Getting Started / Real Estate License / Texas laws - Posted by Len Wilder

Posted by Justin Riley on December 02, 1999 at 14:41:52:

My goodness, john thank you so very much! i hadnt even thought about a local thrift store. Goodness, that is a scource that i have yet to look into. thank you so much. i will see if i have one in town and i will be getting back to you when i find it. wow thanx a million!!!

Getting Started / Real Estate License / Texas laws - Posted by Len Wilder

Posted by Len Wilder on November 04, 1999 at 18:26:10:

I have been studying discounted notes as an investment for the past month. I have been advised to contact you about materials to actually implement the process, in lieu of talking all about it. By materials I mean agreements, strategies for selecting notes, marketing, sources for find notes, etc. In other words…the practical day to day stuff for doing the business.

I also have another real concern. I have within the past two years held a Real Estate License. I am aware of liablility concerns in being a broker, and making creative real estate deals. I have not re-newed the license. I was visiting with an acquaintence the other day and I was told that, if I held a real estate license I could participate in “Points” when buying or creating notes. My understanding is the points could significantly effect my yield (I understand why).

Texas has some very strict laws when Real Estate brokers buy for themselves, and in-ordinate disclousures are required…The disclosures are almost like saying…"Your property is worth more than I am paying you for it, and I intend to purchase it to sell it and make a profit, and you should get an appraisal, and consult with your attorney and accountant before you make a deal with me.
An open invitation to all the deal killers possible…!

My principal interest is in the paper, and doing a few development projects of my own. A real estate license would give me alot more exposure to markets if I pursued Commerical real estate, and worked paper as well.

I would appreciate any response you feel appropriate (Negative or Positive). I worked as a turnaround business consultant for over ten years saving companies from Bankruptcy and death (so to speak). I can handle negative issues very well.

Your friend,

Len Wilder

Texas laws - Posted by m. edwards

Posted by m. edwards on December 19, 2000 at 19:00:57:

What are earnest money requirements for Texas?

Re: Getting Started / Real Estate License / Texas laws - Posted by Eric C

Posted by Eric C on November 05, 1999 at 24:31:19:

Hi there Len -

Besides being Texans, it seems we have some other common interests. I also have (and still do) consulting with companies both large and small.

My brother has held a Texas Broker’s license since 1987. He feels somewhat like you do about it. It was a lot of work to get (and some work to keep) but he sometimes views it as a liability.

I don’t. But then again, I’m not the one with the license. In many (most)situations, I disclose to property sellers right up front that I’m there to make a profit – plain and simple. I’m not there to be their friend or “rescue” them from foreclosure. I’m there for me.

I can’t say that it’s really hurt me. In fact, a lot of folks refer me to others saying that that I was the only one who told them the truth. So, I don’t have a problem with disclosures.

I’ve been involved with notes for almost twenty years. Take my advice and take John’s course. It will save you years of frustration and agravation.

I purchase things for my own account. I rarely sell. When I do sell, it’s to raise money to buy something else. Both RE and notes are fantastic businesses that complement each other well.

If you have the disposition to be a “problem solver” (and most consultants do), then you should do nicely for yourself.

I wish I could say something good about being a Broker, but I’ve never been one – not any kind, not in RE and not in Notes.

Your background as a consultant should be very useful to you in other ways. Just as I learned my way around a corporate boardroom, I also learned to speak “banker”. It’s a very lucrative talent, I assure you.

If you have specific questions, just ask.


Eric C

PS - As far as Note Brokering, Texas has not had any licensing requirements to date, but I heard something a while back that makes me think that may soon change.

Texas often follows California and Florida as far as new “regs” go. And I think both require some licensing and or net worth requirements.

Re: Getting Started / Real Estate License / Texas laws - Posted by John Behle

Posted by John Behle on November 04, 1999 at 23:10:38:

Let’s start with the real estate license. I hold a broker’s license. I might have dropped it at certain times if I just held a salesman’s license, but a broker’s is too much work to want to replace it. Plus I do some exchanging and real estate deals that require the license. I don’t do normal brokerage, though it could work fine with the note business.

Our disclosure laws may be just as rigid. I’ve never really been convinced that I need to make a big deal of it in the note market. I suppose I should just as a precaution. Notes are outside my licensing. In our state, receiving points or any renumeration related to mortgage loans is a major issue. It is considered a conflict of interest and there are disclosures and procedures related to that. In other words, the license gets in the way a little bit with conventional mortgage brokerage.

If I were you, I would research the Texas laws well and look to David Alexander and others as a resource. I know he’s done research into the laws.

As far as forms, marketing, etc. There are many courses out there that cover that. The most extensive of which is my video course. It starts at the extreme basics and builds for 5 days into some of the most advanced material ever in paper.

The focus is on buying for your own portfolio and creating financing sources as opposed to just brokering notes as most courses dwell on.

All in all, I feel a real estate license is a plus. If disclosure is too much of a problem, then you may want to weigh it differently in your state. Again, I buy for my own portfolio, so it doesn’t fall under some of the same laws and restrictions as brokering notes does.

Re: Getting Started / Real Estate License / Texas laws - Posted by Naser Abdulrazeq

Posted by Naser Abdulrazeq on August 30, 2000 at 16:33:32:

I would like to get infrmation on how to become a real estate licenes agent in texas.

Re: Getting Started / Real Estate License / Texas laws - Posted by Justin Riley

Posted by Justin Riley on November 19, 1999 at 13:09:28:

Hi. I was wondering how to get started in real estate, but I have no money for the courses. Is there any way I can get enough free information so that I can complete my first deal and raise enough money to buy the expensive courses? Please help.

Re: Getting Started / Real Estate License / Texas laws - Posted by Sabrina

Posted by Sabrina on April 29, 2000 at 15:17:04:

To whom it may concern:
I am interested in getting a real estate license in Texas however I am clueless on how to start? Any info you can send would be greatly appreciated.
Thanks for you time.

Re: Getting Started / Real Estate License / - Posted by peter j plevritis

Posted by peter j plevritis on November 14, 2000 at 22:33:00:

I am interested in any home study courses that may be available.

Re: Getting Started / Real Estate License / Texas laws - Posted by wendy croft

Posted by wendy croft on June 02, 2000 at 15:10:07:

I need to get my real estate license for my job. I work for a Right of Way Consulting Firm. I need to know what courses I need to take, can I take these courses at a junior College? I worked for TxDot for 15 years doing acquisition work and acquired ROW on behalf of the State. (no, we were employee’s, no commission allowed, same thing now). Could you please direct me? I am trying to find a school in or around the Plano area???

Volumes of information right here. - Posted by John Behle

Posted by John Behle on December 01, 1999 at 20:46:39:

Just the success stories and articles from this creonline site fill about a 6 inch wide binder. If you read those, it will be one of the best courses you could ever have - for absolutely free.

Then monitor all three newsgroups every day. Read each post. Ask questions and get started as soon as possible. In addition, you can pick up excellent books and courses at thrift shops sometimes for as little as a dollar. You can build quite a library very easily.

Real Estate License laws for Attorneys - Posted by Ray V. Greer

Posted by Ray V. Greer on September 25, 2000 at 15:44:16:

I have practiced law in TX for about 30 years. I have heard mentioned waivers of license requirements for attorneys. Can you direct me to the location of the citation of this law. Colorado has the provisions specifically set down.