All Forum Posts by: Account Closed

The way I look at it is this. If you are strictly looking to become an agent in order to get MLS access to acquire properties, then no you should not get your license. This is because you can easily find an agent who is willing to provide you with MLS info and show you the deals you need to see. However, if you are looking to either help other investors, or selling your own properties in the future, then becoming an agent is much more worthwhile. Depending on where you are located, becoming an agent could cost upwards of 2k and then roughly 1-2k annually going forward. So you should be aware of that before getting a license to just see MLS data.

@Matthew H. Hey Matthew one instant pro of having your license along with rentals is being able to get the most exposure through the mls when you have a vacant unit.

I would say more specifically only get a license if it your goal to build a business full of product and services in real estate.

I have my license and one thing I really enjoy because of my brokerage is how my business is vertically integrated with multiple income streams!

Check this out terranceclarkre.com/why-exp

It depends on the scale of your business.  

If you plan on buying one property every 5-10 years like the majority of BP members, then I say it isn't worth your time.  The time it takes to take the class, as well as the yearly refresher classes that are typically required, and the fees involved in becoming licensed and staying licensed probably doesn't make it worthwhile if you only plan on sporadically purchasing a new property.  Not to mention that even though you are technically licensed, you are still very inexperienced which can make it painful to try to represent yourself if you are only doing this once every few years.

However if you are purchasing something on a somewhat regular basis then this can be phenomenal. You don't need to wade through all of the crappy agents before you find one that fits your needs. You can do your own research, pull your own comps, have MLS access whenever you want it, and schedule viewings yourself without needing to coordinate your schedule with your agent. Obviously representing yourself also has the financial aspect of being able to save multiple thousands of dollars both when you buy, and when you sell.

There are many schools of thought on this subject but here's mine.

This really depends on your goal as an investor and how you are going to reach those goals. Most people say becoming a real estate agent isn't necessary because there are plenty of agents who are amazing at their job. Essentially this will allow you to focus on your end of the deal, whether that's rehab, management, or anything you can bring to the table.

Personally, I have decided to pursue my license to gain more insight into the real estate world because what's wrong with having more knowledge? 

Feel free to contact me with any of your REI questions. Good luck Matthew!

@Account Closed You can rehab your current home to increase the value and then pull the money out of the home via cashout or HELOC and invest. The only thing about increasing the value of your home and then pulling the funds are that you will increase your personal expenses without bringing in additional income. If your DTI can handle this and still qualify for financing... great! Next is to have an investing plan in place on what to do with those funds prior to pulling the money out of the home. Cashouts are nice with the interest rates being so low right now. HELOCs are a decent option as well, but use those funds for what Chris mentioned above, move gap financing.