HOW CAN I MAKE MONEY IN REAL ESTATE WITH NO LICENSE?

Asked by Mark, West Palm Beach, FL Wed Aug 6, 2008

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27
Cheryl Hale, , Mortgage Broker in Boca Raton
Wed Aug 6, 2008
I agree with all of the previous answers, with maybe the exception of being a receptionist :). However, this is not a market for novices. If you are looking to buy foreclosures or REO properties for rehab,etc, do a google search for some real estate clubs in your area. They usually have monthly meetings and you can learn from the pros, as well as develop some great contacts. In my opinion, Ted has given you some great advice if this is the direction you are looking to go in.
2 votes
Bill Eckler, Agent, Venice, FL
Wed Aug 6, 2008
Mark,

By buying, rehabing, and selling bank "foreclosures." The key is to be able to identify the right homes, in the right locations, offered at the right price.

Good luck,
The "Eckler Team"
1 vote
Vicki Masell…, Agent, Duluth, GA
Wed Aug 6, 2008
Mark,

I presume that you are eluding to some type of real estate investing, right? If so, your best opportunity, in my humble opinion, is to focus on short sale (pre-foreclosure) & REO (bank-owned) properties with the intent on holding & renting (at least for now). Know your financing numbers, holding/reserve costs and the market value (for both sales & rentals). You want to ensure that you can create positive cash flow until such time values begin to increase again and you decide to sell the investment.

I also recommend that you consider hiring a full-time exclusive buyer's agent who knows your market well and has experience working with short sale and REO transactions. Best wishes - Ted
1 vote
Maryann Lawl…, Agent, Bradenton, FL
Wed Aug 6, 2008
If you buy and sell real estate as a layperson, you can make money. Without a license though, you are not allowed by law to "practice real estate"... check out http://www.myFlorida.com for information on what you can and cannot do, what's involved in obtaining a Florida license, etc.
Web Reference:  http://www.myFlorida.com
1 vote
Tariqleo0818, Home Buyer, Orlando, FL
Thu Jul 6, 2017
yeah offcourse, if you are dealing with Fast cash buyers and motivated sellers and you yourself is doing wholeselling on it.
0 votes
Cwalle2014, Agent, Milwaukee, WI
Thu Mar 2, 2017
None of the people that are suggesting getting a Realtors license are mentioning the costs involved with it. First, you have to pay at least $200-500 to take the courses that will allow you to take the Realtor Exam, which also costs at least $100, depending on where you live. Then, once you get your license, you HAVE to work for a broker - you cannot just go out on your own and sell houses unless you have a Brokers License, which will cost you more money for additional classes, and another exam. Most companies that you work as an agent for are going to charge you a desk fee per month - where I worked, it was around $70 a month, no matter if you made any money that month or not. Once you sign on with them, they give you a desk, a phone, and then you're on your own. Also, nothing is free with most real estate offices. They will charge you fees to use their software to look up lists of potential sellers, printing your cards or any kind of promotional items, etc. You will have to pay for your own signs, flags for open houses, access to the MLS system, etc. Aside from all those monthly fees, you will also have to renew your license on a yearly basis, which is fairly costly especially in the first year, when most agents struggle. There will also be continuing education courses that you will be required to take, which cost money as well. You will have to pay for Errors and Omissions insurance on your own, and of course there is no health insurance coverage, since you're basically working for yourself. In the first year I worked for the largest real estate company in the state in which I live, it actually cost me money...I didn't even break even. I left and went with a smaller company that did not gouge me for all the little fees, which was nice, and I did much better the following 4 years, but had to leave when I found myself in need of health insurance.

I don't doubt that many, many people start making money right off the bat, but in talking to a number of people both still in practice, and that have left the real estate business, I have found that a large number of people struggle, and that the things I have listed are things that seem to get glossed over or not mentioned at all when they are considering entering the industry.
0 votes
Drobino14, Home Buyer, West Palm Beach, FL
Tue May 10, 2016
You can not perform the duties of a real estate agent legally. You can legally earn money on HomeLeaker.com for information but it stops there.
0 votes
Chuck Marsha…, , West Palm Beach, FL
Tue Feb 16, 2016
You could buy, remodel and sell homes as an individual managing your own properties. Though I would recommend you get a license later to represent yourself as the seller or buyer.
0 votes
Wmccarthy539, Home Buyer, West Palm Beach, FL
Fri Aug 14, 2015
I also would like to be an investor in real estate in the Commercial market but am trying to get my real estate license. It is more time consuming and costly than I thought!
The point of trying to get my license was really Only to purchase real estate! How do I find a partner who will put up capital to do this?
0 votes
Jayson, , Los Angeles, CA
Tue Feb 17, 2015
This is a very popular question. It used to be easy in the past but laws have changed making it increasingly difficult to do most real estate profit-generating transactions if you don't have a license. I was also looking for the same info including reviewing this site: http://www.badcreditapartments.net/apartmentguide/

Let me know if you come up with an answer
0 votes
, Both Buyer And Seller, 49024
Wed Jun 30, 2010
With or with out a license, flip short sales.
0 votes
Alan May, Agent, Evanston, IL
Wed Jun 30, 2010
That was a good question for 2008.

but today's question has morphed into "How can I make money in real estate WITH a license?"
0 votes
Tish Lloyd, Agent, Wilmington, NC
Wed Jun 30, 2010
Try buying, rehabing, and flipping bank foreclosures. The most critical issue is being able to identify the right properties, in the best locations, offered at the most aggressive price in the shortest possible time frame.
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Tue Jun 29, 2010
This question is almost 2 years old.

So Mark - if you're even still out there, which I doubt -- have you made any money yet?
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Tue Jun 29, 2010
I like the few recent answers! How's this?
0 votes
Marsha Mayer, Agent, WEST PALM BEACH, FL
Tue Jun 29, 2010
I agree with all the the varied answers presented here. But you have not stated if you wish to make money by 'selling' real estate or by working in the industry. Please clarify asnd you will get even more illuminating answers.
0 votes
Teddy Jagess…, , Wellington, FL
Wed Dec 16, 2009
You could flip in this market but it is sometimes difficult to get the appraisal to come in favourable esp. FHA loans as consideration is given to the price in the short term
Web Reference:  http://mypbchomes.com
0 votes
Nick Johnson, , Scottsdale, AZ
Wed Dec 16, 2009
Who says you need a license? what's that going to do for you expect brainwash you into listing properties instead of flipping them for more money. The only thing you need a license for is to get access to the MLS, hook up with a great Realtor, perform as promised and you build an amazing relationship and quickly gain access to the MLS through them. Stick with flipping short sales, wholesaling Sub2 deals and don't listen to the Realtors that don't have a clue to what they're talking about when they say you can't do this or do that, it's only because THEY can't do it.

Get out there and make some money, let the Realtors scrounge for change with their little 3% :)
Web Reference:  http://subject2.com
0 votes
Teddy Jagess…, , Wellington, FL
Wed Dec 2, 2009
Buy and rehab and sell, If you like Real estate then it would not hurt to get a licence as you can stumble on a buyer or seller and make a sale. The fees are a bit high annually so you would have to do a few sales to make it work part time.
Web Reference:  http://mypbchomes.com
0 votes
Annette Law…, Agent, Palm Harbor, FL
Wed Dec 2, 2009
Mark,
The options for making money 'related' to real estate are nearly impossible to list. Without actually holding real estate you may consider note refinancing (NOT mortgage refi or modification) or purchasing tax certificates. If you are incliined to hold property, consider paying up to join an association that purchases bulk volumes of bank owned properties. These margins will allow you to utilize professional marketing services to get a quick sale when it is ready for market. These are exciting times to be in real estate.
0 votes
Hi Annette,
Can you please clarify any associations in the Largo, FL area?
Flag Fri Aug 14, 2015
, Both Buyer And Seller, 49024
Sat Aug 23, 2008
Almost all answered by a Realtor. Save some money and learn Lease Options, wholesaling, Sub2's and many more which require no licence. Visit just this site to gain your own opinion below, Aviod the late night TV Guru's though.
Web Reference:  http://www.reiclub.com
0 votes
Javier Olmedo, Agent, Miami, FL
Sat Aug 23, 2008
If you do not wish to get a license then why not look into rehabbing some properties that are in not so good shape and offered at a deep discount? There is risk involved, as with everything, but the reward can be nice. Key is to identify those properties that are in a key location and offered at the right price.

Javier Olmedo, ABR, GRI
Florida REalty of Miami
786-395-6986
Web Reference:  http://www.olmedohomes.com
0 votes
Christine Be…, , 19465
Thu Aug 7, 2008
Hey, look ho w easy it is to get a license!
http://www.realestatewhistleblower.org/Untrained-real-estate…
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Thu Aug 7, 2008
There are many ways... You could work as an unlicensed assistant. As an Investor, Inspector, Stager, etc.
0 votes
Purnima Talw…, Agent, Morganville, NJ
Wed Aug 6, 2008
You should seriously think of getting a license. If you like real estate go and get a license you will not regret it. Call me if you need help. 908-770-5999.
Web Reference:  http://www.9realtor.com
0 votes
Myke Atwater, Agent, Santa Rosa Beach, FL
Wed Aug 6, 2008
Getting your license is a good investment. The class is relatively short, but the real learning starts after you hang your license with a broker--that's when you really start to learn how to be a realtor. Just be prepared for it to take at least a year for your business to grow!! It is not as easy as it might appear. If you have a lot of money to invest, you can invest it now and probably get a pretty good return on the dollar down the road.
Web Reference:  http://www.MykeTriebold.com
0 votes
Christie Car…, Agent, Port Charlotte, FL
Wed Aug 6, 2008
Receptionist, unless you invest now!
Web Reference:  http://www.CCLists.com
0 votes
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