All Forum Posts by: Jim Cummings

Renee

As others have said, (in Texas) you MUST disclose you are a LICENSED Real Estate Agent at the point you have the first SUBSTANTIVE (Texas Real Estate Commission's word) meeting.

You can certainly offer your services as a Real Estate Agent in Selling the Home (and collecting a Commission) in case  they are not interesting in selling to you at the price you are willing to pay. 

Suggest you ONLY Accept MONEY ORDERS / CASHIER'S CHECK for Security Deposit & First Month Rent. After that you can accept whatever works for You, Cash, Personal Check, etc.

Tasha

As A TEXAS Real Estate Agent & Broker of 28+ Years - You do NOT have to have a Real Estate License to be a real Estate Investor, in Texas. You can buy, rehab, and sell without any complications. There may even be some advantages to NOT having a Real Estate License, in that being Licensed subjects you to more scrutiny as to being an"Expert" in the field and the potential liabilities you might face from being a quote "Expert" and dealing with a litigious public.   

Are there advantages to being Licensed - MANY! Immediate access to what's available on the MLS (largest database of properties), being able to collect a commission on buying & selling properties, more thorough knowledge of the market conditions, and many more!

Hope this helps!

Ewan

Enlist a Real Estate Agent to help you determine the Comparable Rents for the area. 

Brandon

From the Texas real Estate Commission (TREC) Website ( http://tinyurl.com/y8cw4mc5)  

Answer:

It depends on what the property manager is doing for the property owner. If the duties include showing or leasing the property for the owner for which the manager gets paid, a license is required. A license is also required for any person who controls the acceptance or deposit of rent from a resident of a single-family residential real property unit. See TRELA §1101.002(1)(A)(x) and Rule 535.4(g)

In my opinion, If you are working onsite for an Apartment Complex and ONLY Renting / Managing the Apartment Complex you would NOT need to be licensed. 

To operate on your own and manage properties for other people you would need to have a Real Estate BROKER'S License, as agent only conduct business in the name of the Broker.  

Yvette

Decisions - decisions - decisions! 

First - you're going to need some funds! It's still possible to do NO Money situations - but don't count on it! You'll need to DECIDE WHAT you want to invest in - Single Family Residential, Multi-family, Apartments, Commercial, Storage Units, Mobile Homes, etc, etc, etc.

I'm not real familiar with Andrews, but know it's in the Midland-Odessa area.  I presume Oil is big in your area - Is there an avenue for you to invest that might cater to the needs of oil workers?  

In most any town of substantial population, there is always a need for Rental Units, either Single family or Duplex, Triplex, etc. I would suggest this would be your first purchase.

If Andrews is not large enough you may need to look further afield - Midland-Odessa is certainly large enough, Lubbock with Texas Tech University should prove viable.

Good luck - let us know how you are progressing! 

Luke

Having "one guy" you send all your HVAC business to is great. That is my approach as well!  We tend to get better pricing and more reliable service from the ONE company. But there are times when a one person or small company just can't respond quick enough. Suggest you also have backup phone numbers for 1-2 of the largest HVAC companies in the area. These large companies have sufficient technicians they typically can get someone to your jobs in a few hours. YES - it will cost you more - but not being responsive to your tenants well being can cost you a whole lot more.

Tony

What market is the Duplex In? I presume when you say $1300 / Month Rent - you are speaking of Each Side renting for $1300 = $2600 TOTAL Rent. Just roughing some numbers - i would put your PITI about $2850 / Month.

Greg

I don't have any practical experience in Apartment complexes, but just finished reading Dave Lindahl's book "Multi-Family Millions". He recommends using an expense factor of about 35%-40% for 2-20 unit properties, regardless of what the prospectus says. Lots of other good info on evaluating your first or your 50th deal. Suggest you get yourself a copy of the book.  

Ron

Welcome! BP is a great Forum for exchanging info and learning new tactics and skills. 

After 25-years in RE business in Austin, primarily focused on Sellers and Buyers, also had a small property management business for my clients properties, did a few rehabs, etc., etc.

I moved to College Station about 2-years ago, where I operate as an Independent Broker and manage my own SF Rentals.

Sounds like you're doing well - but let me know if I can assist.