All Forum Posts by: Shishir Mahajan

@Nathan Gesner Thank you!

@Nathan GesnerIn short, he cannot start/run a property management firm unless he works under a broker and gains RE experience under that broker?

@Nathan Gesner What if he doesn't want to become a broker :) . He just wants to run a property management firm, and manage some residential investment properties. Does he still need a broker's license (and work under a broker for X years)? 

[You need a salesperson license if you are managing residential rentals. A salesperson has to work under a Broker.]

@Nathan Gesner Thank you for the quick response! 

If I am understanding this correctly,
Once he gets the salesperson's license https://www.krec.ks.gov/licens...

Can he set up his own property management firm? or does he still needs to work under a Broker?

See point(6) which says you need to affiliate with a licensed Kansas RE broker. Does that mean he still needs to work under a RE Broker for 2 years? What does affiliation here mean?

TIA!

Hello BP!

I have been a passive reader on the forum for a couple of months now, and feel it's time to post my first post.

Posting on behalf of a friend, who lives in Kansas and is planning to become a property manager.

On the link here: https://www.allpropertymanagem...

It says that one doesn't need a RE broker's license if they are managing a residential property.

***************************************************************************************************************************************************************************************************************

Therefore, a real estate broker's license is not required if the property being rented out or leased is a residential property. A license is required if the property is commercial. A salesperson working under a broker may engage in such activities.

***************************************************************************************************************************************************************************************************************

Does that mean, he can just setup an LLC, and manage properties, list and show properties to prospective tenants, collect payments, etc?

After researching on the BP forum, Some of the posts around property management mentioned, that if you are collecting payments for property management services rendered, you do need a RE broker license. Working without a license is illegal. This contradicts what is in the link above.

I would really appreciate it if someone can clarify this for us?

My second question is: In case he does need to get a RE broker license:https://www.theceshop.com/kans...

The above link step (5) requires you to find a sponsoring broker (or a RE firm) under which you would need to work for 2 years before you can apply for a RE broker license. Does this also apply to someone who just wants to run his own property management firm, and not do a job?

TIA!

Hello everyone,

I joined bigger pockets a while ago. I have recently moved to bay area for a job and have never been a home owner.

When I see the exorbitant house prices in bay area, I don't feel like buying a house here. I am happy renting for now :)

I am completely new to real estate, and have never invested in real estate (or REIT) myself.

I am looking to use Bigger Pockets to enhance my knowledge and even invest once I have acquired some knowledge.

My short term goal (1-1.5 yrs from now) is to start by buying a studio/1-bedroom apartment in either San diego or Atlanta.

By buying, I am talking about taking a traditional mortgage by doing 20% down and taking a home loan on that. N convert that into a remote (Somewhat automated, so that I don't have to be there to manage the property) airbnb. This way I can keep living/renting in bay area. and get my hands dirty by buying something reasonably priced, and get some exposure to real estate before I can move onto a bigger project.

I would love to hear what experts here think of my plan in gaining some real world (real estate) experience.

/sh