All Forum Posts by: Amy Martin

Thanks so much for the advice! Just wondering, does she need to be a licensed real estate agent in order to get hired as a property manager?

My husband and I are trying to help our daughter earn some money. She has some experience doing Airbnb, so we were thinking to rent one of our properties to her, and then let her fix up and furnish the place for short-term/corporate rentals. I know Airbnb doesn’t require a contract, but what if she were to do a corporate housing rental for a few months or even a year? Would we have to sign a lease with this tenant ourselves, or is this an agreement/contract that she would sign with the corporate housing tenant?

As you can probably tell, we are not very familiar with how short term rentals and subletting works. We’ve always previously banned them in our leases, but this would be a different situation with our daughter, so we just wanted to make sure we’re doing this correctly! We are located in the SF Bay Area (in case that makes any difference).

Thank you for any advice on this.

Amy

Dear BiggerPockets Community,

I am new to BiggerPockets here but would like to ask for some needed advice.  Our daughter was recently laid off and is struggling to find work. My husband and I thought we could help her out somehow through our real estate holdings. We are retired and living off the income of four different rental properties which she helps us manage. She has saved up some money and wants to purchase a rental property herself so she can be in a less financially precarious position. She is an actress, but since that job does not have stable work (especially not during this pandemic) it's difficult for her to get a mortgage. Her goal is to get enough rental income to be able to continue acting and not worry about paying the bills every month.

What are some ways we can help her obtain an income using the rental properties we own so that she can qualify for a mortgage and start down the path of purchasing and managing rental investments for herself?

Some ideas we brainstormed:

-Hire her as a property manager and pay her to manage our properties (though we only have four total). She has been managing our properties for years so we're not against officially hiring her for helping us.

-Transfer ownership of one of our rental properties to her so she can add it as her own income. She will be inheriting our properties eventually (though that will be MUCH later), so this would give her an early start.

-Lease a property to her, and then let her do Airbnb to make money (though in this environment it seems Airbnb is not doing well).

Any suggestions/advice on this matter would be much appreciated.

Thank you BiggerPockets community.

Sincerely,

Amy Martin

Hello everyone,

We are currently renting out one of our properties fully furnished because it was requested by the tenant at the time. We are getting a great return on this, but the tenant will be moving out in a couple months and we aren't sure what to do now. The furniture is still in top condition, so we initially thought perhaps we can try out AirBnb. But with the coronavirus, that also seems like a risky strategy. It'd be ideal to find another tenant who wants a furnished place long term, but I'm sure that is harder to come by. Should we consider selling the furniture, or are there other options out there? 

Thank you for any advice.

Amy 

Hi Robert,

She is not interested in becoming an agent, but maybe I could suggest that to her if that's a good option. Her main goal is to be able to get enough rental income so she can live comfortably and continue her acting career. 
If we just transferred ownership of one of our properties to her, would that be an easier option? She will already be inheriting our properties anyway, so it'd just be an earlier transfer rather than later. 

Hi Jonathan,

Thanks for the advice. She is quite interested in real estate and wants to learn more so she can use it to financially support herself. She's been managing our properties for a few years now, though there honestly isn't all that much to do because our portfolio is small. What do you think of the idea of gifting her one of the properties so that at least she could have some income coming in?

The reason why I mentioned Airbnb before is because the tenant in one of our properties requested us to fully furnish it, which we did for him and received quite a bump in rent. But he will be moving out in a couple months, so we are left with a furnished place. Perhaps this is a separate question by itself that I should ask in another discussion post, but we aren't sure what to do with the furniture now. Our daughter has used and hosted through Airbnb before (with her own rented properties), so we thought perhaps she could try renting it out there. Do you have any suggestions? 

Thank you!

Dear BiggerPockets Community,

I am new to BiggerPockets here but would like to ask for some needed advice. Our daughter was recently laid off and is struggling to find work. However, she has savings that she's kept over the years and wants to use it to invest in rental property so she can be in a less financially precarious position. Without a job though, she’d likely not qualify for a mortgage (she is an actress, so no stable income there!). My husband and I have been thinking of how we can help her get a mortgage (without co-signing). We are retired and currently own four properties that generate rental income for us. So we were wondering if there are ways we can use our properties to help her qualify for mortgages (outside of co-signing) so she can start purchasing her own investments?

Some ideas we brainstormed:

- Hire her as a property manager and pay her to manage our properties (though we only have four).

- Transfer ownership of one of our rental properties to her so she can add it as her own income.

- Lease a property to her, and then let her do Airbnb to make money (though in this environment it seems Airbnb is not doing well).

We are not really sure what the best path is going forward, so any suggestions/advice on this matter would be much appreciated.

Thank you BiggerPockets community!

Sincerely,

Amy Martin