Should Real Estate Investors Get a Real Estate License?
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- čas přidán 27. 07. 2024
- www.freedommentor.com/real-est... - Should Real Estate Investors Get a Real Estate License? Find out on this very detailed video.
Also, here is the video on how to access to the MLS if you're a real estate investor: • MLS Access for Real Es...
• Should Real Estate Inv...
YES, get access to the MLS...but whether you cut a realtor out of the deal or not is another story. The real issue is not having access to the data. So long as you have access to the actual information, you can ensure the real estate agent is giving you the total story. (Newbies to real estate cringe when they hear things like that but once you have been in business long enough, you find out that people aren't always 100% truthful and having direct access to sales data is crucial).
Thankfully, my mentor and my experiences in business and investing have been very educational for me. The message of "buy assets not liabilities", "become financially literate" and "have your money working for you" certainly has merit. I too once had your mindset and it took several years in the real world to discover where I was wrong. I pray you don't have to go homeless like I did to realize that there is far more to the story of business ownership and investing.
Thank you for the advice. I'm 26 I just bought my first home with no mortgage paid in cash... a foreclosure that sold in 2009 for triple the price I paid this year. No major repairs needed just some TLC, I plan to live there, fix it up, and flip it. I find real estate very exciting and I look forward to watching more of your videos.
how has it went?
I'm 23 and been gearing my career in the fashion , recently I had come to terms that I am not interested anymore. I've been telling everyone of my change of heart to real estate and the first thing they tell me is get my licence. I always reply, no I'm going to buy an income property first then worry about getting a license later. So watching this video was a great reassurance that I'm making a wise decision.
I didn't say that on the video (or in other trainings) but it isn't a bad idea to have your broker already picked out before you go for your license.
I want to get into real estate investing but have NO experience. Your videos are teaching me so much! Just want to thank you.
I bought the audio book "how to be a real estate investor" a few minutes ago.. Can't wait to get started!
If you are going to get involved in Real Estate in California for the long run I would HIGHLY recommend that you get licensed. Also if you do not wish to be licensed you better have a very close realtor who will give you access to EVERYTHING! Too many Gurus taught people NOT to get licensed to make you feel special.
You are an amazing presenter. Clear, and entertaining to get your point across.
42 seconds into the video and i already know i have to go to the weekend class to get my license
Thank you Phil I am so glad to run into your videos and you answers questions online really appreciate your help:)
Since we source our deals from sellers who aren't already working with real estate agents, the negotiating of commissions is not something we deal with. But if you are licensed, and you are looking to buy a listed deal, you can actually get the 3% that would normally go to the buyer's agent or the listing agent so that would be a HUGE pro.
Hello Phil,
I'm just getting started with REI in Detroit, MI. The info you share is valuable beyond measure. I just wanted to let you know that you are appreciated and I study your videos all the time. I hope to someday meet you and shake your hand in honor and respect.
Thank you
Sal Nagi Gobah
This was exactly the information that I was looking for! I am a new agent in Los Angeles and I am also an investor. I thought having my license was set limitations on me doing deals as an investor. Thank you so much for clarifying this!
I just started to watched some of York videos because I would like to know about this business so far I like all your videos & I'm looking forward for some more. Thank you...
Thanks! And thank you for always responding so quickly!
Mr. Phil, I live in MS. I stumbled upon your video by researching ways to get into real estate with no money down. In 2005, I passed my RE exam. I was so happy but I had no idea how to be successful with the license. I was young, passionate, and energetic but was forced out of the industry by the failing market. RE is more to me than just a passion, you have no idea just how much this profession means to me. If you don't have any students in MS. Would you please consider working with me? The type of videos you post is exactly what I'm looking for. Great useful information and I've just became your number one follower. Thank you and bless you!
Your enthusiasm for real estate is great to hear Syreeia! The best way to answer your question is to apply for my Apprentice Program. Here's the video Real Estate Mentor Phil Pustejovsky Describes Why Investors Need a Real Estate Mentor
Syreeia Jones another fool looking for a handout
Definitely helped me out. I was really confused on whether you had to get licensed to even start investing, amen that I can just get out there and start
Glad I found your channel! Thanks for answering all of my questions.
Phil you got me CRACKIN up man! Love your videos, you earned a new subscriber.
Daniel Kim yeah I was dying at 12:43 😂
I will tell him you said that. I am sure he will be pleased to hear it. I like to think that I surround myself with wonderful people. It's always great to receive unsolicited praise about someone on my team. Thanks for sharing!
Great info! Thanks. I've been told by so many investors not to get my lic. But I agree with you. If it's practical. Do it.
I prefer the term "colleague" as Bob and I have shared the stage several times over the years. Sounds like you got it all figured out already so it doesn't appear that you will need my help any further. I appreciate your feedback and congratulate you on making positive steps towards improving your financial future.
Thanks Phil, answered what I needed to know, that all serious investors have licenses or someone close that has one
Thank you for this video. Great advice. I had my RE sales license active since 1998 and recently had to deposit it with the State (OH). Because I work full-time, I wasn't really able to do as much business-driving buyers around town, on their schedules, etc. So I had been struggling with what to do. Then, bingo! I found this video and now I have a plan to keep the license in escrow for awhile longer--keep current on my ng ed CE requirement, and get into investing creatively to make some $!
I am very well. Jeff & Paul are members of my team. They handle the screening, evaluating and acceptance/denial of those who want to join my apprentice program.
Great video. I almost got my license before i even made my first deal. Love the advice
Done. I put it in the Video Description
Thank you Phil. I appreciate you sharing this good information with us. I also appreciate THE WAY you share. Very easy to understand.
Just subscribed. I like this guy. He shares lots of info. & seems honest.
I spent quite a bit of time on the South Shore, in Carver, MA...we have done quite a few deals in MA. In fact, one of our students made over $47,000 on a deal yesterday in the Worcester Area.
Very good advice. I got my license while doing my first deal. It made the deal take very long and also took 6 months to close my first deal as an agent. Don't try to do too much at once.
great channel,I am in the debate now where I am thinking about a license, I am currently on The construction end of flipping property and helping others repair there flips or rentals. as I am a home remodel contractor and purchase small rehabs on contracts and live in them while I rehab. im in the Midwest. Black Hills, im wanting to step it up to multi units and or motels. do you have suggestions or contacts in this area?
Hey I really like your videos, you teach me a lot of facts that I would have never known. Thank you.
Great question! None that I can see. I have never had any interest in being a Broker because of the liability that comes with it. Some enjoy the benefits of getting a cut in every agent's commissions underneath you but I think the hassle isn't worth the extra income.
That's terrific to hear!
Thanks Phil. As a brand new investor your direct and forward insights are key. The thought occurred to me that when any entity becomes a monopoly in history they never last because some big group sees how much they can make if they break off. Maybe 10 years from crowd sourcing and FSBO will become more popular.
Phil thank you so much for your time and all the information.I am going to buy your books.I think you are amazing
Hi Phil, You know what you're talking about. Enjoy the vids. But I wanted to answer a question you asked. The prob w/license, at least in California and IL is that, if you have a license and you approach a person with a property to sell, buy it for X, then flip it (either as assigns or direct sale) for $10-20k more, they can sue you and you can be in serious trouble as an agent b/c you did not have their interest 1st. As an agent, you must disclose the true value of the prop & intention to flip.
You don’t have any fiduciary obligations to a seller you do not represent. You disclose you are an agent and acting in your own interests, get them to sign a disclaimer acknowledging this with the contact and you are fine.
Thanks, Phil! This was very helpful. I'm a laid off teacher and just starting to learn about investing. But, since I have the time, might just go for that license now, too.
You're delivery is great! Teresa
Although there may be branding and reputational benefits, hanging your license with Coldwell Banker is far different, fee wise, then other brokers. I pay a flat fee of a couple hundred dollars on each closing and then keep 100% of my commissions. It all depends on the broker you hang your license with. I, along with the students I mentor, don't need the reputational benefits of a Coldwell Banker or Century 21, etc.
12:43 - 14:02 Priceless... LoL!!
dude í appreciate ur videos ur energy n knowledge to help us entrepreneurs
That is a great story and I really appreciate the comment. But that may not directly apply because the broker was the client of the seller. In other words, the real estate agent had a listing agreement with the seller. That is much different than if the broker did NOT have a listing contract. When you have that contract in place, you have a fiduciary responsibility to the seller. Which is NOT the case when you don't have a listing agreement in place.
love your videos Phil. God bless you for the help
That is frustrating. You probably know 100 times more about buying a house than that agent does too. Sorry to hear that shakaama.
Thanks again Phil, I have been working on getting my license and this just helps me in that decision to go for it with all my heart. That I am on the right path. I just ordered your book and I am looking forward to reading it. I will be doing deals real soon!
Great job, I am definitely fond of your video and look forward to more from you!
Yap, the exact formula we teach. The bigger the house price, the more money you make, with the exact same amount of effort as a small deal. New Jersey is a GREAT place to do this business.
Are you sure about that? Please forward me a link to the Case Law or actual DRE law that states that.
Thanks for the value Phil! God bless!
Great Video. I've had my Real Estate License twice many years a go and I even had my Mortgage Brokers License. But in investing I really never learned anything in this course. Now, after many years, I am interesting in Investing in Real Estate and aside from everything I know of terms, I feel I do need to learn how to invest. Thank you for all your Videos have helped me a lot.
This video is put together REALLY well!
Hi Phil. Great video, very informative and helped a lot with my direction in the Real Estate field. Thanks
Great video Phil, really enjoy the way you break it down
I hope you got paid for all your amazingly helpful videos friend. Thanks a lot it has been most helpful in the start of my business.
i specially like to watch you when I'm drunk, i don't know why
It isn't a question that I have. It is a question you have. Read the book "Millionaire Real Estate Investor" if you would like to know how agents can pull $1M per year. Many build a team of agents underneath them and they get a cut in each of the agents below them commissions. Just because you don't see the owner at your place of work often, does not tell the whole story. Absentee business owners are usually either working very hard behind the scenes or they are on a slow course downward.
So enlightening. Thank you
Alright. Thank you so much for your help, Phil!
Phil,
Just a couple things. I was licensed in PA for a while with a Coldwell Banker office. The 3% commission usually split between buyer and seller agent sounds great but it truly isn't like that. All in all, after those "fees" you referred to I only made 1% or less after all expenses were paid. Now, Coldwell Banker had a fee schedule. The more listings and sales you had in a year the more commission you get to keep. You really have to be involved.
Should I go to real estate school because the goal 6or 7 years from now want to own the big red hotel in monopoly ☺
Why do you need to go to real estate school to own your own hotel?
Phil Pustejovsky can u email me Phil so I can get started alonza235@aol.com
Love you videos. Thank you so much for sharing!!!
I've been looking into buying a home to rent for some cash flow or using that credit towards wholesaling to start making money faster am I even on the right train of thought? When you say start making deals are you referring to wholesaling?
Great on point video, pure content much appreciated. Very positive for new comers.
I agree.
The majority of costs are incurred AFTER you pass the test. You may want to postpone getting your license if you goal is investing and then once you make some, pour some of the profits back into passing the test and incurring all those costs to become an official real estate agent.
Awesome video!! JUST what I was looking for.
I was once a mortgage broker. The biggest issue with being a mortgage broker is that you work really hard for little pay. If the underwriter kills the deal, you are the one that gets blamed even though it isn't your fault. Ask any mortgage broker who has been in the business a long time and they will agree, mortgage brokers work too hard for such little pay in comparison to real estate agents and investors.
Online courses is what I was referring to. And the quality of the content doesn't matter so long as you pass the test. I wouldn't get hung up on one course provider being better than the other. The class to get your real estate license has almost zero content that will actually help in the real world of being a real estate agent. So the cheaper the better, so long as you get enough content to actually pass the test.
I'm interested in becoming an real estate investor/ flipping homes. Great videos!! And renting homes.
great video. exactly what i was looking for!
Third, for anyone starting out and finally gets licensed with a broker, GET A MENTOR from the office. It did wonders for me. I did pay him a fee for the first couple of deals but it was really worth it. The experience of making deals was unmatched especially when you have an experienced agent backing you up. Great video Phil.
Great video Phil! Thanks for sharing!
Thank you, Phil - great answer!
Phil, you are God sent! Seriously, I'm so grateful right now. I want to become a realtor, I'm taking the classes in January and I want to do investing (you have a big part in this). Thank you for this video because I was wondering if getting licensed would negatively effect me as an investor, especially legally. I read articles discussing being a "professional" as realtor and the liabilities. Nevertheless, thank you for teaching and sharing your thoughts on this topic.
You're awesome! :-D
I love the concept. We all love the concept. Have businesses and assets that working for you so that you aren't required to be involved to benefit. I discovered that the concept read very well in a book and I too "drank the Kool-Aid", but over the years I have come to understand that there is far more to the story. I own businesses, own assets, but that has brought with it more responsibility, more balls to juggle. If you become one, you'll see what I mean.
Hi Phil, I'm new to this, how do you start doing deals before getting the license? I've heard that' after getting the license the fees are pretty expensive. Doing deals would help a lot with all the fees but I don't have the knowledge.
Another very informative video. Thanks Phil...
your videos rock for new guys like me.. thanks for sharing the free education my friend
Great content the world needs more frank talking humans like you
Thanx a ton, great info.
Is it necessary to establish your LLC before you start investing?
Thanks for sharing your knowledge and your time Phil. I enjoy watching your videos as I try to feel my way in the dark and try to get into real estate.
I was curious what suggestions you have for finding like minded people to cooperate with or team up with so you can learn with others who are also eager and motivated.
One suggestion is to head over to my website www.freedomentor.com and grab a copy of my book. That will give you some additional resources.
Thank you your lessons. I will star invest in real estate
Very nice video, will come back for more!
Hello Phil! I love your videos! Question, ive passed the real estate course and its almost been a year since ive taken it and I do not want to have to take the course again since its only good for one year. Im about to take my real estate exam again because I failed the first time and most of my money saved up is going to go to all the fees. But at the same time I want to get into investing and flipping and I want to take action. What should I do? Again I do not have to much money.
What about the cost to join the national, state and local board of realtors? What about E&O insurance? What about the one time set up fees to join the local MLS? Two weeks? Most states require a minimum of 80 hours, sometimes 120 hrs in pre licensing classes, then the govt red tape to get the test done and you have to pass it. And on and on. Your description would be the first I have ever heard of such an easy and cheap way to being licensed. Congrats. That's not how it works 99.9% of the time.
I like the videos! i am new to investing..i agree 100% to get deals going first..my question is..is it more beneficial to be a real estate agent or a broker..i was fixated on later getting my brokers license rather then real estate agent license..what is your take Phil..thanks in advance and I am going to your website right now.
Good information to think about. Thanks.
Good Video Phil, Thanks for publishing it. Can you please post the link of the video ( the one you mentioned in this video ) on "How to get access to listings in MLS"? Thanks again
I got my real estate salespersons license in NYC for $165 and in 2 weeks total. That was no con to me :-P
Great content! I am not a licensed agent, but have been investing in real estate around 9yrs. I mainly buy and rent. Would becoming a licensed agent benefit me?
Only 2 months? That is a significant con. That is 2 months out of your life. 2 months you could have spent on your real estate investing business. And the $200 fee for the pre-licensing course is just the very, very beginning of all the fees. And what if you don't pass the exam? If you're not a good test taker, you could have difficulty passing the test for months. And even if you pass it the first time, you'll be several thousand dollars deep once you're done with officially becoming an agent.
Second, you are ABSOLUTELY correct on the education. They teach you definitions and some laws in your state but don't teach you success. However, when I was with a broker, that's all they want you to do. The broker had so many classes I couldn't take enough. That's where you get your real education apart from downright experience.
I've heard great things about Keller Williams because of their tremendous training materials. I personally have always hung my license at a discount brokerage that only charges me a tiny flat rate for each closing. But if you are first starting out, KW could be a winner for you. Plus, Gary Keller is pro-investor too.
Phil Pustejovsky I’m at KW and there is NO pro-investor environment. It is all sales leads to buyers & sellers in the traditional market in their training. Also we were told to be on the “look out “ for wholesalers because they are bad for your deal. As an investor realtor I do not recommend Keller Williams. I am only there to get some experience as a buyer/seller agent and then move on. It also gives me these cult-like vibes
How do you find a investment? What's the best investments to target first?
Hi Phil! My wife and I are new investors and love your videos. Do you ever make it Virginia Beach area?
Thanks for all your CZcams videos! :o)
Thank you...
You're awesome. Thank you