Real estate, by default, is passive and the primary way to avoid the passive loss rules is to qualify as a real estate professional.Full-time employees and non-real estate business owners cannot qualify as a real estate professional (aka REPS status) because one of the tests is to spend more time in real estate than anything else (and it’s unlikely that you can convince the IRS or Tax Court that you spent more time in RE than your day job).

The biggest ways IMO are MLS data, multiple solutions for sellers (off market cash deal or listing), ability to rep. yourself on your own deals (saving on commission).Commission savings adds up fast when you're doing multiple deals a year.That being said, there is cost to having a license so if you're only doing a couple deals a year then it might not make as much sense.

My current deal has been delayed for over 30 days because the Launch rep wasn't aware that you cannot wire money from an offshore account- by federal regulation, the money must season in a US bank account for 30 days.

This is what a rep from New American told me.

They'll get you squared away and you'll get some reps at the various situations you'll find yourself in.

Eventually, you will see a property pop up that is an outlier in your favor, and you will be the only person who knows that market so well as to be able to strike quickly.The 1% rule had a value at one point, maybe as a screening tool, but it could never compete with the specialist who has done the reps.

@Tami Dzenitis just understand that he cannot give advice to you or the seller and has to remain impartial.

Unfortunately, the hours you spend managing your plumbing company likely wouldn’t count toward real estate professional status (REPS) hours.

having just you repped is fine in my opinion but the dual sided thing with an actualy listing contract gets a bit dicy for me personally.

Once the rep helps you with this, then you ask for their supervisor (since they make more money on having calls transferred) and promote how well that rep helped you; then, you ask the supervisor for the same thing.This was told to me in a seminar (a guru one at that); however, this is dependent on your personal ability to not spend the CC's.