Q. I am graduating college soon and i am very unsure about what i want to do. I was thinking about going into real estate because it has always seemed interesting to me. I live in Pennsylvania and wouldnt mind starting my career here but i would eventually like to move and do real estate elsewhere. My question is where do i start? Do i need more schooling? Do i have to take a test? If i get my license here can i practice in other states? Im very clueless so any information would help. Thanks
A. Yes ,yes, no. Yes you need a license and this requires a course, normally about 2 months for a 4 hour course, or you may be able to study on-line. Yes there is a state and national test two parts. No you can not practice in other states until you meet the requirements of that state, normally take the state portion of the test for that state and any educational requirements for that state. Then you will need to sign up with a broker, most real estate jobs are commission only and you are not an employee but a independent contractor. There are some paid jobs such as office jobs, property managers, and a few brokerages may offer a salaryl.
Real estate investing: Becoming an LLC versus being and individual?
Q. I am contemplating becoming an LLC to better "protect" my real estate investment. The question I have is what is the advantage of being a LLC as it relates to personal injury and civil law suits versus remaining an individual owner. I mean doesn't your insurance company handle these matters as an individual owner? What would be the advantage of becoming an LLC if any? Thanks!
A. The point of the LLC isn't to protect your investment - it's to protect your personal assets.
A PERSONAL liability policy will NOT cover business liabiltiy exposures. Even a BUSINESS liabiltiy policy has a LIMIT to it - so if you have three rental properties, and a $1,000,000 limit, one huge claim can wipe out your coverage for the rest of the year.
The main point is, to not lose your personal assets if your business should go under.
A PERSONAL liability policy will NOT cover business liabiltiy exposures. Even a BUSINESS liabiltiy policy has a LIMIT to it - so if you have three rental properties, and a $1,000,000 limit, one huge claim can wipe out your coverage for the rest of the year.
The main point is, to not lose your personal assets if your business should go under.
How companies are able to diversified their profit into real estate and stocks?
Q. Hello, Im junior regardless investments but long time ago I read about economics and before that I knew that companies profit must be re-invest in order to keep them growing,then I read that many companies invest their profit into real estate and stocks, the question is? how companies can diversified and keep themselves growing?
A. Owning property or equity (stocks) is considered growing. If a party purchases real estate they are expecting to see returns based on the future market value of the estate which creates a stream of revenue. When they ultimately make some profit on this they can then re-invest that money into their capital allowing them to 'grow'. The same applies for purchasing equity.
If you're an amateur economist/trader I suggest using www.investopedia.com as a resource.
If you're an amateur economist/trader I suggest using www.investopedia.com as a resource.
What is required to become a real estate agent?
Q. I'm thinking of majoring in real estate and had a few questions for this job. What are majors required to become a real estate agent? Are there any colleges that specialize in that major? How about the required degrees? How many years of education will it take?
I also live in California to be specific.
I also live in California to be specific.
A. You attend classes for 1-3 months at a "licensing" school. When you pass their test, you take the state test. You pay a fee to the state. You interview at realty offices. You choose one. They train you and you go to work. No education required. THink of Bill Gates; he dropped out of school..
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