Managing property for family.

[David Ted Hren]

Hello BP Community, I am new to real estate, ALL things!!!!! I have been studying any books i can get my hands on. listening to podcasts for the previous 10 months. attending local meetups, meat some very knowledgeable individuals. i have been bit by the real estate bug i cant stop talking, asking, listening, all things real estate. have a family member who asked me if i wanted to manage a rental property for them to help me and them. they have been using a property management company, but they want to help me get my feet wet. Blessings for sure! my Question is: should i set my self up a license? Do I Need a license? their property is already established as rental property with an LLC, TPT. Thank you for reading and any advice would be much appreciated!!!

DTH 

[Greg Scott]

In many (all?) states if you are managing a property owned by someone else for a fee, you need to be a licensed real estate agent. 

[Brandon Vanderford]

I can confirm that you must be licensed in North Carolina, and as Greg suggests, that is probably the case nationwide. 

Perhaps you can tell your family member that you would love to manage their property, but need to get your license first? You could get the license in under ninety days, and then affiliate with a firm that allows property management. 

[Michael Smythe]

Check your state property management statutes.

[David Ted Hren]

Ok thank you both!!! I will discuss this with my family. 

[Wyatt Wolff]

I believe you do eventually need a license, but Ill ask my resident expert PM: 

@Lorien Rollins

[Lorien Rollins]

@David Ted Hren, welcome!! What state are you located in? Happy to connect!

[Jordan Myer]

Quote from @David Ted Hren:

Hello BP Community, I am new to real estate, ALL things!!!!! I have been studying any books i can get my hands on. listening to podcasts for the previous 10 months. attending local meetups, meat some very knowledgeable individuals. i have been bit by the real estate bug i cant stop talking, asking, listening, all things real estate. have a family member who asked me if i wanted to manage a rental property for them to help me and them. they have been using a property management company, but they want to help me get my feet wet. Blessings for sure! my Question is: should i set my self up a license? Do I Need a license? their property is already established as rental property with an LLC, TPT. Thank you for reading and any advice would be much appreciated!!!

DTH 

 I would be cautious going into business with friends or family. Not worth the risk of ruining the relationship if things go south

[Thomas Shepard]

@David Ted Hren

Until you become licensed, can you just draft some kind of "project management" agreement or something to that effect with your client? That way, they are self-managing and you are a service provider for them to handle things. @Greg Scott made excellent point and that should be part of your plan.

[David Ted Hren]

Thank you all for your advice. I am so grateful for this community. I'm not getting a fee in a monetary aspect. Experience is my only goal and compensations.