I was told about a property management company that is just giving it up and basically selling his setup and the 180 properties that he manages for around 40 different owners. He is selling this only for $5000. The guys wife passed away recently, is filthy rich and needs out of it right away cuz he is moving to be closer to the family that he has left. My question is do i need to be licensed or anything to do this? I do have 2 rentals of my own and my fiancee will be quitting her job to run it as she used to be a property manager.
Yes, to manage property for others, you need to hold a real estate license. You are acting as an “agent” for the owners. You might still be able to purchase the business and hire broker/agents to work for you.
ok, if i go through with this, does it matter what kind of license that i get? i know i can take a 6 week course here at nights and take my test and have my license within a couple months assuming i pass the test
You will need a broker’s license so you can hold your own license and others (if you ever need to hire other agents). It will require you to take the agent course and pass the exam and then take the brokers course at take the exam. You may be able to take the courses on-line. http://www.realestateexpress.com/ is one site and I’m sure there are many others.
ok, thank you…but in the meantime i should be able to hire someone to run it until i get all my required licenses?
black,
Check your state law…licensing requirements are set by the state and each state is different…
I would find someone and create a limited partnership with him/her until you can get your license and run the properties yourself. Make sure EVERYTHING is spelled out in writing!
Keith
It’s true, check out what is needed in your state. In TX you have to have had your RE License for a couple years (2, I believe) and done a certain volume of business to qualify to take the brokers exam.
I you get your license you can always contract with a broker until you qualify for your own. In this state, employees of the PROPERTY OWNER do not have to have a license.
Good luck, Betty