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Updated almost 2 years ago,

User Stats

5
Posts
1
Votes
Kristen Schaefer
  • New to Real Estate
  • Boston
1
Votes |
5
Posts

REPS - Seeking Professional Advice from the BP Community - Can you help?

Kristen Schaefer
  • New to Real Estate
  • Boston
Posted

Hi BP Community, 

I've spent hours on blogs and I'm still stuck. 

I know for certain from my details logs I have about 600 hours spent on rental properties that I 100% own and materially participate in. I want to confirm my real estate professional status, and there are about another 200-300 hours I spend as a property manager. 

Does the scenario count toward the hours needed for REPS qualification?

I spend hours working as a property manager for 2 long-term rental properties owned by my family. I get paid 10% of the rent collected.

    1. I do not work for a property management company, I get paid directly by my in-laws for the 2 properties I manage.
      1. Does that mean I am 100% “owner” of the property management “business”? I would be acting as a sole proprietor and not an employee.
      2. I earn $6,000 over the course of the year and they do not send me a 1099 at the end of the year. The checks are written to me directly and not a business name. 
      3. I do not have an EIN or an official property management license.
      4. I do not own any percentage of the 2 rental properties I manage.

I look forward to what the community has to say. 

Thank you!

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