All Forum Posts by: Tami Lumpkins

If you are "rebuilding your credit" you will not be getting 0% interest on a new car.

Save up, buy a decent used car.

Thank you for the perspective.  Even though we didn't receive the security deposit, I will return the amount less any damages.  The tenant did pay it to someone.

I will inform my sister that she needs to get advice from an attorney before withholding the late fees.  Though she controls the money, and she's going to do what she's going to do.

I may have to take the money out of my own pocket to pay the late fees she withholds.

I (with two siblings) inherited some commercial property that was already leased out - in Texas.  The tenant is now moving out (end of lease).  There is a security deposit (that we did not actually receive - we did not get any cash as part of the inheritance).

Every month for the past year the tenant has been late paying rent.  The lease does allow a 5% late fee for rent more than 5 days late (and it was always at least 10 days late).  One of my partners was in charge of the finances, and never requested the late fee from the tenant.

She now wants to deduct the late fees from the security deposit.  The lease states the security deposit is for the repair of any damages to the property.

I do not believe we can legally (or ethically) deduct the late fees from the security deposit.  But my partner is insisting on doing it.

I just passed my real estate license exam, though have not signed with a broker yet.  I do not want to do anything jeopardize my license.

So, questions - Can we legally withhold the late fees?  And if my sister does it anyway, can I as a real estate agent get in trouble?

Thank you for any help you can provide!

I did it!  Passed the test.

I didn't do the fingerprints until the day of the test.  Will that delay getting the license email?

I don't have a broker yet, but I'm narrowing in on one.  So it will be inactive until I do - but I think once you sign with a broker, your license goes actives right away (I think).

C21 was very likable.  They too have a buttload of training and support.  They do have some leads - but I get the feeling it won't be very many with 200+ agents - but with KW, there are no leads.  

C21 has a property management department, something I'm mildly interested in, KW does not.

It's hard to tell which one I would make more money at.  If I sell a lot - it would be KW.  If I sell a whole bunch, it could be C21 in later years.

KW has 14% of the marketshare in this area, C21, only 4% (and everyone else is around 2%) - at least according to KW.  KW is a 2 minute drive from my house - C21 is a 20 minute drive.

I still have interviews with Re/Max (not expecting much, as I hear they are for more experienced agents and have high fees), and Coldwell Banker, which I know nothing about.  And I want to talk to the other big C21 office in town.

I got my eligibility letter today! ~~happy dance~~

Took exactly one week to get it.  Though I still can't schedule the exam - I'm not in their system yet, they said to wait 24 hours after getting the letter. ||open||open||open||

I am just starting the prep course - took the pre-test yesterday and scored 80%.  So I feel confident after the exam prep course I'll be well prepared.  Almost all the questions I missed involved math because... well... math.

 Thank you for the advice.  I am not dependent on RE income to survive - my income has always been our "play" money - but we like to play a lot :)  I have about $12K available for my new business.

It's amazing with the high failure rate that there are so many real estate agents.  The one broker I talked to has over 600 agents in their office - he said only about 100 were part time.  Just boggles my mine.

Thanks for the heads up on Mike Ferry - I'll look into that.  And I am meeting with C21 tomorrow.

I had not received a single email until yesterday - and then the floodgates opened (ok, it's still trickling).  I'm not sure how they got my email address... unless maybe Kaplan (my RE school) sold it - or TREC - but that seems unlikely.

I'm sure it varies by state. And it depends on what you mean "get a Real Estate License" - just the license? The education to get the license? The fees and other stuff you need to actually do the job?

In Texas, all in - it's about $2,000 - $2,500 to start:

• Education - between $400-$1000 depending on where you go and what you get.
• Application - $205
• Background check - $31.50
• Fingerprints - $40ish - I'm not sure, and can't find the info at the moment.
• Exam Fee - $54

Which brings you to about $1000 for the actual license.

Then to actually do the job:

• Realtor Association Fee - $400
• MLS fee - $440 ($110 quarterly)

Then you might have start up costs with your broker, which are going to vary:

Office fee, Supra key, signs, business cards, etc.

 Yes, it was KW.  I went in to the presentation a little leary, but came out of it thinking "not so bad" - but then again, I don't know what else is out there.

I'm going to another "career night" at a C21.   Other than C21, ReMax and Sotheby's, I've never even heard of those companies.  And I don't think the local Sotheby's is my style.

But I do plan to talk to C21, Coldwell Banker, and ReMax - though from what I've read, ReMax might not be the best place to start out.