Rental Property Investor · White Salmon, WA · Member since 2020 · 10 posts · 1 vote
Morning!
I am very excited, cz I recently had a great opportunity to start managing my friends/mentor portfolio (55 residential + 100 self storage doors). I own and manage a storage facility and 2 residential doors of my own. All in the state of Washington.
I’m trying to find advice to set off into this new journey correctly.
Do I need to get my real estate license?
Do i need to get a property management license?
What are consequences to not having one?
Also need someone that can help work on a solid lease for storage + guide me through storage eviction.
Any good Washington RE savy lawyers out there, or recommendations?
Rental Property Investor · Wenatchee, WA · Member since 2014 · 157 posts · 53 votes
6y
@Rafael Ortiz in Washington State, I believe, a real estate Brokers license is required and 3 years experience to manage other’s properties. It is not required to manage your own.
Real Estate Agent · Nampa, ID · Member since 2017 · 439 posts · 361 votes
6y
I would reach out to an attorney to discuss leasing, etc. I developed my lease by taking bits and pieces from others that I liked and then had my attorney review (cheaper than having him write one). There were items that he made stronger in the lease, and items that were completely removed for legal reasons.
Real Estate Broker · Portland, OR · Member since 2019 · 4k+ posts · 2k+ votes
6y
Do I need to get my real estate license? If you're going to charge a fee for providing real estate mgmt services - Yes.
Do i need to get a property management license? OR has a PM license, but look up what the WA REA. You can also have a licensed person supervise you, but then your client is their's.
What are consequences to not having one? Well, if a client complains to the REA you're charging them for mgmt and aren't licensed, you'd probably be in trouble.
Also need someone that can help work on a solid lease for storage + guide me through storage eviction. No clue, but I watch Storage Wars, so it can't be that hard.
Any good Washington RE savy lawyers out there, or recommendations? What did you want them to do? Business setup, title issues, tenant problems? It makes a difference.