Yes a Realtor needing advice... - Posted by GA-Stef

Real Estate Investing Real Estate Law
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Posted by christine mendenhall on October 30, 2006 at 12:27:36:

Holding my license is an asset in all of the ways you have already stated… (access to the MLS, listing my own properties, contracts, understanding of my market place, and most importantly understanding of real estate law.) I have an agreement with my agency where as I pay $500.00 flat fee for all personal property, bought or sold. There are no splits, other than that fee.

I have just obtained my brokers license and will be moving into my own office as soon as I receive my license back from the state. So, that brings us to escrow accounts… As a Broker/ Owner, you are not obligated by law to have an escrow account. So, you can use the title company of your choice to act as escrow agent, or you can use the other real estate company’s (if there is one) escrow account. My choice will always be to use the title company, even when I will be dealing with an agency that has an established escrow account. I just plain don’t want the hassel of managing escrow.

My advice, go out an interview with some different offices, be straight with them about what business you will be doing, tell them you’re an investor and are holding your license for the following reasons (see list above). There is surly a company out there that will welcome you aboard, just as I was able to do with my company.

Another thought, if you’re just getting started and are not really familiar with investing (as a practice) You may want to consider working as a BPO agent. I have listed some web pages you can go check out. This will do two thing for you, actually more than that, but we’ll stick with two. You’ll get a better understanding of the foreclosure process in your area, and in doing the BPO’s you will most likly get the listings when the bank does foreclose. That will help you earn some commissions and get your business of it’s feet.

Here are the links…
http://www.protk.com/

http://www.horizonmsi.com/

http://www.rrreview.com/ (affiliated with Fairbanks Capital Corp.)

http://www.safeguardproperties.com/ (a BPO mill that doesn’t give listings in my experience.)

http://www.sourceoneservices.com/

Best of luck to you and please feel free to contact me if you need anything

C

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Yes a Realtor needing advice… - Posted by GA-Stef

Posted by GA-Stef on October 23, 2006 at 12:24:25:

Hey everyone, I know, AGENTS…:(…
Where would I go to find leagal advice within this site that deals with do’s and don’ts of a Realtor?? ie: holding license, disclosure, etc. I hate to go through leagal with my broker. I am trying to become an investor, and obtained my license “thinking” it would make things easier…I think I should have re-thought! Please send any info. or posts that could be helpful. THANKS a bunch!!

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Re: Yes a Realtor needing advice… - Posted by christine.mendenhall

Posted by christine.mendenhall on October 29, 2006 at 16:31:08:

I am a Realtor as well in (IL) I could answer any national questions you have, however I am not familiar with your state laws.

What kind of problems are you running into. I love having my license and consider it an essential part of my investing business. I do not do traditional real estate, I only do investment work, so from that stand point I should be able to help you through.

C

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Re: Yes a Realtor needing advice… - Posted by Natalie-VA

Posted by Natalie-VA on October 26, 2006 at 21:40:47:

Stef,

The state board that licensed you should provide you with their rules and regulations. Every agent should know these inside and out, but unfortunately the brokers spend more time and resources trying to get business.

Good for you for trying to do it right, but I have to admit that it’s scary that you’ve got a license and don’t know these things.

–Natalie

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Re: Yes a Realtor needing advice… - Posted by GA-Stef

Posted by GA-Stef on October 30, 2006 at 09:41:18:

WOW… you’re a breath of fresh air. Thanks a bunch for responding and offering to help.
I am not yet having any “problems” just getting started (yeah, for years now). You say your license is an asset… in what ways. I know the MLS systems are an asset, and contracts and just have the incite of RE. But does your license hinder you in any way with your brokerage? Do you have to set up earnest $$ accts? and/or split any funds you take in? I just may be with the wrong firm but I see myself loosing a lot if I stay active.
Please help, I’ve been marketing soooo much as a Realtor, that I have zilch left, and NOTHING to show… not one listing!!! But as I stated, I have always wanted to be and investor just thought the license would help. So PLEASE enlighten me, I would appreciate you wisdom.

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Re: Yes a Realtor needing advice… - Posted by GA-Stef

Posted by GA-Stef on October 30, 2006 at 09:31:45:

Thanks for your response. I have a bit of knowledge on the laws by way of RE school, and my broker ie: disclose everything, and I also have to SPLIT my funds. Which is crazy to me. I guess I just need the in’s and out’s, the good and the bad, so I don’t have my license revoked. Thanks again.