All Forum Posts by: Art Maydan

 Bumping for essentially the same question

I'm doing a house hack as well as managing  units for family and I'd like to start a property management company. I passed my IL broker exam and need to get a 45-day sponsor card to the IDFPR. I'm having a hard time finding concrete info on what I need to do to start a company. Do I have to be a managing broker myself? If not, do I need to hang my license under a broker who does property management? Can I hang my license at a discount broker, pay their monthly fee or whatever, and start a property management business for myself?

@John Thedford Thanks for your help, John. I'm still not understanding how I don't need to be a managing broker myself if I can't hang my license somewhere else and start a company. I thought a broker license had to be hung under a managing broker to be active. Don't I need a managing broker to send a 45-day sponsor card to the IDFPR in order for my license to activate?

@John Thedford 

Are you saying I would indeed need to be a managing broker myself in order to run a property management company? I thought I'd be able to hang my license with a discount broker and then start a company.

I just got my broker license. What I'd like to do with my license is start a property management company (only managing for myself and family now) and use it for MLS access. I may want to work with investors or do something else one day, but not right now. I've got 45 days to hang my license with a sponsoring broker. Where would you recommend I hang my license? I couldn't find anything about having to be a managing broker yourself to start a company.

Much appreciated,

Art

I've got a unit where the tenants bought a house and found a suitable sublease. The current tanants' lease is up in April '18 and I'm holding a $1,750 deposit and collected a $250 pet fee. I've since stopped doing deposits and do move-in fees. The current tenants have two dogs and the new tenants have one of the same size. If I like these tenants, I'll sign a lease in April. Better than than now in the middle of winter and I get to feel them out first.

How would collecting a move-in and pet fee work if we sign a new lease in April? Do I ask the current tenants to collect it and hold it until their lease ends and I give them back their deposit and they give me the fees? Or would the new tenants just pay the fees then? Do I basically treat this like a fresh lease regardless of the fact that they'll already be living in the house?

Thank you,

Art

I gave him my locksmith's contact info and sounds like he's fine paying for it. Thank you, guys.

Theoretically, what would you do if he said no? Tell him we can remove the lock but won't replace with a new one?

@Jon Holdman I agree with the sentiment but what if he says no? Am I liable for anything or is it tough luck for him? Haven't replied to his text yet.

Good Morning Everyone,
I had a mailbox lock replaced while the tenant was home and the locksmith gave the tenant two sets of keys. It cost $95 for parts and labor. I came by later that day and he had already lost both keys. I asked the locksmith to put the keys under a plant but it's understandable that he'd give them to the tenant since he was home. Who's liable here? Do I ask the locksmith to come replace the lock again and put the keys where I asked him to this time? Or do I tell the tenant to pay the locksmith? I don't think this is something I should be paying for. At least not fully. And how can I hold whoever is liable accountable?

Thank you,

Art

I'd fix it if I lived very close but I don't. I try to lump stuff I have to do at properties together.

Anyway, I got them to come back and replace the screws. All good now.