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Updated over 7 years ago on . Most recent reply

User Stats

59
Posts
51
Votes
Bryan Petrinec
  • Rental Property Investor
  • Cedar Park, TX
51
Votes |
59
Posts

Recommendations in NW Austin area

Bryan Petrinec
  • Rental Property Investor
  • Cedar Park, TX
Posted

I am in the process of making offers on properties and hoping one will be accepted here soon.  BP has been a great resource and have been reading as much on rental property as possible.  I am looking for some advice and recommendations:

First for the recommendation: I am looking for a credible real estate attorney.  I have been looking at lease language that I would like to include but want to make sure it is worded correctly and falls under the guidelines for landlord-tenant regulations.  My goal is to grow a rental portfolio over time and although I dont anticipate any issues but would like to have a someone in my network I can rely on for legal matters.  

Second, the advice:  I am "partnering" with my father in this endeavor.  He is putting up the money for the properties and is really only interested in the long term equity growth.  I will be managing the properties and my father does not want to be involved at all.  We have an agreement (yes, on paper) where I will be paid to manage the properties.  According to what I have found on the Texas Comptroller's site, it appears that property management needs to be done by someone with a Real Estate licence.  Yet if I self manage, I do not need one.  Since this is family and he is appointing me to do this, can I manage the property and sign leases for my father?  There needs to be a work around.  Lastly, I have a handyman business, so I was planning on doing all the management through that entity so there is a visible money trail.  Can I do this without any issues?

Thanks in advance for the input.

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