Becoming a Real Estate Agent - Posted by Dana

Real Estate Investing
#1

Posted by NCPaul on February 02, 2002 at 20:21:24:

Since you are a tag team of sorts, you and your husband, why not have one of you get the license? My thought is short, simple and has not been thought through so check into disclosure laws etc before you make a decision. I see having a license in the family as a potential advantage, MLS listings not being the least of which. You might be required to disclose if your husband is licensed even if your not but you might not be. If you’re not, then the unlicensed one could make the offers without disclosure and the licensed one could give you access to all the benefits of a licensed Real Estate agent. Like I said, check out the laws and such prior to doing this but it might work.

Good Luck

#2

Becoming a Real Estate Agent - Posted by Dana

Posted by Dana on February 01, 2002 at 15:02:28:

My husband & I are starting to get into real estate investing. We have a rental. And we have house we rehabbed up FSBO now. We were wondering if taking a real estate class & taking the test to get a real estate license would help us in any way, other than the obvious learn more than we know now? Any thoughts? Are there certain disclosures you must make if you buy or sell a house on your own as a licensed agent? Thanks.

#3

Re: Becoming a Real Estate Agent - Posted by Brent_IL

Posted by Brent_IL on February 02, 2002 at 08:40:46:

I was a licensed RE agent for a number of years. It’s nice when you are a broker and do many MLS listed buys. The costs and the liability have increased to the point that I don’t, at least for me, think it’s worth it. Split commissions, multiple RE board dues, E&O insurance, obligatory floor time, meetings, and caravan-type property reviews were just too much.

In Illinois, and I believe in most states, an agent must disclose his license. I used to use a rubber stamp sized to fit along the margin of the contract (long and thin). I brought it out right before I gave the contract to the sellers to sign. By then it was no biggie.

IMHO, the RE courses required by the state aren’t going to help you a whole lot with creative real estate transactions. If you don’t fall into the mindset, it can’t do much harm, but other than learning how to read a legal description and how to take title, there isn’t much that’s really applicable.

#4

My 2 cents - Posted by Corey ND

Posted by Corey ND on February 01, 2002 at 22:55:00:

Unless you plan on selling real estate full time DON’T get your license. It is more of a pain than an advantage. What you might consider doing is studying for the course taking the classes but not applying for your license.

The general real estate community doesn’t like “creative” real estate and could cause you some problems.

2 cents from a licensed agent.

#5

Re: Becoming a Real Estate Agent - Posted by Dana

Posted by Dana on February 01, 2002 at 15:13:34:

This is my email address, I mis-typed on the original message.