Good day Moguls! Today’s terrific video lesson is about a frequently asked question that I hear all the time…
If you’ve been in REI even for a short time, you’ve probably heard this question or maybe you’ve even heard two investors debating this issue:
Should investors be licensed?
Sorry to burst your bubble, but there is no straightforward ‘yes’ or ‘no’ answer. But have no fear, I’m not gonna leave ya hangin! In today’s video lesson, I will arm you with loads of valuable information – so you can then make an informed decision that works you.
I’m even gonna share with you my personal story about being licensed… and then not being licensed… and then getting licensed again. (I know, I know…)
Anyway, here’s a brief preview…
Cons: start-up costs, ongoing costs, continuing education
Pros: easy commissions, built-in authority, helping friends and family, access to info
Now, of course those lists aren’t complete, so I really deep-dive into these and address them even further in this video. Did you know that oddball education is both a pro and a con? Yep, I cover that too.
In addition to the pros and cons, I also talk about why it may be difficult to find a brokerage firm that will work with you if you are an investor who is licensed. And, who may be impacted if you do become an investor who is licensed.
And because I love acting like a MythBuster, I’m also gonna debunk some myths that are circulating about this topic.
Sure, on the surface this seems like it’s a lot of overwhelming info, but I think you’ll find that I do a nice job of really breaking it all down so you are well-informed. So watch! You certainly don’t want to make a decision without this good, useful background knowledge.
{Mogul Elite: Download a transcript and MP3 of this lesson in the Power Pack tools for this lesson.}
What do you Think?
Would you like to weigh in on this issue? Perhaps you’d like to share your personal story of why you are or aren’t licensed and how that’s impacted your business. We’d love to hear from you below.
Understand the Pros of Being Licensed – Being licensed adds credibility; brings in easy commissions; allows you to accept referral fees that are legal; you can help friends and family; MLS access, and then some…
Understand the Cons of Being Licensed – There are added costs; extra time is needed for education; you’re held to a higher standard; it may be hard finding a brokerage firm to work with you as duel investor/realtor, and then some…
Ask Around – Gather some more info. Ask your fellow investors and realtors what their take is on this question. Then, weigh all that info and apply it to your situation. Whatever you do, make the decision that’s best for you and your deals.
JP Moses
is a real estate investor in Memphis, TN, with experience ranging from land lording to note buying, rehabbing, and wholesaling. However, wholesaling is the area that he enjoys most and where he bring the most experience and expertise to his students.