Furnished Finder Sub-lease options
Hello BP community!
I have been a long time listener/reader and am excited to be here posting on the forums as I take steps towards building my financial freedom.
My wife and I have an opportunity that we need some guidance with. Our friends asked us to manage their two waterfront properties in Tacoma, WA; Mid term rentals, Furnished Finder. I own a small handyman business and my spouse, a stay at home mother is looking for some part time income and an education for our future plans of owning remote rental real estate. We are inexperienced however capable and determined. Also the properties are vacant and we are already underway with clean up, staging, and posting listings.
The issue: We are not licensed to manage properties in the state of Washington. Could we lease the properties ourselves and sublease them as mid term rentals? Do we or the owner need a short term license to do this? Does anyone have a lead to a sample lease that would allow such activity?
The other conversation is that our friends said that we could get paid in equity. This, I realize is a big conversation, however just to scratch the surface and find an immediate solution to our problem, I am curious, is there is a ownership percentage that one must have before they can perform management activities as the owner?
Thank you in advance!
Johnny
Most Popular Reply
In order to work as a property manager in most states, it is typically required to hold a real estate license. However, an alternative approach to bypass this requirement is to adopt the "co-hosting" model for property management, which differs from the traditional long-term property manager role. To ensure compliance with property management regulations and rental licensing requirements in the state of Washington, it is necessary to research and familiarize oneself with the specific criteria. In the location where I invest, obtaining a standard rental license is sufficient for rentals lasting over 30 days, and this option is generally more affordable and less complicated compared to obtaining a short-term rental license. However, it is important to recognize that these regulations can vary significantly depending on the city and state.