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All Forum Posts by: Larry H.

Larry H. has started 29 posts and replied 84 times.

Post: Unlicensed Property Manager Sign Lease As Agent For My LLC?

Larry H.Posted
  • Investor
  • San Antonio, TX
  • Posts 90
  • Votes 28

Maybe I am using the term "manager" wrong Robert.  My wife and I deal with all of the issues via phone, text, and email, getting it rented, and anything else that arises.  All he does is show the property, collect rent, and repairs.  Our tenants aren't exactly credit worthy so our rent is 100% cash, and that is not something I want to entrust to a management company.  He's also very good with people and had developed a good rapport with our tenants.  The properties require a lot of attention and not something I would really want to trust to a company where I am just another client.  My father-in-law does a tremendous amount work around the properties and goes above and beyond what I would expect from any management company.  We don't have him do it to save money.  In fact, when we get established a little better I told my wife I want to pay him more because he does such a good job.

Will, I like that idea.  I will look into that option.  For this particular instance that I brought up the question for, it won't be an option because it has to do with state paperwork for the housing authority.

Post: Unlicensed Property Manager Sign Lease As Agent For My LLC?

Larry H.Posted
  • Investor
  • San Antonio, TX
  • Posts 90
  • Votes 28

Thank you all for the suggestions.  After researching some more I think I will contact an attorney and see about doing a limited power of attorney.

Post: All Around Newbie

Larry H.Posted
  • Investor
  • San Antonio, TX
  • Posts 90
  • Votes 28

Hello all.  I am new to investing and just discovered the biggerpockets.com podcast.

My wife and I just closed our very first real estate investment deal in October 2015 in Baton Rouge, LA.  We decided we wanted to start investing and began looking at condos.  While we were looking, a deal on 3 four plexes fell into our lap.  While it was much more money than we were intending to spend on our first investment, the numbers were too good to pass up.  Ultimately, the bank would only give us a loan for 2 of the properties and none of our creative financing ideas worked out for the third property.  It was initially presented to us as an "all or nothing" deal because the owners wanted to retire and move, but they ended up letting us just buy the 2 properties.

We currently live in San Antonio, TX and we are already planning on doing another deal.  We are mainly interested in multi-family to buy and hold.  We got into real estate investing with long term goals in mind. 

Post: Unlicensed Property Manager Sign Lease As Agent For My LLC?

Larry H.Posted
  • Investor
  • San Antonio, TX
  • Posts 90
  • Votes 28

Hello.  I just recently discovered the biggerpockets.com podcast and instantly became hooked. 

My wife and I have a LLC in Louisiana, but we live in San Antonio, Texas. We just purchased 2 four-plexes in Louisiana and my father-in-law is managing the properties for us. Is there a way he can legally sign lease agreements as an agent for our LLC without being licensed and without adding him to the LLC? I looked into doing a power of attorney, but I feel like that grants him more access than I really want him to have. I only want him to sign lease agreements and possibly appear for us in an eviction hearing.