Hi all,

Having completed my real estate courses, I'm ready to get my real estate license and start managing property for others and not just myself. I recently discovered though, that most brokers will not let me do property management. Does anyone know of a broker I could hang my license with, that has the necessary insurance / policies for me to start a property management company under?

P.S - Some updates

I finally added wifi for my buildings. Some tenants love it, others aren't huge fans. I'm paying $90 a month for 1gb wifi + range extenders in my fourplexes, and charging tenants $35 per unit for the wifi. I'm leaving it as an optional charge if they want to use the wifi, not all tenants agreed to pay the new charge

This has allowed me to give a new contractor building access without having to handoff keys, because of the wifi lock I installed.

The lock I went with is the Kwikset Halo Wifi lock ($140 per lock when ordering 4 or more). I am not pleased with the battery life of this lock, but it seems to be working well otherwise. Adding a lease clause that changing the batteries is tenant responsibility if the lock is directly on their door.

Also, LL bootcamp was very good, I learned a lot, both from Jeffrey and everyone there

Please let me know about the broker though! I have spoken with Key Realty and Fathom realty, but neither of them allow property management

Thanks all

Daniel,

This door lock has very easy to change batteries, no screwdriver required. Lining up inspection checkins with battery changing is always an option, so I'm not too worried either way. Could just do it when I have the unit inspected

I too recommend getting your broker's license as soon as possible. Most brokers don't do property management, and the few that do probably aren't going to be too keen to train you up as their future competition. The broker has to be an expert in LL/Tenant law to know how to avoid all the pitfalls of things like ESAs/Service animals, Fair Housing, the ADA, and also local ordinances, etc. That's a LOT of knowledge required, but a good training company should be able to provide it.

6x6, sub-leasing essentially turns the main tenant into a PM who is the go-between for the owner and the sub-tenant. While not a formal property manager, you do most if not all of the same tasks. Look up how Master Leasing (aka Leasing Arbitrage) works; very educational topic for someone who wants to do all the stuff similar to a Broker and manage 100s of doors, but without going through the legal wringer or having to put up a ton of cash to buy properties.

I'm not saying it's 100% the same thing, but it's VERY similar and something a person should consider as one option if you want to make money from the day to day tasks of running rental property that isn't yours.

Also, if you simply buy a shared interest in the property, then you're free to manage it as part of a partnership. Of course, you have to draw up a partnership agreement, yadda, yadda, but that's not hard.

I've seen deals where people would buy a 1% interest in a property for $10 so they could manage it, but then gave the owner an exclusive option to repurchase that interest for $10 anytime within a 20 years time span, after which the option expires and goes back to the owners. Run it by an attorney in your area before investing your life savings in this kind of adventure, but I've seen it done successfully many time, usually with people you know well and with whom you have a trusted relationship. It wouldn't work well most likely for hanging a shingle out in public that says, "Sid's Property Management Company." For that, I believe you do have to be a Broker or working as an employee / salesperson of a Broker.

Sid,

Great idea, and the direction I was thinking of going as well. I'll speak to my lawyer and probably start with a master leasing arrangement until I can get my broker's license.

Slow down Daniel, you are giving me whip lash.

I am still thinking of a work around to get wifi for my six units that are in three buildings.

Sent a text, have some people looking for a broker that will fit your needs.

zero,

be careful with the wifi thing. As we talked about, your ISP might take issue with using one network for multiple buildings. The only thing I can think of if you're adamant about going that route is running an ethernet cord between the buildings, but that carries its own risks and potential issues

LOLA,

please send me their information, you can text me at

It's good to hear from you again, Daniel.

Zero - LOL, whiplash. Ah, the energy of the young.

DJ, Daniel will have plenty of time when he's old...I so wish we had started at his age: SO MANY OPPORTUNITIES these days compared to old-time landlording...

Daniel, we really enjoyed meeting you and would have loved to have spent more time talking. Ben was actually embarrassed he was so tired that night everyone was meeting. He's only a very few short years older than you but still starts to conk out early compared to his "younger" days...probably just as well as we had the trip from h*ll the next day :(

My oldest son does property management for others along with managing his own but he is considering getting out of it. He finds it frustrating to work with owners who do not want to invest in or maintain their properties but expect A-level tenants and service - he said the owners are much worse than the tenants when it comes to high expectations while wanting provide low compensation.

Daniel: I texted you the info on the prop mgt co in upper arlington.

Daniel: I texted you the info on the prop mgt co in upper arlington.