How do I obtain a real estate license?

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.

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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.

Original Question

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.

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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.

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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How do I obtain a real estate license?

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.

Original Question

Can you answer these real estate questions for me?

Q. Will real estate prices keep going down and how much do you assume?

When's the best time to buy a house?

A friend told me to wait for 5 months to see houses continue to go down and then he said but this is the time to buy because at the end of those 5 months everyone else will want to buy too.

So when's the best time to buy?

A. 5 months?

People that are waiting on a quick fix on the real estate market are D-R-E-A-M-I-N-G.

This is a long-term deal we have going. The prices are still predicted to go down for the next 2 years.

Remember that they have been threatening for the last 3 years that a bust WILL come...well, nobody believed it, well, it happened.

5 to 7 years...you will see properties start to rebound in value.

The whole thing takes about a 10 year cycle when something this significant happens.

Original Question

What questions should I ask my real estate company in my interveiw?

Q. My interviewer told me to make a list of question to ask him. I don't know alot about real estate but I have to ask him some questions can you think of any? I already have these questions.

1. How do Agents get homes to list?

2. How many listing can one have at one time?

A. Those are pretty rookie questions, how you get listings is by making contacts, and I have never heard of an office limiting your listings.

Things you should ask:

Ask about their mentoring/training program
Desk fees, transaction fees, administrative fees, franchise fees - (i.e. what costs you $)
Who pays E&O?
What is the commission split, and is there a point where your commission schedule improves?
What is their market share?
Are there any niche markets they specialize in?
What is their average sale price compared to the local market average?

One thing you want to be sure of is a good fit. If you are an intense, competitive person and this office is staffed with laid back people, kids toddle through and someone always has distracting music on, you will be miserable. If you are a team player and the person in the next office would trip their grandmother to get to a listing before you, you will be miserable. Know your strengths and weaknesses, where you will fit in or when you should pass.

Finding a good fit will be important to your success as well. Some places will give you keys and a phone, expecting you to figure it out or sit in front of stupid online classes. You need a place that nurtures and trains new agents.

The unique thing you need to understand about real estate, the risk to the brokerage is low, so you could potentially work almost anywhere, brokerages want people in desks.

Good luck at your interview, but be sure to interview the brokerage too!

Original Question

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.

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Is it illegal to have a property listed for rent and for sale by two different real estate agents?

Q. Real Estate Question
What I was planning to do is to put the house for rent with one agent and at the same time, put the house for sale. I have tried going with just one but I am not having any luck in finding prospective buyer/renter. So I thought about putting it up for rent and for sale at the same time.
I don't want to put the house for rent by two different agents. Each agent would be responsible for rental/sale respectively.

A. If you are looking at renting a property and see it listed by two agents, that's none of your concern.

If you are listing a property for rent and want to use two listing agents, I don't think that's legally possible. It's certainly not ethical. When you list with an agent that gets a commission for finding the tenant, you should have entered into a contract with him. And, therefore, that should preclude you from doing so with another agent.

If you did list with agent A with a listing contract and then listed it with agent B, and agent B found a renter, I would think you legally owe agent A his full commission as well as agent B.

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How can I get a bank loan for real estate investing.?

Q. Im looking to invest in real estate,my question is will the bank loan me money?I just started a new job a month ago,my credit score is fair(Im really working to improve this),and I have 20% to give down.
Thanks in advance.

A. Normally banks are not the best place to look for investment properties. Banks lend funds based on the value of the property, not the future value of the property.

In order to have knowledge about real estate investments you should invest a few dollars into a couple of books about the subject of real estate investing. There are many excellent books on the subject. You might then make a decision as to which area of real estate investing you would want to get involved in.

There are also methods in which you would find techniques that would explain how to find ways of funding your investments. Normally real estate investors invest for leverage, appreciation and possible tax advantages. This is done by putting as little of your funds into a transaction or project as possible. There are times when you would have to add funds from your pocket, but you should take these on a case by case basis.

Your first couple of investments might be all your funds, but successful investors eventually find those that are willing to assist them in their real estate investments.

You should also seek a local real estate investors group or club to obtain the local practices and things you would need to know about the local investment scene. These groups normally charge a annual or semi-annual fee to join.

You might also find a mentor among the membership, someone that is willing to help you get on your feet and prevent rookie mistakes or errors in judgment. This person would also be able to assist with vendors and tradesmen that would do much of the work you would not be able to do on your own.

I hope this has been of some benefit to you, good luck.


"FIGHT ON"

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How can i get real estate agents to sell my preforeclosure properties?

Q. I'm getting into the business of stopping foreclosures,and i was told that this type of business is less than attractive to real estate agents.My question is two part,why is that and what can i do to get them to actively sell my properties...Equity is not an issue,each property has an average of about 20 to 30 thousand,with all closing costs paid,walk through and all...

A. First off, are you licensed to "Stop foreclosures?" If so, how.

Realtors are worried about getting sued every day, and if someone is preying on people whose homes are going into foreclosure, the Realtor will usually get sued at some point, and that's what we're all afraid of.

How can you guarantee that there's that much equity in these properties? Are you buying them from these people who are getting foreclosed? If so, how come they didn't list it first to try to sell it? If they did, and it didn't sell, maybe there is no equity there.

These are questions that not only do Realtors ask, but so does the general public.

Original Question

How do I obtain a real estate license?

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.

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