Finding a local brokerage in Fort Worth area to hang my license

[Steven McPherson]

I live in Crowley and am about to pursue my RE license.  I am trying to learn about everything I can before I start the process.  Are there any licensed agents on this board that are also investors?  Do you have any suggestions for local brokers who I should look at getting sponsored by?

My concerns are: 

• Will they be ok with me wholesaling and eventually flipping while being my sponsor?
• What fees would I be required to pay?
• If I go a for a prolonged period of time without any deals, will I still be required to pay fees?  I don't want my bank account being drained since I'm on a tight budget as it is.

Any information or advice would be appreciated.

[Gene Livingston]

Hi Steven,

All the things you're asking about are negotiable items between you and the broker. The sticky parts for you will be on the selling side of your deals (because that's where the lawsuit potential is). Broker will be paying E&O (errors and omissions insurance), and your deals may fall outside coverage if you are listing your own deals. In these cases you would normally list through another agent in the same office. So it's not a barrier, but you need to speak with several brokers. Also keep in mind that if you want to get your broker's license some day (4 years from now), you need to be earning "points" toward that. Points are earned per listing, per closing, per buyers rep agreement, etc. So if your license is at a broker, but you are not really active, you may suffer down the road, depending on your goals. Bottom line, pick a broker that matches your business model. There are MANY brokers out there. Do some research, narrow down to maybe 5. And then meet with those 5. Evaluate EVERYTHING, not just fees. I know people care about fees more than anything else (LOL), but there are many factors involved that are just as important as the fee structure. Alot of this stuff you will learn anyway as you are preparing for the exam, from classmates and instructors.