property management - Posted by John from Dayton


#1

Posted by Joe Kaiser on November 22, 1998 at 13:48:46:

John,

Property management is a tough job that requires constant “hands on” attention to the never ending fires that must be quickly put out. You blink, you’re toast.

That secretary/office mananger better be made of steel.

Seems like a tough way to go. If I’m bearing the brunt, I’d want a bigger piece of the action and wouldn’t work for tips.

Joe


#2

property management - Posted by John from Dayton

Posted by John from Dayton on November 21, 1998 at 12:29:21:

Got a question for someone who’s in the know concerning managing property other than the my own. My R.E. agent says that in Ohio you need a realtors license to do it legally OR own a piece of the property. I thought yeah right, so I called my attorney and after he said “no” he checked into it further and called me and said “yes you do”. My question is what is the easiest way that I can show even a 1% ownership in a property to make this activity legal? Is this something that you experienced folks would be concerned with? I’m probably going to end up with about 3 or 4 owners who want this service. I don’t really intend to make this a major part of my business so if it’s going to create a major hassle for me I’ll do it some other way.


#3

Re: property management - Posted by JPiper

Posted by JPiper on November 21, 1998 at 16:22:35:

In most states that I’m aware of property management for others for a fee would require a real estate license.

Why not simply lease/option the property instead, on terms that would be beneficial to you?

JPiper


#4

Re: property management - Posted by John from Dayton

Posted by John from Dayton on November 22, 1998 at 10:43:08:

Thanks Jim for your thoughts but I really don’t want to necessarily ever own the properties in question. I have a couple of local investors and one from out of town that want me to find properties for them IF I will take care of the details for finding, purchasing, managing and eventually selling said properties. I would collect a fee for the service and my hope is that there would be enough cash from this activity to pay for a secretary, office manager type person to take care of my whole business, freeing up my time from all the day to day office details and paid by the management of the properties.


#5

Re: property management - Posted by JPiper

Posted by JPiper on November 22, 1998 at 14:36:49:

Collecting a fee for “finding,purchasing, managing and eventually selling” properties for another requires a real estate license in virtually any state. If you really want to do this, I would advise you to get your RE license.

The alternative is to restructure the transactions so that you are a principal. Having an option on a property doesn’t require you to buy it or to own it. But it does give you control, and therefore a means that you may profit by simultaneously exercising your option and reselling the property.

JPiper