No, you don’t need a real estate license to flip houses but there are skills you can get trained in that will set you apart. Find out what they are here.
The Benefits of a Real Estate License for House Flipping
Building a house flipping business is an excellent way to engage your creative side while generating profits. But you may be wondering: Do I need a real estate license to flip houses? The answer: It’s not exactly necessary, but it can be beneficial.
A real estate license is not a requirement to buy, fix, and resell a property. But should you get a real estate license to flip house? It can be an advantage, making the process smoother. You’ll have access to more information and databases like the Multiple Listing Service (MLS). Seeing the homes for sale in the area where you want to invest is helpful. When you’re looking for properties to flip, you’ll be able to find hidden gems that aren’t listed on popular real estate websites.
Having a license means you have access to real estate contracts, forms, and legal documents that are necessary in the buying and selling process. Plus, a real estate license gives you credibility in the eyes of potential buyers and sellers. People are more likely to trust a licensed real estate agent because they know you have knowledge of the industry. Note also that real estate licensing laws vary by state, and if you have a license or plan to get one, make sure you know what licensing rules and laws may affect your flipping business. For example, you may have to disclose to buyers and sellers that you have a license but also that you are not representing any party in a transaction that is for your flipping business.
How to Get a Real Estate License
So how do you go about getting a real estate license? The specific requirements vary depending on where you live. Here’s what you can generally expect:
Age and/or residency requirements depending on your state.
Complete pre-licensing education.
Pass your state’s exam.
Pass a criminal background check.
Find a broker to work under.
Obtaining a real estate license opens doors to several possible career paths including working as a real estate agent, becoming a real estate broker, a mortgage broker, a property manager, or a real estate investor, to name a few.
Skills of a Successful House Flipper
To be a successful house flipper, you’ll need some additional skills. Having a real estate license can be helpful, but it’s not the only thing you need to be an expert house flipper. You’ll also want to have:
A good eye for properties with potential.
The ability to estimate repair costs.
An aptitude for managing contractors.
The skills to negotiate deals.
A budget to work within to maximize profits.
You can also reap the benefits of working with a leading house flipping franchise like HomeVestors®.
HomeVestors®: Your Streamlined Path to House Flipping
HomeVestors provides a streamlined path to house flipping, with a proven system that has been used to flip houses since 1996. And with over 1,100 successful independently owned and operated franchisees nationwide, HomeVestors is on a mission to develop success-focused resources for both prospective and experienced real estate investors alike. As a HomeVestors franchisee, you’ll have access to expert training and support that can help you become an expert house flipper in no time.
The HomeVestors® Advantage includes benefits that come as part of being with America’s No. 1 Home Buyer like mentorship, software, tools, training, support, marketing, and lead generation. Your house flipping will improve communities, turning eyesore properties into vibrant renewed homes. You’ll provide a much-needed solution to owners with distressed properties they cannot or don’t want to manage. And while you’re helping other people out of sticky situations, you’ll be building up your finances, and growing your own business.