All Forum Posts by: James Wise

You need to get licensed as an Agent then find a broker to work under who will let you do P.M. under his brokerage.

If your working as an Agent for 2years and have closed 40 deals you can then sit to take the test to become a broker and start your own P.M. company.

Or 2nd option is you become an agent and then hire a broker to be the broker of your P.M company......Much easier / cheaper and more practical to go with the 1st option tho.

Ugly Karl ' s Subs

What state are you working in? You will get a better answer if we have that info.

It is possible they are simply hiring a broker. A Real Estate agent can actually own their own Real Estate company so long as they hire a broker.(@ least in Ohio)

If you are not confident that you will find a buyer for this property and you are worried about loosing an E.M. deposit you have no business signing a written contract agreeing to buy this property.

People doing things like this gives the industry a bad name.

In most states you must be licensed Agent or Broker to be a property manager. In ohio you have to be a licensed RE Broker or a RE agent working under a broker. If that is the case your broker will want a split of what you earn for the risk he takes on with your P.M. clients.

Never heard of that company before.

no your not crazy lots of people hire p.m. especially out of state investors.

pricing variers. Student housing and vacation rentals will be higher. Regular p.m. is around 10% of rents. Fees for placing tenants as well.

If you can swing it, whenever possible the best thing for you is to already have the cash in a bank account with your name on it. For highly competitive bank owned houses a cash offer is what you want to have. An offer based on financing will not be taken as seriously as cash.

Guru smuru....This is how to make some money investing in real estate..

Get together as much money as you can. Buy a house that is worth more than what you paid for it.

You said appraisal and other small fees. What are the other small fees? Really need to make sure to vet your HML before paying any up front fees to them. You do not want to get caught up paying fee's for a loan that they really do not intend to close on. An appraisal is something that there wont be a way around though. You will need to pay for an appraisal before anybody gives you any money.

Have to spend some $ to make some $.

If you choose to have the listing agent write your offer just Remember that this does not automatically make him your Realtor. Some brokerages do dual agency while others do not. In that case you would be only a customer and not a client.

There is the chance that if 2 offers are sent in (other offer using their own agent) the listing agent would try to sway the seller to take yours as he makes more money, however this is unethical. It breaches his responsibility to his client.