RE Salesmen Or Go For It! Which Is Best?
I have heard quite a bit from both sides. One side (REs side) states that if you get an RE license, you are accountable for quite a bit. I want to perform flips and I do not want to be accountable with a lot.
The other side states that if I did get an RE license, I would not have to pay the 6% to any RE agent just to get a house/apartment or other.
What is your advice?
From: Want To Learn 
woodsong,
Good post and very well said.
Larry
Thanks for the input. I am having a meeting with a friend which is a licensed RE broker. He is the one that stated that I should consider getting my license based on disclosure issues and others. I plan to go hear more from him.
It sounds to me that being licensed does definitely have its benefits.
Thanks for the info!
Im a Realtor, I always advise against becoming a salesperson unless your objective is to become a broker ( Like ME). But you must be careful because states have limits on the number of RE deals done in a year before they consider you a dealer. Also be mindful that u must disclose in every, I mean every deal that u r a license realtor or there could be serious legal and/or financial liabilites But if u plan to deal more the statue limits, go get a builders license or appraisal ( its good to know you own value on properties)
Dear Goldenchild,
Thanks for the info. I take it that is what my RE broker was saying (in so many words).
All of the responses have given me more objective reasons for becoming an RE licensed.
All of you, thank you!
The most important thing is to get out there and start doing deals.
Check with your state. Some states are now limiting how many transactions you can do a year without a license, and without being a party to the deal.
The knowledge you gain about real estate by taking a real estate salesperson class will be beneficial to you.
"I would not have to pay the 6% to any RE agent just to get a house/apartment or other. "
Since most deals are split between 2 agents, you are now talking about 3% NOT 6%. and the cost of maintaining a license is a monthly charge, for MLS, for dues, for office expense.
Nevada, for instance, does not allow you to work out of your house with a brokers license, you must have an actual, physical business (not a PO Box).
A good agent can save you the 3% many times over. The question is, where to find a good agent.
[addsig]
Ford 64, you state the following:
"Check with your state. Some states are now limiting how many transactions you can do a year without a license, and without being a party to the deal. "
I live in Texas. Does anyone know if there are limitations such as stated above?!
IMHO, having a license has only been a problem a couple of times when purchasing residential investment properties for myself, but it has never been a problem with purchasing commercial properties. You just need to make sure you are clear on your states disclosure laws and follow them strictly....
Is the trustee doing a foreclosure sale? If so, what does the community property laws in your state say about the other 1/2 owner? Can he come up with the money to satisfy the judgment and pay off the lien? This one will probably have clouds in the title too, you should check with a good RE attorney. I wonder if you could show up at the auction and get a deed to the property?