Wisconsin Investors: Any reviews of WRA.org?

Question

I currently live in Michigan but will be moving to the Milwaukee area sometime in March or April 2017. I think to get started on my goal to become a multi-family landlord, I would like to get an RE agent's licence. Is wra.org (Wisconsin Realtors Association) a good place to start? I've found that they offer an online class that you have 6 months to complete before you can take an exam. Since I'm new, I just dont want to be giving out money for classes that wont help me. Has anyone been through this? Can anyone offer advice for getting a licence if not this class? Thank you!

Pat Parrillo · Answer

Account Closed great question. I have a W2 job and invest and wanted to pick up my real estate license for my personal investing and as an additional income stream. I am a buy and hold investor and it doesn't consume much of my time. I figured having my license would allow me to get into properties I'm interested in purchasing at my convenience and will reduce my acquisition costs. So manly for my personal benefit for investing. At the same time it's an opportunity to help family and friends purchase personal residences and investment properties and I see that as gravy on top, but not another job with my specific approach.

If you want to get to know the Milwaukee market and focus on investing then that may be the best use of your time - looking at properties, talking to other investors and networking. There is no harm in having your license in my opinion but I think the first step is to identify the #1 priority.

In my case I wanted to be a buy and hold investor and focused there first, then found getting my license as an added benefit but not the #1 priority and did so after being an investor. I'm a believer in Gary Keller's philosophy in his book The One Thing. Prioritize first and then take action on your #1 goal. You can have multiple goals but decide what's most important first. If that's investing, then build your education, capital and team first. That's my personal opinion and everyone's goals and circumstances are unique, wanted to share mine.

Pat Parrillo · Answer

Account Closed to answer your question about WRA.org course I finished the course just last week. I believe it was under $350, which I thought was a very reasonable price.

I found it to be very informative and the best part about on-line courses is that you can do them as you have time and at your own pace. I completed the entire course in under 3 weeks but I know several folks who took their time and completed it closer to the 6 months. The way my brain operates best is learning quickly and taking an exam right away rather than trying to spread all of the information out over a longer period of time and trying to recall 140 answers to questions you may have learned months ago.

The course follows a straight forward approach broken up by 14 chapters. There are 4 practice quizzes per chapter (Vocab - multiple choice, T/F, a few scenarios, and multiple choice questions on the entire chapter) and then a 140 question comprehensive practice quiz at the end. You can take the quizzes as many times as you like, which is great practice. I found between the lectures and practice quizzes it should set you up for success and you can't beat the convenience of studying anywhere and any time you want, whether at home, in the car, etc.

So in my opinion I would recommend it. Hope that helps.

Joshua Martin · Answer

@Craig Carmichael Thanks for the shout out!

Account Closed I didn't take the licensing course online, I did it in person at Shorewest (a large local brokerage whom I don't currently work for), but their course was great, about $400 I think.

I would, however, say that you should think carefully about getting your license. What you learn is mostly legalistic, and doesn't help find deals as much as you might think. And there are lots of costs aside from the licensing fee (the WRA just hit me up for my dues again!) and being new these add up. If you have cash reserves, it's something to consider. But being a realtor is just as difficult as being an investor.

There's a good site here for multi families though, I think it's just milwaukeemultifamily.com, and the guy doesn't hold the listings but he markets the properties. Check it out.

And let me know if you need anything else!

Best,

JTM

Rebecca Knox · Answer

Contact Jodi at Premier Point if you do pursue your license as it's a lot cheaper than going through WRA and it's the same exact course. They are also an investor friendly broker if you decide to go with them with very low fees.

Craig Carmichael · Answer

talk to @Joshua Martin maybe he could help you out.

Bryan L. · Answer

Account Closed my opinion as someone who also moved to the area from another part of the country is to learn the local market first and where you might want to invest. Spend your time talking to other investors, local agents, lenders, and contractors until you are more familiar. There is no shortage of agents who will help you find investments here. As you get more comfortable with the area then you can certainly get your license to give you more flexibility to look as you please and provide additional streams of income that being an agent can offer.

Account Closed · Answer

Thank you all for the replies! @Joshua Martin Bryan L. I'm glad to hear it went well for you! It definitely sounds like the type of education I'm looking for. Did you do this alongside being an investor? I am considering using it as an educational tool in my toolbox as well as a way to dip my toes into REI. Would you reccomend this, or would the class only be for someone looking to be a Full Time Agent? Thank you!

Brian Klean · Answer

I used the WRA.org course to get my license a few months ago. Be warned that the class really just teaches you the legal ins and outs as well as the terminology you need to learn. I got my license because I work for a broker not only selling, but also helping with business development, etc.

Wisconsin Investors: Any reviews of WRA.org?

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