All Forum Posts by: Curtis N.

Lisa Doud wow! That is great info! Thanks so much for that! I looked all around and couldn't find that - that's exactly the type of answer I was looking for. Ok so to be above board, I would have to get my sales license and join a brokerage. The brokerage handles all the money. But can the salesperson do ALL of the active management themselves? My friend wants me to screen/place tenants, do inspections, handle repairs etc. But the tenant must pay rent directly to the brokerage? Or just deposits?

I have an S Corp for my large IT Consulting business and we find it almost impossible to get any credit without personal guarantees from my partner and myself. It seems in our experience, that no matter how profitable the business is, they're still afraid of small businesses closing up shop and they're left holding the bag. So they require guarantees. Credit cards and credit lines from distributors is doable but large loans or even leases seem to be where the trouble is.

Richard C. I'm confused. In VA you need a brokers license which I thought you could only get after having your normal license first for like, 3 years? Ned Carey I figured there probably isn't real risk, but was seriously wondering ... "Ok, it's illegal, but what actually happens?" Also, I'm not sure I want to manage for others outside of this favor, so that would be why I didn't want to invest much effort or money into this. Because see above, in VA it seems like a brokers license is required.

I would definitely invest the small amount of money to protect your credit now. Existing Credit cards aren't that big of a deal because, like you said, you just report it and they refund you. But if they use your SS# and personal info to open accounts, that crap takes FOREVER to fix on your credit reports. Trust me.

In Virginia, a property manager must have a brokers license. What happens if your clients are okay with the fact that you don't have ANY license? Do they throw you in jail for managing someone else's property?! Seriously though, what's the risk to the PM for operating without the license? I was asked by a friend to manage his property when he's out of the country for an extended period. He has a very expensive home in Arlington and trusts me to care for it more than some actual PM. I told him I would do it as a favor for very little money but now that I'm starting to think about all the rules, I'm having second thoughts. I already have an LLC that's under my umbrella liability policy that I'm using for my own management so that is there but from the license standpoint, I got nothin'. I know that I can just outsource to a broker but A) that defeats the point if someone else actually ends up managing it - he doesn't want that and B) I'm not charging him enough to cover outsourcing. I was considering doing a workaround like me actually signing a lease with him and then sub-leasing it out while passing him the collected rent minus my fee as my actual rent. However, his employer is going to reimburse him for his PM fees because of the job move, but in order for that to happen, they need invoices from a company stating the fees so this method wouldn't really work for that. Thoughts??

Generally when people turn like that and start going crazy and making threats that "you better do the deal or else", it's a scam and this is their last ditch effort to get your money. I would probably get a new credit card too just to be safe. If he's been renting properties for so long, why is he spending hours typing up a lease?

I actually happened to find a couple houses that appear to be abandoned near my house. I'm struggling to find their addresses though to lookup tax records. My next stop is the tax map to see if that helps. Good luck with your mailers! I wouldn't just pass on the local owners. I would either call them up or mail to them too.

Ok great. Maybe this could be the official thread for planning poker trips. If anyone is ever going to go, let others know in this thread. And subscribe to the thread so you get updates.

I'll definitely post the next time I'm thinking of going.

@Account Closed - sort of. I went with some buddies and we all played cards but no one from BP contacted me.

I agree we should plan one! The poker room at Maryland Live is insane. Tons of action. I think I won around 3 buy-ins at the 1/2 (300NL) game.

@J Scott ?

Ok then. Well, I'll be up there. If anyone is interested in meeting up for dinner or drinks to talk real estate, PM me.