All Forum Posts by: Brin Weins
Brin Weins has started 1 posts and replied 2 times.
Post: Property Management question
- Cherokee, IA
- Posts 2
- Votes 0
Originally posted by @Chad Lopes:
Generally if you are an owner in the property you can avoid some of the property mgmt laws and regs. That's a general comment. I would also consider contacting your local real estate commission as they may have lawyers on staff who can answer that question.
I did email the IA Real Estate Commission this morning, but she just sent me a link to a PDF of Administrative Rules that seem to apply to those who are already Property Managers. The best info I got from it was the following: a licensee cannot do a list of duties "...unless the licensee’s broker holds a current written property management agreement or other written authorization signed by the owner of the real estate or the owner’s authorized agent." Like I said, I'm very new to this, so it isn't translating well for me. There will be no brokers involved, just myself and the owner. We would have an agreement in place - we all want to do this the right way.
I definitely don't want to run afoul of any pertinent laws, like @Jeff Rabinowitz mentioned. I was hoping to find a clear answer online, but will try to find a local real estate attorney.
Does anyone know why a resident manager would be exempt from needing a broker's license? From what I understand, it's the same job, just a different home address.
Post: Property Management question
- Cherokee, IA
- Posts 2
- Votes 0
I'm hoping this is the right place for my question!
My father is currently in the process of buying a multi-unit building in my area (he lives in another state). He wants me to do the property management, since I have previously worked in Property Management Accounting for one of the major RE companies (as well as many many years of customer service). Granted, I have a lot to learn and to research, but I believe I would be able to do well.
My problem is this: I am finding/getting conflicting information as to what I need to do in order to be the property manager. I need a broker's license, no I don't need a broker's license if I'm a resident manager, or no I don't need one at all. And that's after looking for state-specific answers.
My husband had an idea to maybe get around the needing a license issue - if my father made me part owner in his LLC (at even 5% stake), that should be enough to allow me to do the managing for his LLC (rather than through our own).
Thoughts, suggestions?