I apologize for the confusion. I am very excited about starting a realty company and am trying to do it the right way, though you all are making it sound a little more difficult than I had evisioned. I am still in the 'start up' phase. I haven't gotten my license yet and am planning on taking a 50 hour week long course, when I get back from vacation next week.
I have bought and held rental properties since 1997. I started my website as an advertising tool to help rent my properties. Last year I sold my first 'turn' house fsbo. The second did not move as quickly and I turned to a Flat Flee Listing company, which worked very well for me, and I've used them since to get access to the MLS. As of September, the company that I worked for, for 10 years folded, meaning no income. With rent being flat the last few years, it barely covered the mortages, insurance, taxes, and hoa fees.
So anyway, beautiful portfolio, no income, which you can't eat equity. After finally selling our primary residence this past monday, after a 9 month listing, along with getting two other previous rental under contract, I was planning on taking the proceeds from the 3rd to invest into a new realty company. As of Tuesday evening, the contract fell through and the townhome is now back on the market. I've raised the asking price for rent from $795 to $975, hoping to sell before I rent, but I've already had 3 calls in less than 24 hours on renting. I don't like having to make double mortgage payments, which I did for 9 months on our previous house. So, if this one rents, then I have another coming offline at the end of August, which will get overhauled and put back on the market for sale / for lease or lease to own. In any regards I am looking at the realty company to get cash flow in between projects, especially with the market in such a weird transition. I don't want eat all my 'seed' money by not doing anything. Plus I've made so many good contacts with realtors that have previewed either our personal house for sale or one of our rentals.
I hope this helps clarify my situation and my desire and dream. I love real estate. I used to take pride with a lawn service business, taking a tore up yard and putting it back together. Same thing with a previous auto detail business. I think remodeling is the same thing to me. I take a beat up house and bring it back to new condition, doing quite a bit of the work myself to capitalize on the labor costs. I'm extremely hands on and take pride in what I do. Again I apoplogize for the confusion and my excitement at the possiblities. I eventually look forward to becoming a part of your community as more than just a person that owns a few rental properties.