REA, Appraiser or Broker license - Pros/Cons - Posted by Scott

Real Estate Investing Real Estate Law
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Posted by Scott on October 28, 2003 at 22:59:08:

Thanks Bill … actually, I was only kidding about the mentoring line.

I agree, the more I read, the more I see the double-edge sword of getting a REA License. 1) Maybe not a lot of practical REI knowledge to learn there. 2) But can get access to resources not easily available without it.

Are there any gotchas around disclosures with getting a RE Agents License that will come back to haunt me afterwards.

Thanks!!

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REA, Appraiser or Broker license - Pros/Cons - Posted by Scott

Posted by Scott on October 27, 2003 at 05:28:35:

I was thinking of getting my RE Agents license, perhaps even an Appraisers license (mostly to get the basic education). What are the pros/cons.

Besides the obvious con of the additonal expense and time of going thru the 75hr course, is there any advantage of a REA, Appraiser or Broker license.

I mean shoot - it only cost the same as any of the REI courses offered on this site. If you think about it, it may be the only valuable mentoring program out there … lol.

Let me know what you think.

Thanks!

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Re: REA, Appraiser or Broker license - Pros/Cons - Posted by William Bronchick

Posted by William Bronchick on October 27, 2003 at 09:28:42:

I would disagree that is a “valuable mentoring program”, since the broker and appraiser training won’t teach you a single thing about how to make money as an investor. You will learn some “nuts and bolts” stuff in real estate broker school, but it’s like getting an MBA before opening up a retail store - no practical expertise you can use! I think you would get far more value out of some good real estate courses and seminars, and you will spend much less time doing so. Tony Robbins said, “success leaves clues.” So, are you going to find those clues by learning from a real estate broker training school instructor or a multimillionaire investor?

Now, if you want to have a broker or appraiser’s license for other reasons, then go through the training. I know many investors who are also licensed agents. They use their connections as agents to get deals. They use their license to list properties they own, as well as a few dozen a year for other investors. In short, they used their licenses as an additional source of income, not as a way to “learn the investing business.” I have had a lot of real estate brokers come through my training to learn things they didn’t learn in real estate school.