Here's a couple of reasons why I don't want to do this:

1. 135 hours is a LOT of time to invest for even tens of thousands of dollars return. I could build and market a side project or two in that time, which could have potential for significantly higher return.

2. To recoup that return, I have to take a big risk, using a highly inexperienced agent (me) in a huge dollar transaction where everyone I speak with will have much more experience.

3. Worst decisioning -- if I am my own agent, I'm not in a good environment for optimal decision making.

There are other reasons outside the scope of your question (some people prefer lower touch investments), but those are a few.

Yea, to add one major point to that list, a real estate agent most states require you to house your license with a broker. And you cannot become a broker in most states until you have usually some period of time working for a broker. In my state you need 2 years under a licensed broker before you can apply to be a broker (there are some other things you can do to qualify too but it is still a lot of time). So in the end that means, you get your agent license (pretty easy <$1000 generally), work as an active agent in some fashion for 2 years before you can get your broker license and then, finally, you can eliminate 50% of the transaction fee.

The math just doesn't work out, if you get to the point you are doing that many deals, just hire a broker for your business.

Getting access to the MLS isn't that hard. And finding a good agent/broker to work with is very doable as they want to work with investors since it is a source of recurring income usually for them.

That all said, I am always interested in other peoples approach to minimize transaction fees, but most investors I know in real estate use this approach as it just works and minimizes liability.

Here is the simple reason. It is better to team up with or employ someone with the license then to hold it yourself. There are lots of legal obligations and other issues that trigger when you are a licensed agent. Not that you are trying to do anything illegal, but simple mistakes become much bigger issues when you are licensed. Also, when licensed you have a ton of disclosure rules you must follow and missing one can be a major issue, so better to employ someone or team up with them than to be licensed yourself.

I do agree in reference to fees from brokers etc, but if you do some deals you will find someone you can work with and honestly at that point they'll work with you on the fees and you won't care as much either because they'll take the liability so their fees are fair.

Yep, that's what I'm thinking as well.