ATTN: Agents/Brokers in Il - Posted by P. Dunson

Posted by Jim FL on December 14, 2005 at 14:09:48:

I’m not an agent or broker, but do work with them often, in a couple different states.
As I understand it, each state has its own laws with regard to licensure for brokers, and agents. So I’d think a license in which ever state you practiced your brokerage activity would require a license for that state.
You may be able to co-op with a broker or agent from another state though, on a deal by deal basis.

Take care,
Jim FL

ATTN: Agents/Brokers in Il - Posted by P. Dunson

Posted by P. Dunson on December 14, 2005 at 09:24:00:

I am thinking about getting liscenced here in Il. I wanna know from all of you if it is legal to hold a liscence in Il and operate as an agent/broker in another state?

Any help is appreciated

P. Dunson

More ongoing debate - Posted by Downriver Brian

Posted by Downriver Brian on December 15, 2005 at 22:16:03:

I have to disagree on the point of not getting licensed.
My focus is on rehabing and wholesaling. Not income property as yet.

My license gets me access to the MLS which I use all the time. Also, I can “wholesale” without wholesaling.

I don’t have to assign contracts when my buyer buys the deal I find for him…I get a commission…which is about he same if not more…but here’s the GREAT part.

If I find three houses for three different investors in January, I get three checks. Lets say I find three MORE each month after that.

Of course in about 90 days, all three of the January deals will have been rehabed. If one investor sells FSBO and one decides to keep and rent, at least ONE is going to list with me in April. So in April I have one listing(which I’ll probably sell myself and double dip) as well as three closings for those looking for new properties to buy which equals four plus.

Them in May…the Febuary buyers are looking to sell. Oh yeah…and in may…the January buyers are looking to buy again…as are my three NEW buyers. That’s Three new buyers…three previous…and one listing for May.

Let’s see…that’s the same pay as if I assigned SEVEN DEALS in May if not more.

Throw in the fact that I don’t have to worry about assignment issues, double closings, buying in an LLC name and transfering interest to my end buyer…etc.

Did I mention I get MLS access?

Get the license baby…it’s the only way to buy.

Re: ATTN: Agents/Brokers in Il - Posted by db

Posted by db on December 15, 2005 at 13:31:25:

You would need to be licensed in whatever state you are operating in. If you had an IL license you couldn’t sell a house in any other state legally.
BTW, I know this is an ongoing discussion but in my opinion, if your interest is in investing then I wouldn’t get licensed. I got my license in IL a few years ago and it was a waste of time.