To Get A RE License Or Not
I was wondering if I should persue a RE license here in NC. My plans are to flip properties although I may also rent some out. I have been taking a RE pre-licensing course not with the intent of becoming a broker but rather to learn more about the business and the law. The course has been fantastic for these reasons. But should I take the test to become a provisional broker? The only benefit that I see is that I can get access to the MLS. Other than that I think that I may be placing more accountability on myself.
Any suggestions?
I would vote against an investor getting a RE license. When an investor sells a property, it is caveat emptor, buyer beware.
As a licensed RE professional it is full disclosure, with full liability for actions, and more importantly, inactions.
An action currently in the local court system concerns an investor/Realtor who rehabbed a home that had been flooded by vandals while vacant. When the investor/Realtor rehabbed this home, he used bleach, Kilz, etc and painted the home to bring back the new appearance.
When he sold the home, he failed to inform the buyers of the previos flooding. But the neighbors told the new owners and the owners pried off the baseboards and found MOLD. The health-conscious buyer, agressive lawyer and deep pockets of the investor/Realtor resulted in the house being vacated, gutted of all sheet rock and lower insulation, and subject to a mold remediation process.
Tha lawsuit alleges FRAUD and is asking for treble damages since the investor/Realtor did not disclose the previous flooding "and, as a professional, should have known better."
The investor/Realtor is liquidating properties now because he anticipates an unfavorable judgment of $600k or so.
You can get MLS acess in many ways without opening yourself up to this kind of liability.
[addsig]
bargain,
Please list some of the ways to get MLS access without being a realtor? Thx. C
Yeah, how do you get access to the MLS?
Obtain an REO agent that will send you all the new listings every week; or in a certain price range every few days; there are agents that are hungry enough in tough areas to be your "best friend" if you are a good buyer.
Other than that; www.realtor.com is as close as it gets from home.