All Forum Posts by: Eric Mayo

@KevinMilton

A couple things to consider. In your regular job in Financial Advising, are you registered? If you have a Series 6 or 7, check with your compliance department before actually getting a license or attempting to make money as an investor. As a former field compliance officer I can tell you it's better to ask for permission than ask for forgiveness. There shouldn't be any issues with investing activities but let them know before hand.

Also, in Minnesota we have a licensing option called the Limited Broker license. If you are only acting as your own agent for your own investment properties you don't have to worry about licensing classes, tests and continuing education. You can't assist anyone else in buying or selling like a regular licensed agent but you can get MLS access & as I understand, get commissions. Go to the Dept of Commerce website (http://mn.gov/commerce/licensees/Real-Estate-License/index.jsp) for more info.

Hope this helps.

Welcome to BP Connie! Good Luck and Good Investing from the south metro.

Eric Mayo

Welcome Ryan,

I'm originally from Anoka, so I used to know that area pretty well. If you want an education, this is the place. I re-listen to the podcasts and hit the forums quite frequently. Don't be afraid to throw your 2 cents in on the forums. What you know or ask could be just what someone else needs.

Eric

According to the MN Dept of Commerce website if you are going to be receiving fees or commissions on deals where you are not the principal (buyer) it appears you do need to have a Real Estate Company license. One requirement of the license is that an elected officer must be a broker (see below from the website).

If you are willing to find someone with a broker license to be an elected officer/partner for a split of commission, then your plan might work.

When in doubt about licensing, it's probably better to ask the Dept of Commerce rather than risk fines or possible license revocation.

Another possibility is the MN Commercial Realtor's site: www.mncar.org. The site is mainly for commercial agents but they do have a public listing search as well. They list commercial properties, including MUH listings through commercial agents