All Forum Posts by: James Sotipalalit

@James Sotipalalit

Many investors I respect don't bother getting a license. It costs $1-2 thousand per year for dues to your local NAR chapter and subscription to the MLS, education fees etc. Also what you can do as a realtor is heavily regulated (because realtors have done horrible things, like blockbusting in the 1960s). I am required to tell anyone I'm transacting real estate business with that I am an agent (so they can be careful I don't take advantage via my superior knowledge of the law). And I cannot use certain words to describe neighborhoods. Stuff like that. I understand why I have these requirements but they are a pain in the neck sometimes.

On the other hand I have found it helpful because I have access to certain tools (MLS etc.) and resources and that help me identify deals. If you are a newcomer to the trade the licensing course gives you a few fundamentals and the license confers an identity upon you, which is sometimes an advantage. Over time people start to come to you BECAUSE you are a realtor, which draws deals to you.

So it depends what you want to do, and what you are already good at. Being more of a geek than a hammer-swinger, I find the role of an agent has not been a bad fit.

Think you'd be sticking close to home (Montgomery County MD) in your investing? 

As a newbie myself I do not plan to negotiate unfamiliar territory without experienced guides. You can certainly take that path eventually if it's right for you, but don't do it if it's because you think you have to do everything yourself. Trust me, you need other people. And good REI team members can be a huge blessing and help you along in your journey to decide what path is best for you. Good luck!

I actually just started this year. I'm currently educating myself by being actively involved on BP by listening to podcasts, reading blogs, and participating on the forums. I also try and read books from my library. I still need to attend a local REIA meeting.

Let's drill through the title of "investor" do you have money and credit to actually buy properties and "invest" or are you wanting to be an "operator" one who facilitates transactions earning money? As an investor, you'll have benefits of the MLS access and commissions saved on your deals. As an operator, you'll have a greater benefit of facilitating transactions legally and commissions are something you can earn openly that some try to hide as in wholesaling.

Either way, this is a social business, if you can list 100 people you know that you can approach about real estate (not that they would buy or sell anything, just know you can introduce yourself to them) then you would have a very good start as an agent. Same with operating or investing in real estate.

More importantly, starting out you need to learn real estate, not how to market real estate thinking you are getting a basic education in the industry. I suggest you take the class for agents if you can, after learning basic real estate matters you'll be in a better position to decide if being an agent is what you want to do.

At any rate, get a text book on real estate, like "Principles of Real Estate" and learn real estate!  Good luck :)

@James Sotipalalit 

Welcome. The short answer is someone on your team needs to be an agent it just doesn't have to be you. Time to build the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 90 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.

Consider checking out HUD homes for small multi's owner occupied gets first crack.

To find out about an area go to IREM.org search for ARM certified property managers. Call 5 ask them what sides of the city they like/dislike and why. Ask what they see them selling for and what expenses are by category. Ask for market occupancy and rents. Ask if they know anything coming up for sale.

You can also search narpm.org for the RMP (Residential Management Professional) and MPM (Master Property Manager) certified.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good luck

Paul

@James Sotipalalit I think you got some good replies above. What type of investing are you looking to get into?

@James Sotipalalit

I have definitely benefited from having a real estate license. From everything that I learned in the classroom, to the referral fees I've gotten... I am happy I got my license. That being said, there are investors FAR AND AWAY more successful than me that did not get their license. Having a RE license will not make you successful. It is merely a tool. What WILL make you successful is a drive and determination...

@James Sotipalalit  since as long as I can remember. I come from a RE family. I got my license in 2004 at the age of 23. I didn't have the clientele to withstand the market crash of 07-08, so I used my degree and went into the tech world. I've paid my dues every year so I'm still a licensed realtor, but I began purchasing 2012. The referral fee from that initial transaction alone made paying my yearly fees worth it. 

 No I went to a private high School. I don't think Watkins mill High was even built when I lived there.  I have been investing for 10 years