All Forum Posts by: Alan Grobmeier

Hello.  I'd like to see what some ppl are using for 'room for rent' agreements.  Obviously state laws come into play, but I'd like to see what other ppl are using.

Please IM me if you don't feel comfortable posting.

Thx,

Alan

@James Wise, looks like Clayton is super busy making YouTube videos?  Maybe he needs the $$$ for his upcoming court appearance?  Isn't that a modified Obama logo he's using? https://www.youtube.com/c/Morn...

Forge Trust.  I've used them for years.

https://forgetrust.com

@David P., Supreme Court will strike it down, but not until they come back in October.  :-(

@Chinki Kumari, there is a significant cost to be a real estate agent.  It's not just the classes, but then the annual fees.  To become a broker, you have to have been an agent for a couple of years, at least in most states.

Once you do PM for someone else, there are ALL kinds of hoops, laws, rules that you MUST abide by or you can (probably will) lose your real estate license.

In my particular situation, I can probably self-manage about 25-30 properties with no need for a staff.  I've had as many 10 properties at the same time.  It's not a big deal as I receive very few calls.  I average about 1 call every 3 months.

Like @Ori Skloot, I have MANY processes in place that streamline my property management.   I rarely hear from my tenants, but most of my properties are almost 'bulletproof'.  I would think the problem is not the tenants, but the landlords not wanting to make permanent fixes.

@Jennifer Ruelens, Is NARPM only open to real estate agents/brokers?  Thx,  Alan

@Chinki Kumari, as an AGENT you will need to place your license under a broker.  That means your broker is gonna take some of your $$$$ as their license is at risk for your actions.  And no one takes on risk for 'free'.

The only way for you to get ALL the PM money is to become a broker.

I looked at this years ago and decided it was not really worth the risk/reward.  You should do a cost/benefit analysis on it and see how encumber-some the processes can be.

In addition, there are companies like Mynd.co that are actually pretty reasonable/cheap for PM.  Way less than the usual 10%. 

@Account Closed, I THINK you can write:  "I am not renting to you because you are an idiot."  

I don't think being an idiot is a protected class.  ;-)

@Chinki Kumari, in MOST states you have to be a realtor or real estate broker to manage rental properties/be a property manager AND collect a fee.  

Owner/operators are under a different 'heading'.  LOTS of 'hoops' to jump thru like intermixing of $$$$, separate bank accounts, insurance, liability, and the like.  Not for the feint of heart.  Especially if you've never managed class C, D, or F properties.  Yikes!

However, if you are part owner, you can, in many states, take a draw for managing.

Not legal advice, you will lose ALL your money and get sued.  LOL.  

@Scott Esmail, all you have to say is 'incomplete application'.  Everybody always leaves something out.  LOL.  Hopefully property is rented or under contract by then and the rest is 'moot'.  ;-)