I'm hoping someone can shed some light on this or tell me a smart place to look to find the answer. :) I'm still a newbie that is planning for the future and trying to implement a CYA policy from the beginning. :)
I have free legal insurance with my job and used it yesterday for a one hour session with a real estate attorney. He's really, more of a business, corporation, etc attorney who has investors as clients and used to do real estate, but who I was given to dig in on questions I have. When I was trying to get details about having an umbrella LLC, so I could have some continuity, but not share the liability across all properties, he mentioned having a property management LLC as my umbrella. This would offer the continuity for the properties as far as listing open rentals, accepting payments, etc, but still have separate LLCs for the properties in small groups (so the liability is split up).
I asked if I could have a property management LLC without my real estate license in GA and he said that I could as long as it was just my property and my husband's property. He then said he'd need to double check... but I'd have to pay for that.
So, that's my question, can I have a property management LLC in Georgia if I don't have a real estate license, but only plan on managing my own properties and my husband's?
Yes you can manage your husband's properties and self manage without a license. It is only when you work for multiple owners are you needing a license.
You can manage your own properties without a license.
You need a license or be a salaried employee of the owner to manage a property you do not own.
@Erin Church GA has a Property Management License. It's a 25 hour course vs 75 hours. Depending on your ultimate goals, you may decide getting licensed is best because you area able to property manage and sale as a salesperson. If you'd rather hire agents to do your buying and selling transactions and choose to stay in your PM niche, the PM license is an option.
Well, that's pretty stinking cool! I've been debating about getting my RE license, but don't feel like I fully understand all of the implications of doing that yet. The PM license sounds quite interesting though and I'm going to dig into this. I had not come across the PM license idea, so a giant thank you for letting me know about it! :)
@Deborah Gilbreath, I have searched online without any luck in finding that specific course/license. If you know where we can find out more information on the GA Property Management License can you post a link/number? I, along all of Georgian BiggerPocketeers, would be eternally grateful! If you can't recall the info, thanks any ways :)
@Jose Perez I’m no attorney, but in my limited knowledge, you must be licensed as a salesperson under a broker or your own broker to perform property management activities. There is no PM specific designation from GREC.
My recommendation is to call a few brokers and get their insights. Or call around some property managers. I think it makes sense to have the right infrastructure in place to manage your own properties so you can easily offer your services to others and achieve scales.
Best of luck.
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