You may have heard this before: “Real estate investing sounds great, but don’t you have to get a license to start investing?”
To simply answer the question: Nope, you DO NOT have to get your real estate license in order to invest in, wholesale, or flip real estate. In fact, for my first three years of real estate investing, I wasn’t licensed, and I was able to generate well over a million dollars of profit.
So, believe me when I say: it is not necessary to get your real estate license to begin investing.
However, I did eventually become a licensed real estate agent, which opened up additional revenue streams & opportunities in the industry.
In this article, I’ll give you my Pros & Cons of getting your real estate license as a real estate investor. These insights will help you if you’ve ever asked the question: “As A Real Estate Investor, Should I Get A Real Estate License?”
Knowing what “not to do” can be just as important as knowing what “to do” when wholesaling houses. Wholesaling is an easy profitable way for beginning real estate investors to get started in real estate investing but doing (or not doing) certain things can add or subtract from your bottom line, or even “make or break” a deal.
When wholesaling houses, keep these strategies in mind…
DO: Put an inspection contingency clause on each and every offer you submit when wholesale real estate investing. An inspection contingency clause protects you if there is anything wrong with the property that does not pass your inspection. This allows you to legally cancel on the deal, or negotiate the purchase price due to the repairs needed on the property.
Over the years, many people have reached out to me who have had extremely angry sellers because the offers they...
One of the life-changing habits in Stephen Covey’s best-selling book, The 7 Habits of Highly Effective People, is “Begin with the End in Mind.”
This highly effective habit directly applies to being a successful wholesaler! Many wholesalers actually go about wholesaling the wrong way.
1. Work extremely hard to find a deal to get under contract.
2. Finally get that deal in writing under contract.
3. Then market the deal to cash buyers hoping that it fits their buying criteria.
The glaring issue in this scenario is that the wholesaler first finds any deal they can get under contract and then tries to find the cash buyer that will buy it.
In this scenario the cash buyer they are marketing to may not even want the particular deal they have! How do you know that the cash buyer you are marketing will even buy in the zip code your property is in? How do you know your cash buyer has the funds available to...
Getting started in real estate investing by wholesaling is generally easier than starting with other investing strategies.
I was fortunate enough to get into real estate investing at the ripe age of 20 years old. Within 45 days, I completed my first wholesale, which profited $22,000. The best part was that it only took 8 hours of work. So, at age 20, I learned how to make $2,750 per hour! You may be wondering, “What exactly is Wholesaling?”
Wholesaling real estate is the practice of acquiring properties at discounted prices and reselling them for profit. A real estate wholesaler enters a contract with a property seller, markets it to potential buyers, and assigns the contract to the most appropriate buyer. The profit that the wholesaler makes is the difference between the price that is paid by the buyer and the contracted price. Nevertheless, the wholesaler must sell the property before their contract with the original property seller closes. Essentially, real...
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