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And when selling your properties, there still is nothing that beats the power of having a property in the MLS. Instead of just you trying to sell it, it means every agent in the MLS will want to sell it to get that commission. Depending on the MLS, it will probably be automatically feed to the BIG real estate websites for maximum exposure.
Should I get my real estate license
Thank you for all of the advice. I can see I need to continue my research and set some firm investing goals for the next year to see if the cost and liability are worth it at this time. You all have given me MUCH to consider. I need to do more research about the liability aspect, thanks for bringing that to my attention.
up quickly especially if you're doing deals with those kind of numbers on a regular basis.
For example,let's just say you're about to buy a $200k property that you plan to flip for $250k after you sink $10 20k into rehabbing the place. When you purchase representing yourself as the buyer's agent, your split of a6% commission on $200k is$6k. (granted, some sellers tend to fight paying an agent's commission when said agentrepresents themselves but I digress). Then when you sell the property for $250kand you areyour own seller's agent, that's another $7500 as your split of a 6% commission. So you see how those commissions can add Nike Crew Running Socks
Also the time/expense to get and hold a license isn't small. Like any other portion of your business it may make for financial sense to pay for the service than do it yourself. It is likely that you will find agents in your market who are knowledgeable and can help your reach your investment goals while offering discounted commissions if you do multiple deals per year.
Not sure about the laws in Tn but in most states you will have to "hang" you license with a broker/company.
I obtained my license in New York a few years back for the purpose of being able to "sniff out" good deals for myself in addition to making some extra money on the side. The selling part didnt pan out, of course. I was not prepared to invest all my time into it, and thats what it requires.
Get it! But don't do the online course if you can make it to the live class. You'll make more connections and get a better grasp of basic real estate concepts by attending an actual class versus doing it online. I recommend getting licensed because it will pay for itself many times over as well as put more money into your pocket. Be sure to disclose that you're an agent every time you get ready to do a deal.
That being said, the fee to have access to MLS (at least in my area) was $500 a year. Then the license has to be renewed every 2 years by taking continuing education courses (not sure what that costs). I opted to not have mine renewed and let it expire. It cost $400 to take the classes for the license i believe, and i did it online.
resistant to dealing with a licensee.
I will say however thatif your time will be better spent on other activities related to your business and you won't miss that money then by all means forego the licensing process and find yourself an investor savvy real estate agent. Either way be sure to let us know what you decide. Best of luck to you!
Once you become licensed you have 6 months to join a Broker or retire your license. In my mind there are only two types of brokers. The big name firms that have great training but suck the money off their agents in commission splits, desk, training fees and other misc fee's. And the mom and pop broker that don't really offer a lot of training don't charge you and pretty much let you do whatever. Guess which one I chose as a wholesaler.
Holding a license can be a drawback when investing. Professional investors and agents do a great job making their deals as honest and transparent as possible. Problem is that a license makes you a target for law suits. Because a license makes you an "expert" you must disclose your status at the first contact on every deal. Some buyers and sellersare Nike Tech Fleece Joggers Green
the MLS. And then you will be able to find the deals yourself plus collect commissions when you buy.
There are costs to having a license. But these are business expenses that you should be able to write off. How much depends on what company you are with, the MLS dues, the fees, the E insurance, etc etc.
This question pops up all too often on the forums and you'll have people arguing all day about getting licensed versus not getting licensed. I'll offer my opinion.
You must also consider the liability of being licensed. This is the reason that some say to not get licensed.
In my honest opinion if you are just looking for good deals on investment properties and get MLS listings, you can work with a Realtor that can send you automatic updates every time something goes on the market. How many properties do you intend to purchase?
As Mark said you have to hang your license with a broker. I decided to just use my license and go out and make some additional money since I was already wholesaling. I recommend the live course because you will Nike Grey Joggers Mens hear things mentioned and questions asked that are not in the online course. Also you get to network which may pay off later on. If you want access to the MLS you will need to join TAR or Tennessee Association of Realtors.
Realtors are no different than plumbers/electricians/HVAC/etc all cheaper to buy the service of than becoming licensed to do.
Do a search here on Bigber Pockets because this has been asked many times by others. It is a MUST! Yes, you'll have business expenses associated with the license, however, the power you receive in return is worth more value. I recently enrolled into classes myself in order to take more control over my real estate investments.
I also checked around craiglists and FSBO and was able to find really good deals on my own.
I have found out that having a license is a huge cost (somewhere between $1800 and $2000 depending where you go). But you can easily make it back depending on how active you are.
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