Should a landlord in nyc create a property management company
Should a landlord in NYC create a property management company for her/his properties? We have our rental units set up as room rentals and its becoming more and more challenging as a rookie investor to get financing. The question is asked of how much cash flow we bring in, we tell them, but then its always dropped to the market rent for the area (markedly lower) and the deal no longer makes sense. Of course it doesn't, that is why we didn't set it up that way. So now I am getting my real estate salesperson license and thinking, "what if we have a Property management company do the rent roll and pay us a set amount each month. And we can use that as proof" since the long term leases of room rentals are not enough. The issue of needing to be a broker only applies to managing OPM and properties, in this case...its our properties, so no broker...right? what are your thoughts? It would be us managing the properties as we have already. What are the tax benefits? We also realized that we would now be able to charge a fee for showing thge room and screening the tenant (all things again we do already. Most Importantly, Is any of this S**t legal?