Do I Need A Real Estate License To Flip Houses?
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Do I Need A Real Estate License To Flip Houses
Joe: Hey, it’s Joe Crump. Got another question here. This is from Bharuch Asolay. Bharuch says, “I live in New York state. Do I need a real estate license to flip houses?” The answer is no. You need a real estate license to represent other people in a deal. So, if you’re representing yourself in the deal, then you don’t need a license for that. You can always sell your, buy and sell your own property. That’s why we have for sale by owner deals. So that the question is, what makes you a principal in that transaction?
Joe: And having the right to sell that property through the document that says you have the right to buy that property and make that right assignable, that’s what gives you a principal position in that deal and makes you legal when you sell it. So if you don’t have your option signed, or if you don’t have an assignable purchase agreement signed, then it’s not legal for you if you don’t have a license. If you have a license then you can do it, but it’s not necessary to have a license and I think sometimes if you don’t have a license now you probably don’t want to spend a lot of time and money getting a license doing this, until maybe you’ve been in the business for a while. I’ve had a license for thirty years. I work as a broker. I no longer list and sell properties. I did that many years ago and I don’t enjoy it and I find that investing is much more profitable than that.
Joe: But I keep my license active. I go to the continuing education every year, I go put in my days and do the continuing education. I sit through the stuff that I’ve learned thirty years ago. But I do it because that’s the requirement for me to be able to keep my license and I think it gives me some credibility with some of the people that I talk to that I have the license, and that does help a little bit. But it’s not necessary, and I’ve had so many students who don’t have a license, who have been very successful with this business without a license.
Joe: Hope that answers the question. And, by the way, I guess I should say before sign off here, I am not an attorney. Don’t even play one on TV. I can’t give legal advice, so I’m just giving you my opinion. I’m giving you my experience in this business for the last thirty years. But it’s not legal advice and if you feel uncomfortable about anything that I’m saying, please, please, please, talk to an attorney. Hire somebody and get their take on it. Because if you’re not comfortable with what you’re doing legally, you’re probably not going to end up doing it. You’re going to find a reason not to do it. So get comfortable with it legally and then move forward and that way you can feel like, you know, I’m heading in the right direction. I’m doing this honorably, I’m doing this ethically, you know, I’m doing this morally, and you’re treating people right and you’re following the law. That’s very important in this business.
Joe: You know, it’s the only way that you can have a long term sustainable business. You’ve got to treat it like, treat people like they’re family. You’ve got to treat them with love and respect. Anyway, hope that helps.