All Forum Posts by: Chris Farrugia

 Wow, that's impressive.  Don't you find that it cuts too deep into your margins?

I have the opportunity to purchase some great property that will need new flooring, a new tub, new cabinets, paint, etc.

My question you experts is how much of this do you generally do on your own and how much do you sub out?  I'd love to move into the property while I flip it and do a lot of stuff on my own but I'd be learning so much of it as I go.  How did you learn how to do things like install a new tub or new bathroom vanities?

Not a basic question at all. The local board is your group of Realtors that control the area you're in, the MLS, etc. For example, mine is the "Naples Area Board of Realtors" or NABOR. The board does a lot of things other than just give you access to the MLS and offer training.  They handle disputes, the have committees, offer local advertising for Realtors, etc.

First of all, here's how to get a Florida Real Estate License.

Second, the test covers almost nothing that you'll actually use in your day-to-day business but it is a necessary evil.  The way you learn to write contracts and all of the practical information is generally through a broker or through your board.  If you pick a good broker, they'll offer some great training.  But, don't overlook your local board!  My board in Naples has classes almost every single weekday!  Some are really short and cover a small topic.  Others, like one that's all day this Thursday will over the two main contracts used.  They have lawyers going over every little detail of the contract!

Definitely get your license but pick a brokerage that is going to offer you the best training.  You have to hang your license with a broker anyway so take the time to research Tampa brokerages and make a good decision in that regard.  Your early training can really leverage your license into a huge asset.

It all depends on the states and whether they have reciprocity with one another.  Plus, you'll likely be taking a test in your state as well, just not as in-depth of one.  It's not just an application or some paperwork to transfer it so to speak.

 Great points, Joel.  Trust me--I was thinking that.  I thought it was implied.  As an anecdote, I was once recruited for this team that boasted they had over 200 listings on this island down here in Southwest Florida.  The whole team only did about 3 or 4 closings a month on that many listings because their leader overpriced EVERYTHING.  I completely understand your point and it's a huge concern.  Thanks!

David, love the ideas.  Thanks for chiming in.  Naples is a funny market.  I had my own mother's home listed one just to test the waters at a very high price.  Long story short, the morning it expired, I think she had something like a dozen calls by 9am despite being on the Do Not Call list.  I'm afraid that by the time my mailers arrived, it would be too late.  I'd almost have to time them so they arrived on the day the listing expired which would be a bit risky.

Great questions.  Just to address a couple of points you've made, I really hope your average sale isn't a $100k house.  Here in Naples, FL, I'd say the average is somewhere around $350-$400k.  Next, the 50/50 split brokerages are where you start to take advantage of all of the trainings.  Once you're established, move on!  Pay a desk fee at a brokerage and get close to 100% of the commission.  That's the path I think most agents take.

As someone with a real estate license, I couldn't imagine doing what you're speaking of without it. As mentioned before, just having immediate access to the MLS data is crucial. Plus, saving the commission $ on even one deal will outweigh any association or licensing fees you pay that year. The other thing to consider is that with a real estate license, you'll have a Supra Key (or similar) so you can see properties on your terms. If a deal comes up that seems too good to be true, don't you want to know before the rest of the public sees it and puts in a contract? I like the idea of only one of you getting the license though--if you're partners in this, it really would be redundant for you both to have a license. That being said though, the one with the license will need the most availability in his schedule.

How to get a Georgia real estate license. Read that, take an online course and go make some money!

http://realestatelicensebystate.com/how-to-get-a-t... has the information on what you have to do to get the license and a code for 10% off the courses.  From the looks of it, Texas is one of the more demanding states but don't let that stop you.  The benefits of having a license are amazing.

Back when I got my license, I did the classroom option and went to an actual school.  Worst decision I've made.  The teacher literally read from the book to us for however many days it was (I think like 7 or 8 days).  It was more expensive than taking it online and so amazingly boring.  Online is the way to go, whichever school you choose in my opinion.