All Forum Posts by: Zoë Funk

My family has home that has been a place we use for anyone in the family who needs a home. Recently, the family member living in the home decided to move out. We all would ideally like to sell the home once the market is in a better place and use those proceeds to fund a new home purchase. For now, we will need to rent the home. I've been a property manager for almost a decade, so my family has turned to me to be the property manager.  My experience as a manager though has always been an employee for a management company. I'm unsure if I am able to manage the property without a real estate license. Which leads me to a few questions about how to make this work.

1. Can I be the property manager without a real estate license?

If not, then 2. Can I be an employee manager under my family's LLC for the property?

If not, then 3. Can I be added as an owner to the property and then be considered self managing the property?

I've created my short term goal list as I amp up to purchase my first investment property this year. One of those steps is to find a legal advisor to assist me with the different types of contracts that will be necessary for this endeavor.

I have a few questions that I know will be standard like how much they charge, and what kind of experience they have with real estate law. 

What are important questions to ask when interviewing different legal advisors? 

That's a really good point to keep in mind. Did you work with a lawyer to help you create the agreement?

I'm currently looking to purchase my first investment property this year and have determined that I will need a partner to help me purchase. I have some family that are interested and I feel as though we will make good partners. I do want to set clear boundaries especially since it is family, and make sure we all understand our business responsibilities to this investment. 

When setting up an operating agreement with a partner, what are key points, or main factors that are important to include? Also, what are other factors that many first time investing partners do not consider when starting out on their first purchase?

I'm wanting 2023 to be the year I buy my first investment property. I purchased a home a few years ago and have a 100K built up in equity. Navigating the financing to start my first purchase is nerve-racking, and I'm wondering if using a home equity loan would be the better financing option to make my first deal.