Investor to licensee benefits/warnings2.

Hey all,     My name is Ed and I am an aspiring RE investor here in Metro Detroit. I've decided to become an Agent to fund my goals and to network. Passed my exam yesterday and am now looking for a brokerage. My goal ...

Be careful who you accept advice from...Here is the law from an Oklahoma Lawyer:59 OS § 858-301 states, “It shall be unlawful for any person to act as a real estate licensee, or to hold himself or herself out as such, unless the person shall have been licensed to do so under the Oklahoma Real Estate License Code.” 59 OS § 858-102 (11) states, “‘Licensee’ shall include any person who performs any act, acts or transactions set out in the definition of a broker and licensed under the Oklahoma Real Estate License Code.” 59 OS § 858-102 (2) states, “The term ‘real estate broker’ shall include any person, partnership, association or corporation, foreign or domestic, who for a fee, commission or other valuable consideration, or who with the intention or expectation of receiving or collecting a fee, commission or other valuable consideration, lists, sells or offers to sell, buys or offers to buy, exchanges, rents or leases any real estate, or who negotiates or attempts to negotiate any such activity, or solicits listings of places for rent or lease, or solicits for prospective tenants, purchasers or sellers, or who advertises or holds himself out as engaged in such activities.”59 OS § 858-301 states, “However, nothing in this section shall: 1.

First step is to learn real estate before dealing in real estate, Josh has voted for this view in the past, (as he was (is) a licensee) it goes without saying, know the flow before you go.Gonz, inspirational books are one thing, strategies are another and high quality instruction are texts, technical aspects, it may take all three, but what must be understood is the basic technical side, keeps you from losing money, out of trouble and teaches where and how to transact business in RE.

Stacy, I highly recommend having an Agent (whether it is a licensee or someone you trust that can be your 'boots on the ground'). 

I see from the city's vacation rental fact sheet, the following, "In a building with 4 units or less, the vacation rental dwelling unit must be the licensee’s “Primary residence” where applicant lives on a daily basis at least 245 days in the applicable calendar year."

With spending and licensee limits in place, I'd say it's worth it if you are in the capital preservation phase vs needing to eat or further accumulate with your soon to be non-existent / drastically reduced CF.  

Both of my licensee tenants I've retained to list or be my agent have been floored. 

It's a slippery slope and dual agency is fairly unusual.We have a Mandatory Licensee-Consumer Relationship Disclosure form that all real estate licensees must present to a consumer at the first personal meeting to discuss a specific property.

I can attest to the fact that having my license has been a benefit and helped me acquire properties because of being a licensee.