyer's agent, I can require that they put me in touch with the appraiser, I can call the buyer's mortgage broker whenever I want, I know when the buyer's inspector is going to be going out to the property. Also, I don't have to wonder if there are emails flying around between the closing attorney, the buyer's agent, the mortgage broker, etc, without me knowing about it -- I'm looped into everything.

Yes, I'm a control freak. I couldn't imagine being successful in this business without being one...and having a real estate license gives you the power to control pretty much every aspect of your transactions.

Here are more of my thoughts on the topic (if you never read anything else I ever write, I recommend this one):

http://www.biggerpockets.com/renewsblog/2010/02/10/controlling-your-real-estate-deals-manage-catastrophe/