Real Estate License
 

Does anyone here do real estate on the side? Im considering getting my broker license as a backup/second form of income. Is it possible with 12-14 days off a month? How often do you work? Is the extra money worth it? Where did you get your license? Are there a lot of part time jobs available? Just looking for some general info before sinking my teeth into this. Thanks...

I'm in the real estate business but I'm doing rental houses/flips versus being a realtor. Just another avenue to consider.

I am getting into rental properties because it seems like just about every single pilot does it.

Bought my first rental this summer, did some fixing up to it (cosmetic mainly) and rented it out this fall. Been a nice little additional income. Thinking about buying my second one this spring.

As all ready mentioned, I too recommend flipping and renting. No license required for that either.

I don't know about all states, but in mine you have to have a Sales Associate license first and do several transactions through your broker before being allowed to get the broker license added on.

duplicate.

Interesting, thanks guys. I actually just finishing reading rich dad, are there any other books you can recommend? What kind of capital do you need to buy your first property?

Too many factors involved with that. What is your market like? How far are you willing to travel for a cheaper market? What's your credit like - are you going to pay cash or take out a loan? Do you need PMI if you cannot afford the down payment?

My biggest piece of advise is find a mentor who is NOT on the message boards - seriously, chances are the guy you are flying with next week is doing some sort of real estate investment. Find one who is willing to talk about it and give you advice and is open to help mentor you - not a lot just some one you can ask questions of.

People I found are far more informative and helpful than books and interwebs.

Good advice thanks for the help.

Your bank should have the details. In my state we need at least 25%down for the bank... And that's not really that good most of the time. The more you can put down the higher the cash flow. (It's a bad idea to HELOC your house)

I had a friend try to refinance a rental property a couple years ago down in GA. The bank told him he needed at least 50% equity for them to refinance a rental property.

Also, using a HELOC on your primary residence to buy a rental property strikes me as an awful idea.