Many people go into the Real Estate business simply because they want to work for themselves. They want to set their own hours. They want to be their own boss! All good reasons. But are they enough AND are they realistic?
Real Estate Agents are independent contractors. You have to finance, motivate, manage and sell yourself.
Real Estate is a professional business. Each state has it’s own licensing requirements. Classes must be taken either online or in a classroom and can cost as much as $600. There is a fee to take the licensing exam and another fee for the license itself. Some other associated costs are: Membership fees for National, State and Local Associations, business cards, signs, name riders, a lockbox fee, advertising… The initial investment alone can be thousands of dollars. Then there are the taxes. Beyond the normal federal & state, you must pay a self employment tax. The list…
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