Yes! I have decided to take the plunge and get my real estate license.
For several years I've been buying and selling real estate as an investor. I have assigned multiple purchase contracts to other investors. I've worked with several agents and other real estate professionals along the way.
I've avoided getting my license simply because my primary business is investing. Many of my investor friends started out like me but then eventually decided to get their real estate license.
Investing in Real Estate
Like my investor friends who have become agents, I plan on keeping the investment side of the business my primary focus. And being a licensed agent will give me some extra opportunities I have to pass up now because I'm not licensed.
Real Estate Investing Has Prepared Me to Get My License
Over the years I have done many things in my real estate investment business which has prepared me to be an investor / agent:
Property Valuation - I evaluate comps like a nerd! I analyze data on a potential investment property before I buy. The process of placing an accurate value on a property that I am going to buy for investment purposes gives me great insight into the market conditions. I think the way I do property valuation is more like an appraiser than an agent, which I think will come in handy when I have a client that needs a more thorough analysis than comps usually provide.
Home Inspection - I've learned to inspect homes thoroughly. I can see what repairs need to be made in distressed houses to bring them up to full retail market value. I go up into attics, on roofs, and under crawl spaces to find anything that may need to be repaired on a house. I have purchased houses with structural problems and fire damage. I have the capability to help clients who may want some factual information about the property condition before they decide to put in an offer and bear the expense of hiring a professional home inspector.
Home Renovation Contractors Expenses - What does it cost to make repairs on a property? When I first got started investing in real estate, I didn't know much about the costs of home renovation. Now I have experience fully renovating distressed real estate. I am actively doing this as an investor, therefore I know what the actual real-world costs are to make various kinds of repairs and updates on a house. I work with investor friendly contractors who I can recommend to my clients. With all the distressed foreclosures on the market, my connections to good contractors is a powerful tool to assist clients.
Investor Network - I have a cash buyer list of investors who I've done deals with over the years. Whenever I get a great potential investment property listed, I have buyers I can market to right away. This is a good thing!
Lenders - I have worked with many types of lenders. Many lenders will not lend on the types of properties I find. This has forced me to find lenders who have the capability of providing funding in today's market which is flooded with distressed properties. Mortgage lenders, hard money lenders, and private money lenders in my network are all eager to loan money for clients to purchase distressed real estate.
Now that I have finally made the decision to get my license, I plan on studying hard and getting it done as quickly as possible. I'm going to enroll in my course on Monday.
And I plan on blogging about my learning experience.
Any advice from agents is welcome and please wish me luck please!