My Brother asked me to manage his property.
My older brother recently bought a new home for his family, moving him out of his current duplex that he can't sell because he's underwater. He also does not want to deal with being a landlord. Here is where I come in possibly...
I became hungry to learn about REI and for about 6 months I have been reading books, blogs, posts, listening to podcasts, asking questions, etc... and loving every minute of it... I actually am about to close on my very own duplex that I got for a great deal just a few blocks away from my Brother's duplex in a week or so!! Super excited but definitely in overdrive trying to put together my business so it is ready for a tenant. @Brandon Turner and his wife wrote 2 terrific books recently on Managing/Investing in rental properties and boy did I take away so much after just reading it once... Its incredible on how actionable these books are instead of just theory based writing. I will be honest, these books are going to get me off the ground and I can't be more thankful...
Here is my question:
Would I be taking on legal risk managing my Brother's duplex as I manage my own? His tenants that I find and mange will be using all the forms currently being generated and soon reviewed by a lawyer and I. (I'll get my lawyers advice on this too but I love hearing from the BP community). Anyway, has anyone done something like this for a family member, friend, coworker, or whomever? Just for some extra money to later invest? I could even see myself buying it from him in years to come if he gives me a killer deal ; )
The way I see it is that its an extra 130 bucks a month for me in profit for helping him and I will have another property to learn on and become more "handy".. Just 3blocks away... I would invest in another property right away but my funds need to be replenished after doing my first deal : )
Cody B
Thanks!!!