Rental Property Investor · North Vernon, IN · Member since 2018 · 136 posts · 192 votes
I’m looking to buy a 40 unit portfolio in Indiana. One property in this portfolio is a 16 unit apartment complex. My realtor is telling me that any time there are more than 12 units on a single parcel it is required by law that a licensed property manager must be hired. I manage my own properties and I feel like she is either misinterpreting a different law or Is simply wrong about that but I can’t find anything online to confirm or deny. She is also doing property management and conveniently offered to manage it for me.
In Indiana, you do need to be licensed to manage for 3rd party owners. If you own the building and self manage or the manager is an employee of the owner/company then they do not need to be licensed.
I’m looking to buy a 40 unit portfolio in Indiana. One property in this portfolio is a 16 unit apartment complex. My realtor is telling me that any time there are more than 12 units on a single parcel it is required by law that a licensed property manager must be hired. I manage my own properties and I feel like she is either misinterpreting a different law or Is simply wrong about that but I can’t find anything online to confirm or deny. She is also doing property management and conveniently offered to manage it for me.
Is she right about this Indiana law?
Thanks,
Andrew Flora
Call a couple of other local real estate agents or a local attorney and ask them if they agree. Getting legal advice on a website isn't the safest way to do things. You will tho' gets lots of "opinions" on a website.
In Indiana, you do need to be licensed to manage for 3rd party owners. If you own the building and self manage or the manager is an employee of the owner/company then they do not need to be licensed.
Property Manager · Indianapolis, IN · Member since 2018 · 136 posts · 71 votes
5y
@Andrew Flora late to the game but reading through the responses you got, I hope you reached out to an attorney for clarification. Is it correct that in order to 3rd party managed it needs be done by someone who is a managing broker or someone employed by one. However, if the asset is over a certain size (I want to say 15 units, could be 12), that you also have to be a licensed provider, even if you own it. Good luck!
Rental Property Investor · North Vernon, IN · Member since 2018 · 136 posts · 192 votes
5y
Thanks Brandon, can you point me towards where you found that information or copy a link here or something? I haven't found anything saying the sole owner of a property cannot manage it himself/herself without a brokers license.