All Forum Posts by: Joe Norman

There are a lot of good questions in here, and it's great that you're asking them. That said, I would strongly advise that you get a lawyer involved, or at a minimum a licensed Realtor (you mention "brokering" the deal, and that you are a SWE for Google, but not that you are a licensed Realtor...if you are then disregard that last part). There are a lot of details that will need to be handled, and handled properly. I would call a Broker you trust and ask them for a referral to a few Title Companies that employ attorneys (not all do, at least not in Maryland).

There is a lot more that goes into property management than just collecting rent! Be sure to study up on your local rules and regulations and make sure you're comfortable with it all before taking this on. One missed step/license/notification/etc could result in huge headaches down the road if you ever have to evict. Good luck!

Quote from @Jon K.:

About half of my portfolio are voucher tenants at the moment. I will tell you from experience that the squeaky wheel gets the grease in this process. Calling frequently and being respectful when you do so goes a LONG way to speeding things up.

Second this. I've also found that most of the housing providers are much more responsive to tenants than they are to landlords. I suggest you get the tenant involved in checking in regularly and asking them to move things a long.

If you are doing management and tenant placement yourself then you should have a lawyer prepare a Lease Agreement (i.e., "tenant contract") for you. In addition consider other documents you will need to have on hand like Pet Addendums, Notice to Vacate, Lease Extensions, Lease Assignments, etc. Good luck!

Yes, I think you're being a little unreasonable. If you have a repair agreement in place then you need to trust that the seller will get it done and order your appraisal. As Russel stated above, if you do not then you could be the one at risk of defaulting.

If you want the funds to be separate then you should create a separate LLC to not co-mingle funds.

If you are simply looking to not pay your broker a split on the commissions then you should talk to them first to see how they want you to set it up outside of the umbrella of their brokerage (if that is even allowed in IL).

It sounds plausible to me, if PMs are required to be licensed real estate broker/salesperson in WA, that the Property Management Agreement may include an Exclusive Right to List. This is probably a good question to take to a local real estate broker.

Repair in damage likely did not increase the value of the home, this generally only happens through upgrades like adding finished square footage or major remodels of kitchens/bathrooms etc.

As Bruce said, you don't need a license to "represent" yourself, only to represent others in a transaction. Some pros of getting your licenses are access to the MLS and your local Board of Realtors (pros and cons with this too). Cons are the cost involved in (both time and money) and loosing out on having a professional to guide you through the process.

Setting up the LLC is very simple, just google "Maryland business express register your business" and the Maryland.gov page will be the first non-sponsored hit. Don't forget that once your LLC is registered you will also need to go to the IRS website and request an EIN. You'll also need to file a Personal Property return with the Maryland' Comptroller's office (and pay the $400 filing fee) in order for your LLC to stay in good standing.

All that said, you will never be truly anonymous from a tenant who really wants to find you. Owning in an LLC will also limit your financing/refinancing options. Good luck!