ohio unlicensed

6 Replies

an ohio newbie law question

simple but little hard to find

ok I understand wholesale ,rent and a marketing are gray if not taboo for an unlicensed person

1) for an unlicensed person is it legal to buy a property (distressed) fix it then use an property manager to rent it out or use and agent to sell it and if I did this many time per year would this be acting as an agent in ohio  (Columbus,ohio)

I am not assigning contract ,im not advertising the property , and if this has been ansered please give me a link .

there are a lot of people getting busted for acting as an agent in ohio, and getting a re licensed isn't an option. im not trying to get around any laws just a legal way do get into real estate without license .

@Jerry Fatyhing

I haven't researched this and there is no attorney-client relationship between the two of us, so do not use this post as anything but a basis for further research and investigation.

As I understand it, there's absolutely no problem with buy and hold investment where you purchase a property and lease it out to a tenant in Ohio. My understanding of the Ohio licensing requirements is that an individual may lease out a property that he owns without being licensed. He may either manage the property himself or use a licensed realtor to act as property manager.

There is not law to prevent you from the business of buying, flipping, selling or leasing your own property. The problems come when you do it of others. You can even advertise it as in marketing it for sale as s FSBO.

Originally posted by @Jerry Fatyhing :

an ohio newbie law question

simple but little hard to find

ok I understand wholesale ,rent and a marketing are gray if not taboo for an unlicensed person

1) for an unlicensed person is it legal to buy a property (distressed) fix it then use an property manager to rent it out or use and agent to sell it and if I did this many time per year would this be acting as an agent in ohio  (Columbus,ohio)

I am not assigning contract ,im not advertising the property , and if this has been ansered please give me a link .

there are a lot of people getting busted for acting as an agent in ohio, and getting a re licensed isn't an option. im not trying to get around any laws just a legal way do get into real estate without license .

 Jerry,

nothing wrong with managing or selling any property you own without a license. No license is needed no matter how many times you buy and resale or how how many rental properties you own and manage.

If you would like to have someone else manage your property they would need to be a licensed broker or working for a licensed broker.

Jerry

As other's have stated, it is certainly legal in Ohio to buy property and manage it yourself. You may of hire a licensed broker or its agent to do property management for you. It is illegal for an unlicensed person or company to offer property management services for another, unless that person is a normal employee of the owner of the property. In this case, normal employee means that the employee is paid via W2 not 1099, and that you pay social security, worker's comp, etc.; and that you schedule the employees hours. If you  do all of these things, then your employee can conduct property management activities for the properties that you own.

Bob Collett

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