All Forum Posts by: Alik Levin

Dear all,

I have just read that in AZ one can manage someone else's property without having real estate license if that's only one property.

The question I have is this: is it only one property all up, or one property per someone else?

For example, can I manage 10 properties for 10 investors who has only one property each without having real estate license?

Thank you!

-Alik

Dear all,

Need help to clarify lease termination notice in WA - is it 60 days or 90 days in my case?

1. I have served 60 days notice of lease termination on April 25.

2. New state bill (link below) passed on April 13 (before my notice service) requires 90 days notice.

3. The bill is effective May 10 (after my notice service).

4. Does my notice effective since the bill itself effective May 10 after I served? ... or 

5 I need to start anew and serve 90 day notice since the bill passed on April 13 before my 60 days notice?

Thank you!

http://lawfilesext.leg.wa.gov/...

@Gabriel Graumann, what a phenomenally thorough reply!

Can't thank you enough! You have given me ideas I can act on instantly.

Thank you!

Dear all,

I understand I need either a RE broker license or be employed by Managing Broker to be compensated as Property Manager in WA.
Assuming I go the RE broker license path, does it mean I would need to hang it with brokerage and pay RE broker dues as if I was a RE Broker?

I have no intention to be a RE Broker and sell/buy houses.

My goal is just a Property Management. I want to manage SFR's owned by other people (I already manage my SFR's), I want then to shift to multi family as an optional next step.

Help me please clarify least friction path to accomplish my goal.

Thank you!

Dear all,

What would be my first move in raising private capital from organizational perspective? Assuming I have private investors ready to give me their money for me to invest in RE as I do it for myself. Ideally I’d like to get to the point where I am deal provider who manages cash providers and their capital. Not after equity partnerships at all though. 
Pointers to getting started and relevant insights would be much appreciated. 

Thank you. 

Hi,

@Catherine Emert, good point! I am very dry in my responses and staying on message. The other challenge is that don't give me the address where to send the check while mentioning the ordinance that states by when I need to send by law. All I am asking is the address where to send, but no response on it. Thank you for the insight!

@Karl B. I don't have pictures before only move in checklist. I do have plenty pictures after but they keep claiming it's from previous tenants.

I wonder... what if they do sue me, what would it look like? I would get a letter inviting me to small claims court or something? Any one went through it?

Dear all,

I have tenants that moved out leaving behind heavily soiled carpet and I have deducted damage from deposit. Now they are disputing it and accusing me in discrimination and bullying against single mothers (they are two friends who signed jointly the lease).

Both parties have signed move out checklist where it stated that they haven't cleaned the carpet completely. Upon me bringing the cleaning professional it turned out the carpet heavily soiled and there is evidence of a cat that's been on premises - something I have not agreed to.

I send an letter with detailed disposition of deposits and deductions.

Now they are upset I charged them too much (although I could forfeit it I guess completely) and use words as bullying and other stuff that seems bordering with legal.

Any thoughts?

I am in Washington state.

Thank you!

-Alik

Dear all!

I found this part in TTx and I clearly meet test # 2 so seems as @Michael Plaks says while also pointing to the source on IRS website, I don't need to group as in test #1. TTx echoes IRS text Michael referred as well.

Massive thank you!

@Michael Plaks, whoa!

That’s quite a game changer!

Interesting enough TurboTax never asked for 500 hours thing rather in general about material participation which is kind of inline with your line of thought.

Thank you!

Hi @Michael Plaks

Here is one reference that mentions requirement for 500 hours for each property and grouping as the solution:

https://www.corporatedirect.com/blog/being-a-real-...