I have heard real estate investors say that being licensed in real estate is often a disadvantage because of heightened restrictions. Is that true with land
investing/flipping? What questions should I ask my real estate commission before I start? Thanks for your help.
@Jarenb - you have any thoughts on this?
@mkrichie,
I don't think it's a disadvantage at all. I'm licensed in Indiana and do my land business in Florida.
If anything just operate with full transparency and integrity. My direct mail piece says I purchase property at a discount of market value, and I reiterate that when I speak to them on the phone - it's really clear that they could get a better price elsewhere, and as long as you do that, I think you're fine. When I did business in Indiana I included my license number on my mail piece as well.
It's a good idea to talk to your broker or Realtor's association just to make sure you're in compliance, but in my opinion, it shouldn't be an issue at all.
Thank you Jaren & Seth for the replies.
In North Carolina I know that I don't have to inform anyone that I am a real estate broker when I buy. When I sell the rules are different. The rules I am concerned about are centered around residential real
estate. There are lots of disclosures in the name of consumer protection that need to be signed off on and a mountain of paper to keep. I have an idea that the same requirements would not apply to raw land.
I am going to find out for sure because at this point I am planning to stay fairly local.
Thanks for this forum
As it turns out there are no restrictions according to the NC Real Estate commission. Either I remembered poorly or was misinformed in an earlier CE class.
Apparently this activity is not considered using my real estate license. Thanks
@mkrichie I can't imagine it would be (using a real estate license), as you're not acting on behalf of another party, waving your broker's shingle about, etc.