Can I become my own real estate broker and buy my own properties?

Hello Everyone I am interested in becoming a real estate investor, mainly dealing with foreclosed properties and I have been having an issue with finding a realtor who does not mind working with me with low priced foreclosed properties. I understand that they only receive 2-3% of the purchase price, and it may not be in their best of interest. So, I have thought about getting my license to become a Real Estate Broker here in Chicago, because they no longer accept just sales agents anymore. Am I able to negotiate and buy my own properties with the commission too? I know I will still have to find a sponsoring broker, and I am prepared to pay those fees to them also. How can I go about this? I have tried communicating with numerous of realtors about my plans, but they really do look down on foreclosed properties and since I find and research all of my properties myself, why can't I buy them alone? Thanks for any input and advice!
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October 20 2012 - Chicago
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Answers (8)

I don't collect commissions on my own purchases, and I am a fully licensed agent. It is a pretty well known tidbit of information that with most well priced investor assets you have the best chance of acquiring it by going directly with the listing agent. It is unfortunate, but too many agents are driven by their thirst for more commission. I sell my listings to whoever is willing to net my client the most, and that sometimes means cooperating with other agents-- a great thing. Best wishes from So-Cal and good luck
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October 21 2012
Yes you can do it either way. But you may find you have less flexibility than as a private person dealing on your own. You company broker may have some restrictions as well as the instruction selling the property.
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October 21 2012
Thanks everyone for your advice and suggestions. I have already looked into the classes offered in Chicago, and like John stated, I can do the majority online which is awesome. Joshua, I mentioned in my original post that I can not find any "experienced" realtor willing to work with me with so low budget purchases. If I could, believe me I wouldn't want to come out of my pocket with the real estate broker education, but I simply can't find anyone that is why I am so frustrated. I do appreciate the advice. 
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October 21 2012
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Jessica, you should contact the local Real Estate board near you. They will have a list of classes they offer 'in house'.  If you are a self starter you can take one of the classes that are 50% on line. Many junior colleges offer classes too.  Taking a course at one of the RE offices in your neighborhood may be easiest.  Good Luck
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October 21 2012
I think a number of investors are doing this. I also find that many, many agents invest in real estate. I would seek out a company that encourages and facilitates its agents buying property (mine does). 
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October 21 2012
I thought about doing this myself but then changed my mind.  You are actually paying yourself the commission, so you don't make any actual income.  Also, working with an experienced real estate agent that knows the market inside and out will pay off in the long run.
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October 21 2012
Than you Matt!
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October 20 2012
Sure you can get your own license and start your own company. You have that right. I would just call up some companies that offer the real estate classes and go from there.
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October 20 2012
 
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