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Started By
Message
Anyone here have a real estate license?
Posted on 8/2/13 at 7:03 pm
Posted on 8/2/13 at 7:03 pm
I'm looking at getting one in florida bc I want to purchase a nice condo in the next few months and I have a friend there that wants to sell his condo for alot and buy another condo for even more and I know if I had my license I could save on my transaction and then make ALOT on his transaction and I talked to him just now and he said he didn't mind bc his condo would basically sell itself since it's oceanfront in a new building.
So from googling around, the course doesn't seem difficult, but how long is the total process? Also can I get my license and just represent him in his transaction or do I have to work for a re-max type broker? If I had to do that it would throw a wrench in my whole plan.
Basically can you get a real estate license for personal use and handling a friends transactions or is that not possible.
So from googling around, the course doesn't seem difficult, but how long is the total process? Also can I get my license and just represent him in his transaction or do I have to work for a re-max type broker? If I had to do that it would throw a wrench in my whole plan.
Basically can you get a real estate license for personal use and handling a friends transactions or is that not possible.
This post was edited on 8/2/13 at 7:06 pm
4
Posted on 8/2/13 at 7:16 pm to ThaBigFella
Technically you can get it for your personal use. However, you won't have access to the systems to see all the open prices and contracts that might be submitted for a property. Basically you will just be choosing to write your own contracts and deal with way less information than you could be given if you choose to work on your own.
Posted on 8/2/13 at 8:14 pm to ThaBigFella
Every state is different, I'd ask the Florida Association of Realtors in the area looking to do transactions. The test here was 90 hour course, and I could have passed it without lesson one.
Posted on 8/2/13 at 8:30 pm to ThaBigFella
I have a FL license.
63-hour course + passing state exam is required to become a sales associate. Also, you have to work for a broker. (Becoming a broker is a separate process and requires you to maintain a physical office, have E&O insurance, etc.)
As a member of the FL bar, I was exempted from taking the course. So I studied for 10 minutes and took the test.
Most brokerages in my area require you to join the national and local Realtor associations. That will run you about $800/year. I believe the RE courses are about $500 or so. Plus you have to get fingerprinted ($70) and pay to take the licensing test ($30).
It's a lot to go through if you only plan on doing 1 or 2 transactions. May or may not be worth it to you.
Where are the condos? I'm in Miami and might be able to help ya'll if they're down here....
63-hour course + passing state exam is required to become a sales associate. Also, you have to work for a broker. (Becoming a broker is a separate process and requires you to maintain a physical office, have E&O insurance, etc.)
As a member of the FL bar, I was exempted from taking the course. So I studied for 10 minutes and took the test.
Most brokerages in my area require you to join the national and local Realtor associations. That will run you about $800/year. I believe the RE courses are about $500 or so. Plus you have to get fingerprinted ($70) and pay to take the licensing test ($30).
It's a lot to go through if you only plan on doing 1 or 2 transactions. May or may not be worth it to you.
Where are the condos? I'm in Miami and might be able to help ya'll if they're down here....
Posted on 8/2/13 at 8:34 pm to ThaBigFella
quote:
Basically can you get a real estate license for personal use and handling a friends transactions or is that not possible.
I guess you could. Go work for a flat-fee broker that will only charge you about $400/transaction. That's about the lowest I've seen here.
Otherwise, you are looking at the broker taking a % of your deals -- anywhere from 10-25% is typical.
Posted on 8/2/13 at 8:34 pm to gizmoflak
gizmo, my buddy is selling a unit at the apogee for north of $7M in south beach and he wants to buy a pre-sale down the street at glass 120 ocean where they have 10 units starting at $7M so it's $14M+ in transactions, he's going to rent somewhere for a year or so till the glass 120 building is done....that's a commission too?. It's not a $250k house, that's the only reason im wanting to do this. I too have a business in miami and want to move there full time in the next year so it would be 3 total transactions.
but i don't have the time to work for a broker, I own my gas stations, I just honestly wanted to be the agent on his 2 transactions. Isn't it 3%....on $14M.....is it still not worth it?
but i don't have the time to work for a broker, I own my gas stations, I just honestly wanted to be the agent on his 2 transactions. Isn't it 3%....on $14M.....is it still not worth it?
This post was edited on 8/2/13 at 8:35 pm
Posted on 8/2/13 at 8:38 pm to ThaBigFella
quote:
but i don't have the time to work for a broker, I own my gas stations, I just honestly wanted to be the agent on his 2 transactions. Isn't it 3%....on $14M.....is it still not worth it?
hmm, that might be worth it.
give me your email please and we can discuss this further if you'd like...
Posted on 8/2/13 at 8:39 pm to gizmoflak
haha ok, hold on i need to make an email address for this site bc yesterday somebody wanted to email me too. Im on my phone when i get home ill make an email address and we can talk. Are you in miami?
Posted on 8/2/13 at 8:41 pm to ThaBigFella
ok, yeah I live near Miami Shores. I'll shoot you an email later when you post it...
Posted on 8/2/13 at 8:48 pm to ThaBigFella
quote:
north of $7M
True OT Baller there.....Posted on 8/2/13 at 8:52 pm to LSUGUMBO
not me....
Posted on 8/2/13 at 9:08 pm to ThaBigFella
I went back and re-read the first post. I thought you were buying your friends $7MM condo so he could buy a more expensive one. You just want to be his agent. I get it now.
That's still a nice piece of change for you if you can work it out. Good luck.
That's still a nice piece of change for you if you can work it out. Good luck.
This post was edited on 8/2/13 at 9:14 pm
Posted on 8/2/13 at 9:11 pm to ThaBigFella
So selling a 7M and buying 14M? Yeah I'd say that's worth it. That's about 4 years worth of commissions for me 
Posted on 8/2/13 at 9:15 pm to ItNeverRains
no selling a unit for $7M is what he wants...would be cheapest in the building and a quick sale he feels, these are other listings in building, it's the same line as the "cheaper" two
LINK
then he wants to buy a pre-sale at a new building going up down the street and that building has only 10 units so he feels its gonna be a great investment and that would be the same price give or take.
Then I'd get a commission on whatever he leases for a year.
Then I too have been looking for a condo, much cheaper, but still expensive, and I figured I could handle my own transaction but he's a family friend so we were at lunch and he told me his plan and i jokingly said, "i'd go to real estate school to be your realtor" and he said that would be great bc he hates dealing with realtors and he really felt his unit would be an easy sale.
LINK
then he wants to buy a pre-sale at a new building going up down the street and that building has only 10 units so he feels its gonna be a great investment and that would be the same price give or take.
Then I'd get a commission on whatever he leases for a year.
Then I too have been looking for a condo, much cheaper, but still expensive, and I figured I could handle my own transaction but he's a family friend so we were at lunch and he told me his plan and i jokingly said, "i'd go to real estate school to be your realtor" and he said that would be great bc he hates dealing with realtors and he really felt his unit would be an easy sale.
Posted on 8/3/13 at 8:46 am to ThaBigFella
I'm currently studying to get mine, but I'm in LA and it is required that you work under a broker here.
I have your same mindset though, I don't really plan to be a full time realtor or make a career out of it, I'm doing it to learn how to purchase and sell my own properties and not have to pay a commission.
I have your same mindset though, I don't really plan to be a full time realtor or make a career out of it, I'm doing it to learn how to purchase and sell my own properties and not have to pay a commission.
Posted on 8/3/13 at 1:14 pm to ThaBigFella
All in all, I roughly estimate you'll invest about 200-250 hours in order to complete these transactions and clear about $300-350k after all is said and done.
Emphasis on "roughly"
And that's absolute best case scenario where everything goes PERFECTLY
Emphasis on "roughly"
And that's absolute best case scenario where everything goes PERFECTLY
This post was edited on 8/3/13 at 1:17 pm
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