All Forum Posts by: Rob White

Hey Jin! 

I'm going to take the Seiler class online. Read some good reviews and I believe it's the best price for the Hawaii online course available. 

Aloha,

I currently manage 4 of my own rentals here in Hawaii, and going to begin my RE license course in the next few days with the intention of becoming a SFR property manager.

I'm curious if any current or former property managers working in Hawaii have any tips/guidance for someone entering the business. 

Also, seeing as I must work under a broker, I'm curious how property managers are paid i.e. Example: 10% fee is paid by the homeowner. How much of that 10% goes to the broker and how much (usually) does the property manager receive? Or, are some situations salary based?

Thanks for your help!

Thank you guys very much for the input! Starting up my RE license course soon. Great perspectives to expand the research.

Yes, the owner of the property would be enformed exactly how the master lease would work and that it would be subsiquently sublet. 

Just curious about all this because from what I've heard, you don't need to have a RE license to sublet proporties or execute a master lease.

Whats to stop someone from master leasing (different from master lease option) properties from homeowners and subletting/leasing them to renters? In effect, becoming property managers without needing a real estate license and broker, which would allow them to not pay all the fees that come along with living in a state that require any Property Manager to have a RE license and broker to join the profession?

Seems someone could make a master lease stating the homeowner receives 92% of rent collected and keep the 8% without paying RE license and broker fees.

Also, they would earn more money as it would not be W-2 income, as most property managers earn currently.

Because the person creating the master lease would not have to pay RE/ Broker fees, they could give lower the fees to the homeowner or give better monetary incentives to the homeowner to master lease, as apposed to going with a licensed PM.

For example, if a property manager is at 10% fee with 100% of first months rent going to the PM, a master lessor could easily do 8% "fee" with no first months rent going to the PM company because they don't have RE/broker expenses or percentages they need to pay out.

Has anyone seen or experienced this? What are the pitfalls?

Thanks for reading!

Awesome! Thanks for your quick response Joel!

- Rob

I always thought of depreciation as 27.5 years following the date the building was constructed. I was in discussion with a friend and we couldn’t definitively say if it was 27.5 years from construction or if it resets when you buy a property.

For example: I purchase a residential rental property which was built in 1965. Can i depreciate it for the next 27.5 years, or can I NOT because its more than 27.5 years old and the depreciable time has past?

Thanks for your help, Rob

Thank you guys for your help! I feel much better about the direction Im heading with this one and will definitely have a Lawyer of my own to see the transaction through. Thanks again!!

Im looking at a condo which is in the $100,000 range and curious if anyone has seen these as red flags or possibly if im getting in over my head. Ill bullet the items to make it easier.

- Seller says the foreclosure is incorrect and doesn’t belong to the property, so he is fighting it in court to get it lifted, but is looking to sell.

- He wont tell me the current rent of the condo

- Wants to use a real estate Lawyer for the transaction. (A question here is, should I be using his lawyer or should i be the one to chose a lawyer. The condo is in my home state and he is an out of state owner.)

Thats great! I went on a property visit 3 days ago in Phoenix, but the 4plex i was interested in just closed today. If you wanted to send me some links to properties for sale, id love to take a look. Also, what island is he/she on?