All Forum Posts by: Daniel Whiddon

Hello

Disclaimer: Any responses to this will not be construed as legal advice. I am just looking for general information.

I have been managing my own rentals for 5 years now. I want to branch out and offer better services for landlords in our area for property management. I have partnered with a real estate professional that has a Brokers License (associate for now) who is also interested. Do all members of a Property Management LLC need to have a brokers license in NY? I have talked to some attorneys in our area but they dont specialize in real estate law. They all said all members need a license. However, the NY state brokers application guidelines and the Real Property Law (as best as I interpret it) say that one member of the LLC has to apply and be the primary POC for the company if the company gets its own license. Im so confused here, and Albany hasnt responded to any of the questions I have sent.

Tl;dr:

Do all members of a Property Management LLC need to have a brokers license in NY?

Is it possible for a broker to just sponsor my LLC?

Thank you all for your assistance.

I was able to get out of mine due to a life-change. I got a new job in a different state and got out at 9 months, but it's an edge case. 

Hello BiggerPockets! I am planning to move into a property manager function in upstate New York. We are required to have a Brokers license here to manage so itll be a little bit before it happens. However, I currently have 40 units to manage and wanted to move towards using the software before I managed units for other owners. 

Does anyone have recommendations for software they have used to manage properties? Doorloop, Buildium and Appfolio are all candidates ive been looking at. I am currently using Apartments.com for my own management but its not for managing others' properties (i.e. distributions). I talked with RentRedi and had theyre customer service said they dont handle owner distributions either. 

Thank you!

I had a property manager in FL that gave the tenant a year lease when I said 6 months so I could sell. They were then unable or unwilling to enforce the lease and show the property to prospective buyers because the tenant didnt want to show because they caused a ton of damage. I now recommend having them sign a contract saying they will communicate status once a month with distributions (even if status hasnt changed) and hiring a company with an internal maintenance person so as to avoid paying excessive maintenance fees for routine things.

Hi all

I wanted to reach out to BP to let the Chemung County area (New York, Horseheads, Elmira, Corning, Ithaca) know that the Chemung County New York Landlords Association has started up the meetings again. Covid shut us down for about 2 years but we are now looking to get back up and get new members. Our next meeting is next Tuesday, Oct 11. If you want more information feel free to PM me or to the hit up the CCNYLA on facebook. 

Hello Chris. I actively invest in Elmira but I also live in the area. Ill send you a direct message.

Hello. Ive been searching around for an accounting professional in the Corning\Elmira area for a bit now. Im looking for recommendations from the BP community in that regard. I keep track of my own books but having someone to bounce questions off of and help me with LLC taxes at end of year (not H&R this year) would be nice. Itd be nice to work with someone who specializes in real estate but it is a small community, and google results are failing me today.

Thank you all in advance.

Quote from @Pravit Jarriyapurttipong:

Quote from @Daniel Whiddon:

Be careful buying in Elmira. As with all cities, there are good locations and bad, good tenants and bad ones, and good houses and bad houses. Keep an eye out for foundation, structure and roof damage in this area. Get your tenants screened through something like apartments.com, and do the repairs before they become an issue. Use the equity maybe to find some repairs. 

I have 5 in the area that are going great. Also, join the entrepreneur and small business owners of NY Facebook group. We are having a meetup in the Elmira area soon and I'd love to tag up. Good luck! 

 Thanks so much for your reply. I can check the condition of the house by using inspector, right? Would area around LECOM good? Where is the good area?

What do you mean "Use the equity maybe to find some repairs."

I will join your group now.

Thanks

Amos has it right. I generally get with a local credit union and either do a cash refi on the property to get repair money or get a rehab loan to get the money up front, depending on the property. I've put as much as 70k into a 30k property to fix it up, but the ARV came out right to do so. Basically different forms of BRRRR

Be careful buying in Elmira. As with all cities, there are good locations and bad, good tenants and bad ones, and good houses and bad houses. Keep an eye out for foundation, structure and roof damage in this area. Get your tenants screened through something like apartments.com, and do the repairs before they become an issue. Use the equity maybe to find some repairs. 

I have 5 in the area that are going great. Also, join the entrepreneur and small business owners of NY Facebook group. We are having a meetup in the Elmira area soon and I'd love to tag up. Good luck! 

I work with Steven Barnstead in Elmira. He's helped me close on 11 properties thus far. I'm sure he could assist.