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Updated over 7 years ago on . Most recent reply
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Recommendations in NW Austin area
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.