Question: How many of you have your own real estate license? Is it worth it to have?
Jason Bhattacharya: I can not speak for anyone else. However, I have my license— occasionally it can be a pain. But more often than not it helps in terms of access to data without having to rely on others…. it can also provide an income stream … in terms if your plate is full and someone else wants a deal … you can get a commission
Prentiss Yates: Just a thought, no license, have a friend have the license and find a retired broker as part of your team. They know the game, have access to many listings including pocket listings.
April Crossley: My husband and I own an investment company and he has his real estate license. If you work together and one of you gets your license and the other doesn’t have it.. It’s the perfect combination. Access to everything- and when sellers call u feel them out and see if they are after the max dollar amount or if they r truly motivated. Then tell them: I can provide you several options for selling- I including possibly listing it. Plus.. A lot of people that have sold to us privately trust is more bc my husband has his license and they know we have to be completely transparent about everything or he could lose his license. Very few times has having the license been an obstacle. More times then not it has helped. You can PM me and we can chat over the phone for more info if you want.. Hard to lay out all the pros/cons and experiences here
Mark Broadway: Shannon, I agree with Jason and April. My wife and I are both licensed and we love real estate anyway but with investing, it’s very handy with access to data and other professionals. It does add some liability if/when you sell. In every transaction, you have to disclose your licensed and when you sell your own, you come under more scrutiny. Be aware of your states laws.
Jim Ingersoll: I am not licensed, great discussions though. My son in law Luke Catron is licensed and that does help me. Shannon WhoDat Smiley-Landry – How do you like having an RV park? Sounds like cash flow to me….
Grant Ash: I have my license. MLS access and the ability to immediately get into any listing and place an offer are worth any downside IMHO.
Patricia Holland Bowler: Shannon, I’d love to hear more about the RV park, too. Why an RV park? Why in NOLA? Curious.
Shannon WhoDat Smiley-Landry: Thank you so much everyone for your input, awesome info! We just acquired the RV park in Nov. My husband came across the deal when he was looking for a location to park his trucks for his insulation company. The RV park and 3 commercial buildings came with the sale so we now have an RV park. We live in New Orleans in close proximity to park and my husband’s insulation company now runs from this location. The park runs itself. There is an on site manager but my husband is there everyday. The previous owner lived out of state and had many cost associated with park since he wasn’t present everyday. I have read numerous cash flow and passive income books and rv parks are always mentioned as great forms of passive income. We did not seek the park out but we are really glad we have it. New Orleans is a very desirable location because of all the festivals and Mardi Gras. I am a full-time Nurse Anesthetist and my husband has his insulation company and we are always looking for ways to increase our passive income to benefit us in retirement. Thanks again everyone. I really want my license to just have access to deals first.
Nicole Dion: Shannon I also agree with both Jason and April. I am also licensed.
Jim Ingersoll: Great discussions here