Thread: Some questions about becoming a realtor and flipping a house

If you are a Realtor and want to flip (property or contract), you will have to disclose everything, even the fact that you do that for a profit, meaning you may sell the property for more, which is actualy not working for the seller. That makes the flipping business more difficult.
On the other hand, without a licensed, you can flip like a shark and have no feelings whatsoever for this family with young children that will lose their home tonight...You don't have to disclose anything...

I have read and understand BOTH sides of the equation here!

However, the original poster does have a valid question!

We're all trying to make money, however it is easier for most of us other than the original poster -- he has limitations that most of us would rather not even think about let alone having to deal with!

So, yes, there are normal people in trouble. However, they have two ears, eyes and a mouth. They were provided with information in order to make an "informed" decision when they bought their home! They probably also have many more resources than this poster has to make their life work out in the end too!

Therefore, I feel this poster needs a helping hand and NOT to feel guilty about his goals and aspirations!

With that said, I think he deserves NOT just an honest answer, but some direction to his dilemma from the pros here!

If anyone has anything positive to add, I hope you will. If not, then ATX contact me.

More than likely you will need a license in both states. There are some cases where the license is mutually recognized in another state and you only have to pass their state exam to be licensed.

When buying a home, you may have to disclose that you are a Realtor, in Florida you do not if you are not representing a 3rd party. You do not have to disclose that your sole intentions are to sell the home for a profit. In fact, you do not have to disclose if your intentions are to destroy the home, redo the landscaping, rent it out, turn it into a casino or paint it purple. Your property is your property to do as you please while adhering to local laws.

With that said, the local MLS only available to realtors may provide access to properties which would other wise not be advertised publically and may be beneficial in your home flipping efforts.

First of all, realtor and real estate agent are not the same thing.
Typically you get an agent or broker license and then you can become
a realtor by paying fees and generally taking classes. It is not necessary,
at least to my knowledge, to become a realtor, it will only cost you money
and time.
There are several advantages to being licensed and purchasing property.
Typically you can receive part or all of the commission (there are some
exceptions). Also, especially if you are licensed at the broker/broker in
charge level, you are on par with the selling side and also know what the
selling side must do. I have corrected at least one agency during a transaction and consequently got the property.
I would give serious consideration to getting a license.

Originally Posted by IggysListing

First of all, realtor and real estate agent are not the same thing.
Typically you get an agent or broker license and then you can become
a realtor by paying fees and generally taking classes. It is not necessary,
at least to my knowledge, to become a realtor, it will only cost you money
and time.
There are several advantages to being licensed and purchasing property.
Typically you can receive part or all of the commission (there are some
exceptions). Also, especially if you are licensed at the broker/broker in
charge level, you are on par with the selling side and also know what the
selling side must do. I have corrected at least one agency during a transaction and consequently got the property.
I would give serious consideration to getting a license.

I disagree. There is no RE commission when flipping. You really only get the profit as owner...OR you're sooo good, that when you buy a property for $140K (worthing $200K), you tell the seller: "Hey, I buy it $60K below market value AND don't forget my 6% commission".
I'll never be that seller BTW....

I am a real estate broker and investor and I know what I am talking
about. What you said is sometimes true. However, some foreclosures
or otherwise distressed sales are listed by agencies. I have done the
transactions both ways. Sometimes you can get a great deal and still
get the commission. If the home is on the market paying a commission,
then it pays a commission.

Oh ok. I'm here in East TN and listed foreclosure are at 95% of FMV.
So I buy pre-foreclosure when a seller call me to list. Then I can get 60-70% of FMV. If it's listed, it's never a great deal...
Maybe Charlotte is better...

My daughter and I just sold a house and the listing agent bought it
receiving the commission. She is basically doing a remodel and flip.
I think the key is, there is no "one size fits all".

Oh...you mean an agent buying a flip for hinself!!...ok,ok,now...I was talking about an agent buying a property to flip it himself and sell it for himself...Sorry for the confusion..