All Forum Posts by: Patrick Pendley

My feedback is to share the address and the price. With just that info I imagine any Waco agent could tell you what you could see this for. If it is where I think it is, that price isn't very high. 

Great job! Yes, Sean is a fantastic agent. 

I'm an investor in Waco. Send me the info and I will see if I can help. I might be interested or I can put you in touch with others who the deal might work for. 

We work with investors that buy student housing. Feel free to send us what you have.

For Texas

You do not need a License to do PM if you Own the property. Weather you live in it or not. If you are doing management for others (Third-party Property Management) you need a Real Estate License, and your Broker has to maintain the trust account and allow you to do Property Management.

I am in Texas and all of these answers are based on Texas.

1) you do not need a License to do PM if you Own the property. Weather you live in it or not. If you are doing management for others (Third-party Property Management) you need a Real Estate License, and your Broker has to maintain the trust account and allow you to do Property Management. 

2) You don't have to be a Broker to do PM. But you need to be licensed, and have a Broker Sponsor you or be a Broker yourself. In either case the Trust account needs to be maintained in the Broker's name

3) Not sure how to answer this. what revenue? Are you currently managing property?

4) each state has different rules, it will be a state by state answer.

5) if you are operating the OM company as an LLC, then the LLC needs a designated Broker and the Trust account is maintained in the Brokers name.

6) In Texas there isn't a P<m specific license, it is governed under the RE License. I am not aware of a business license in Texas. 

7) Consult a CPA. I recommend Badger and Badger in San Antonio. 

 We have the team for you feel free to reach out if we can help it all. 

Also I believe it is worth stating that smaller units are more desirable. Meaning a one-bedroom or a studio rents very easily and has sought-after, a four bedroom is not as desirable. But if you do have four bedrooms it's best to have private bathrooms for each bedroom.

Also I think it's worse stating that the smaller units the more desirable. As an example a one bedroom or studio apartment is going to rent faster than a 3 or 4 bedroom apartment. Also having a private bathroom for each bedroom is a huge plus.

I would say the Baylor bubble is going to be the downtown area ish that is on the east side of I-35 between the interstate and Valley Mills and from the river on the north down to say 17th street. The bubble extends down university parks really all the way to loop 340. There is also a section on the other side of LaSalle from the university. In general the area is over built and has a lot of "mice after the same cheese" one of the difficulties is Baylor requiring freshman to live on campus and them expanding their living learning centers. Basically think, Baylor wants everyone to live in their housing. There is still a lot of opportunity. There are several things you need to keep in mind. The first is that Baylor is primarily female in terms of the student body. It's also an expensive private school. That translates into The primary concern about picking housing is safety and amenities. In that order. So properties with good lighting not near junkie looking properties and ones that are fenced bring higher rents and are more desirable. The second consideration is that students or rather their parents are willing to pay for the newer nicer properties with more amenities. So there's some of the keeping up with the Joneses. Every property has a place in there you just have to make sure you mark it correctly in our price right. Feel free to reach out if you have any more specific questions or if you feel like I can help at all.