Posted by JPiper on November 27, 1998 at 13:11:01:
In my state there are specific exemptions to the licensing act for a) owners of property b) employees of that owner of property.
If you place the properties in an LLC and are an employee of the LLC then you would be exempt from the licensing requirement in my state. I would suggest that you check the law in your state. Findlaw.com is one way to do this.
JPiper
Confused - Can Someone Clarify Please? - Posted by Scott
Posted by Scott on November 27, 1998 at 11:46:13:
Hi,
I’m confused regarding the relationship needed to manage property. I understand that you can manage your own; however, I’ve read here that (at least in some states) you need a real estate license to manage property other than your own. Now, if you place your property in an LLC or similar corporate entity - Isn’t it now within its own entity and no longer ‘yours’? How can you manage properties owned by a corporation without a license (either your own or someone elses)? To keep some ‘distance’ from my properties, I would like to place them within an LLC and become the ‘property manager’ - but I don’t have (and don’t really want to get) a real estate license. What would I need to do, if anything? Thanks for all of your help.
Scott
Re: Confused - Can Someone Clarify Please? - Posted by Ed Garcia
Posted by Ed Garcia on November 27, 1998 at 22:48:30:
Scott:
You listen to Jim Piper, he knows what he?s talking about.
He can get you around laws that haven?t been made yet.
(smile)
Ed Garcia
Seriously, Jim gave the make sense answer that should be applicable
anywhere.