question about dean

and chooses not to be. I choose not to be either. I've taken the entire broker course too, but I choose not to be. I want to keep my efforts focused on investing in real estate, not being an agent. SOME people do it successfully by only working for themselves; but ultimately. One of the main reasons is you want to delegate things out. When you get further along in your journey, you need to set forth systems and optimize your time fully. You want to focus on your unique abilities and tasks that make you the most money. There are also certain 'referral fees' you are prohibited to give others. But I certainly know the struggle with finding a good realtor and can see why some investors choose to get licensed!

thanks for the reply i think im going to just soo i can learn the ins and out of my real estate area first hand i think it will help tighten up the loose ends of my thoughts plus my agent broker being my uncle he said he would show me how to use all the tools and everything. im only 20 hes in his 30s hes got alot of knowledge to teach and i have time to learn it, knowledge is power lol and i suppose at this point in the game for dean hes soo far along in his success he wouldn't even need it. btw how do you lock up an assignment property with time to be able to hold it? he said thats the only way it woulbe able to happen, you have to be ale to hold the property for a period of time then sign it to the buyer so what clause or phrase would have to be in the contract for that? also he made a good point ... why would an investor want to come to me instead of an agent? invest is going to trust me mr 20 year old kid with his money? so being licensed i think that will show credibility for me as well.
sorry.... i just have a lot of unorganized thoughts in my head
thank you for answering me

The clause you put in your contract is an inspection period of 15-30 to maybe 45 or whatever long you can assign the property. You tell the motivated seller, can I have some time to inspect the property to see if everything comes right, or can I discuss this matter or deal with my partner( even if you don't have one yet) and get our finance together.

For your other question of a 20 something year old investor than an agent is much approachable, well already no with that kind of thinking, NO ONE will come to you. I am 23 years old, and agents who are 30 something and been an agent for more than eight years are picking my brain. Well they think its my strategies and techniques but I learned most of what I'm doing from the two books I bought from dean two years ago, but most of my motivation and inspiration from this site.
If the deal you bring to any buyer with cash is good in terms of their budget, and return, they will buy it from you or a five year old with or without a license.

My favorite saying that I heard somewhere, maybe this will help you understand the difference of an agent and an investor is, if you want a car you go to a car salesman, and the that sales man will tell you anything to get that car sold. But when something goes wrong and you want to find out about the cars problems and its value, you go to a machnic. But if didn't notice, machnics sells cars too, AT GREAT DISCOUNTES which can give you a good deal.

My advice is stop asking why or what ifs. GO NIKE ON IT. "Just do it".
Change your mind set and make things happen.
Good luck

thank you for that that cleared a few things up and i am doing im practically at the end im just gaining more knowledge. how many deals have you done?

I bought a 400K 4 plex property when I was 26 and I remember people that were living there asking me, aren't you too young to own real estate like this. I replied to them, well if you know what your doing anybody can do it. I'm 33 now and I still get some people asking my how I'm able to buy so many properties?

When your young you are at the best time to get ahead and be able to learn this. Stick with dean and what you are going to learn here and with his programs. Everything taught here absolutely works and you can make a ton of money just following the methods taught here.

Love to see your future posts

Mikessler

???

Whats the differance between a Real Estate Agent and a Catfish?
Well, one is a bottem feeding scum sucker and the other is a fish.
Im always hoping I can find a good agent, but the ones I come across are greedy arrogant know it alls. and thats their good points. Investors make more money that realtors, agents work for chump change. Maybe thats why they are so... I cant think of a good word.

I am a licensed real estate agent in Texas, and I have far more training then most other agents. While I think that the training is very important, including what Dean and other offer, I don't think that having a real estate sales license would necessarily be helpful in the wholesaling business. See, when you're a licensee, everything you do is governed, where as an individual you are acting privately. Either way, you need to make sure that what you're doing is legit and legal, but I'm not sure that in an investor's shoes, that being licensed is that beneficial. In fact, it may be a hindrance. I'm actually thinking about turning in my license.

There's another consideration, too, and that is a financial one. Investors and other buyers expect to pay agents only about 6% on residential property purchases, and that gets split three ways sometime: selling agent + buyers agent + selling agent's broker/supervisor. It's really not such a good deal. Even if I were to write in a flat rate commission into the contract that is being assigned, say $10,000 on a $100,000 property, I'm still going to have to split that $10,000 with my broker plus pay annual fees to the state and possibly monthly dues to my local, state and national associations of realtors. If I want to act merely as an investor and represent only myself (not any other buyers or sellers), then a license cuts into my bottom line.

I'm thinking about putting my license in an "inactive" status, only representing myself and stopping my memberships in the associations. I would still be a real estate agent and have the knowledge thereof, but I would not be "active" in representing buyers and sellers.

Stereotyping is unnecessary. Saying that all real estate agents are, "Scum suckers," is equivalent to saying that all [anybody] in [any profession] are scum.

Are all auto mechanics scum? All truck drivers? All insurance agents, etc?

You're comment is biased and makes you sound ignorant and stupid.

Also Realtors are no fun, cant laugh at a joke. Once he loses the license and dumps the attitude and starts making money as an investor he may be more fun and learn to smile again.

U may not have had very good experiences with Realtors, but it might have something to do with ur attitude. I am a licensed agent, and I have a habit of giving FREE advice, on a regular basis. That doesnt make me greedy, does it? I also have been known to ask a question or two on this site. Guess Im not an arrogant know-it-all either. You on the other hand, are just plain rude and wasting space on a site that is designed to HELP others, not for trash talking. U should really work on ur people skills, Rando!

On the actual subject of the post, I can say, I have found it to be beneficial to be licensed because I have full MLS access and the knowledge of how to run comps, gauge the rate of activity & safety of an area, etc. However, the cons to being licensed far outweigh the pros in most cases. Many of them were mentioned already, but just to sum it up:
1) U are regulated on what sorts of fees & gifts u can give/receive.
2) any and all profits or payments u receive in a transaction must be disclosed to all parties involved
3) The fees and dues, depending on where u live, to keep up ur license can be $1500 - $3000 yearly. Not to mention educational expenses, classes to maintain ur license are required either yearly or bi-yearly depending how long u've been licensed.
4) U have to have a broker, unless u pay even MORE and meet all the educational requirements needed to be ur own broker. If u arent a broker, u have to give a broker a cut of all ur sales!
5)U have no one else to hand off the leg-work to once u start getting busier and want to focus ur time on finding the deals, not running comps or filling out paperwork.

Either way, do what works best for u. Good luck!!

JWL I hold a princple license, but do not use it. When you make your deals you have to disclose that fact. The idea to being an investor is to build a team to stream line everything to make your money faster. I do not have access to the mls because I'm not a realtor. The reason I'm not a realtor is because I didn't pay realtor dues. Which is expensive. Your realtor once you find one will do all the searching for you, then you just check your comps. Look at Matt larson, he is a very good example of a non licensed investor. If your uncle is a realtor you have your access, plus he will make money to. The contract I use, says I will bring the seller his earnest money in so many days, if not the deal is void. Thats just one thing you can put in your contracts to cover yourself. You can put any contingencies you want in an offer to purchase,inspection clause, earnest money clause, just about anything to cover you. The bottom line about real estate investing is to JUST DO IT. I have been in real estate for a while and did sell as a realtor, but doing it for myself have had the same challenges as most newbies. You get that scared feeling, but talk to other investors and lawyers and you will get your answers. What has held me up from doing my first deal on my own is me. You must take action and just do it. I offered a guy 57000 the other day for someting he was wanting 95000 for after doing the numbers I could probably go up to 67000 and still make my 5000. It was a verbal offer but it counts toward my 25:1 ratio to get your deal. 24 more to go and I'll have my first 5000. Maybe before that depending on the sellers. Warm yourself up by working with a few fsbo properties. Go get yours, I'm going to. JUST DO It. It works.

This name calling doesnt do anyone any good, there are good and bad people in all Professions and they will be weeded out that arent good.So why dont we all be the best we can be and then all benefit.Theres good Realtors out there to work with for Realestate Investors we just have to hunt for them, but there out there.Realtors are like anyone else they specialize in different areas of Realestate thats there choice just like we have areas we specialize in to invest, name calling doesnt benefit anyone, if there bad they wont last long they will get found out about.Lets find the good in all we do and stay up beat, lets move on, Jim ( As Jesus said its not what goes in( food and drink) and comes out of a man that pollutes him, its what comes out of our hearts and minds into words and action that pollutes us, lets only speak what is good for all)

We need to be careful how we talk to others. Monica made some valid points as well. Thank you Monica for sharing that!

As I read the above advise I see that it is all sound and should help you make a decision. If you had come into this program with a licence I would say good for you. However, to go out and get a license just does not make sense to me. There are too many hoops to jump through in order to meet and keep the license. You will wind up doing a lot of extra work that an agent could do for you. You will have a broker overseeing any deal you do and making money(even you personal deals). You will need to disclose on every deal taht you are an agent. Your broker can shoot down the deal if she feels if puts her company at risk (ie., your profit is too big and the seller may later feel he was take advantage of by your deal.)

There are a ton of other reasons to consider the percieved advantages of a licence. To me time is the biggest. You will be spending your time making money and net renewing a license.

I agree,I have read all comments, we have a great leader, and teacher, Dean, I have never seen such a good person, provide such good education, and has interest, in all of us succeeding, there are some good realtors, I have had experienced with several, that has said wholesailing, was illegal, so I go find others to talk with, there are some that works with investors, very well.Carol in Tx

Your post with ? about Dean sure did get our attention. Its good that you ask otherwise how would you know. First I am going to say you do not know what you don't know. You are learning and growing and taking action. That is perfect. Dean started out investing when he was your age in Real Estate. Get his book 30 days to fast cash and also Be A Real Estate Millionaire. Actually you should get all 5 of his books. The first book I mentioned can get you making money in 30-60 if you follow his instruction to the letter.

I am also going to recommend that you go to danijohnson.com and get her 5 free videos to start with. Between Dean and Dani you will have a firm foundation to work from. Study the real estate license material if you like but know it will cost you money and you do not need the license to make money.

Your age does not matter. It is all about your mindset. If you think you can do it then you can but if you think "I can't do that" then you are right. 98% of the population will tell you that you can not do it. They are all wrong. Good luck to you.

thank you everyone for the great information, i really have not decided yet but im leaning toward not getting it and just learning the info. i have read most of deans books and have been doing 30 days to fast cash for 2 weeks now following it very carefully i get it it makes sense but the fine lines of all the paper work and clauses and what to say confuse me a little still. i just want to get enough money to start flipping houses for myself thats my dream i see but it feels out of reach... for now. im glad i have all of you to keep me going! thanks again for all the great info!!!!!!

Josh,
I believe in learning new things, but I also believe in delegating. Dean teaches us to build our power team; nowhere does he tell us to go out and get licensed in anything... why do you think that is? because either we focus on doing all the little jobs, or we hire people to do all the little things so that we can focus on the activities that will make us money!
Find yourself an amazing agent, there are some great ones out there, let them do what they know how to do best, and start putting in some offers!

Wishing you success,

win lose at least your out there making it happen, i cant wait till i do! thanks again everyone the info just keeps piling i love it!

I'm not brand new but I'm not a seasoned investor (yet) either. I did have my RE license for several years previously and believe me, they work for their money!! Also real estate agents are valuable to their communities. With that said, I also know that as a real estate agent, I knew absolutely NOTHING about investing. I was usually a selling agent trying to sell a listing agent's house who had to divide the profit among the broker (1/2), the selling agent (1/4) and the listing agent (1/4). Granted, they can make a lot of money if they are hustlers and sell mansions but I would not be a real estate agent again for anything knowing what I know now about investing. It's 2 different ball games. My vote would be to follow your heart. But I agree... you DO NOT need a real estate license to be a real estate investor!!

Shirley