The right choice
I'm finishing my real estate license next week here in the state of Maryland. I got involved on the advice of my CPA who suggested that since I was getting back into real estate investing I could earn an extra 3% here and there and have access to MLS if I picked up a license.
I owned almost 30 units 8 years ago when I had money. I wasn't a very smart investor back then and frankly, bought those units with conventional financing. I don't have any of those units today.
What's more, this time I must buy with creative financing because a bank won't loan me a dime.
Here's the question. Real Estate school doesn't teach a word about creative investing and it's investing that I'm going after. I didn't get into this to work "open houses" and "floor duty" in some real estate office, but I did go to school for access to MLS and for the knowledge. Now that I have some of that knowledge, I'm still caught up whether to pursue investing full time or to work the "floor duty" and "open houses" and see what investment opportunities arise.
Any thoughts on this? I could sure use some direction right about now.
Ed
Hi Ed,
A lot of years back, I wanted to pursue real estate investing. I decided that if I were to get an RE license and get in the business, that I would be able to network with the other realtors in my city, make some great contact with local lenders, and start my creative investing career.
I team up with the owner of the local RE/MAX franchise and began my journey. It wasn't long before I realized that there were no other realtors in my area who knew anything about creative real estate (or believed in it). I soon was brain-washed by those who surrounded me, that the only way to buy a property was 5%-10% down and get a mortgage from the bank. If took me a few years to pull myself out of this situation, and then to re-train my brain on how I wanted to buy property.
I guess my only thought is that if you surround yourself with people who only think conventionally, you might be their next candiadate for a conventional sale!
At the same time, if you need to be a realtor to put food on the table, then I would continue selling until I made enough creative deals happen.
I guess one more thought would be to get your brokers license and open up your own independant Office. If you specialized in selling/buying creative deals, you might just become overwhelmed with business. Both that you can buy personally, and sell for people. Hope this helps and Best of Success!