Agents Not Listing, Only Buying
I am currently taking taking my real estate funding class in prep for the MI state examine.
I want to go into investing and not becoming an agent
Does anyone know of any agents that do this? What are my chances of finding a broker that would work with an investing agent?
TIA
None.
Stop, dear friend and look around.. Do you see any others that profess at the very beginning of their career to wish to invest for themselves and not be the servant of those who list and buy?
Face up, you are now enlightened. Also perhaps even truthful. You wish to gain wealth, and play your own game. Nothing wrong with that. It helps of course to have a wealthy wife or come from parents who are elderly and most important endowed.
In the mean time perhaps it would be better if you served a small amount of time in a Mortgage Company, if possible one that has a small stable of private lenders whose greed and cupidity will set an example for you. I would put in at least a year so employed. By that time you probably have a roladex of names and telephone numbers of other investors and have spent time talking and chatting with those that play the money game. You will learn much some of which is not printable but all applicable.
On to glory and riches. Watch the attitude, be meek and mild, rub your hands together on occasion which will draw attention away from the smirk on your face.
I think your timing is perfect. That nice Mr. Greenspan left the interest rate alone today so you got time to go on this high market. Tune up for what follows, it is a kick.
The Best. Lucius
Hi Lucius,
So you think I would be better served working for a mortage company.
I currently have a full time job. Do you think I would be able to work part time for a mortage company?
I am looking to accomplish my long term goals of investing not to be successful working for the mortgage company.
Thanks a lot for your reply. It was very helpful
tahuti,
Don't know how brokers operate in MI but maybe you could do one of these:
Option A: Hang your license with one of the "100%" types of agencies with the kind of association that minimizes your monthly cost--for example, home satellite as opposed to paying for space at the agency. Whatever the "barebones" level of affiliation would be.
In that type of affiliation, the employing broker shouldn't care that you're an investor and not actively brokering, so long as you pay that minimal monthly fee and operate in accordance with the licensing laws.
Option B: Hang your license with a non-100% type agency if you can negotiate some arrangement with the employing broker where the broker would cut you a break on commission splits or agree to share in commissions you earned only on the buy and not the flip. Or whatever.
Obviously, you just need to put your license on someone else's wall for the least amount of out of pocket, either monthly or deal by deal.
Nancy I am not familiar with the "100%" type agency you speak of, but I will look into it.
Thanks for your help
i would still like addl' help if anyone has thoughts on the subject
I have a full-time job, two small children, and a real-estate license. Through "a friend of a friend", I met a commercial real estate broker. He is a fantastic guy. Most new agents have a 50/50 commission split in my area. He gave me an 80/20. I told him I have no intention of quitting my "normal" job (I make good money and have fun doing it) and he said he will allow me to be as involved or not involved as I want to be. But he warned that after awhile, I will be sucked into real estate full time, because it is a lot of fun.
I am so glad I got my license for several reasons. First I have access to the real MLS....not www.Realtor.com or any other substitute. I can search expired listings, read agent remarks, and look up tax/assessor records online. I also joined the local association of realtors and NAR. They have a great store where I can buy forms, publicatons, signs, etc. I can attend free classes (although during my normal workday!) I also can go look at homes that have lockboxes on them.
That's the good stuff. Now the not-so-good stuff. The opportunities are expanding so rapidly, that I am going crazy trying to keep up! I feel myself getting sucked in by the day....but I wouldn't change a thing! You need to find out about E&O insurance (errors and omissions insurance). My broker doesn't buy it at all for any transaction. His feeling is if you screw up, you learn from your mistakes. Be honest and you should be okay. E&O insurance is very expensive. You can buy it on an annual basis that covers all your transactions for the year, or on a per-transaction basis. In California, its a few hundred dollars per transaction. The only buying/selling I have done is for myself. If I do anything else, it will most likely be for family or friends.
Bottom line - poke your nose around. There are brokers that will allow you to be an independent contractor on a part-time basis. It is well worth the benefits!
[addsig]
Yeah , I would think it depends on the broker. Although I personally have not yet met one that would consider creative real estate investing. I suppose its a numbers game too(like good deals). I figure the best way to get to work with one is meeting them through people rather than calling them up randomly. Many are not familiar with creative real estate investing .That way they don't think im a rip off artist. - Just been my experience.
[ Edited by Alexis on Date 02/16/2004 ]
I should also add that I wouldn't close your mind to listing properties. Some properties you run across might not be a good fit for you, but they are a good deal. Spending a couple of hours with a seller and putting the info on the MLS and sticking a sign on the front lawn might net you a few thousand extra bucks.
[addsig]
Find a small time broker to hang your license with and go for it!
Take listings from friends and family for free money. Show houses to friends and family who are serious about buying a house for free money also. Typically referred to houses that "fall into your lap" and pursue your investment dream.
Best Riches,
Jeff Adam
[addsig]