All Forum Posts by: David Lehane

Hi Tim, good question, I mean 500K up to 3M value max at this point, this also means total costs including my rehab costs etc. 

But if I was to suggest a actual number of units, min 50 plus, having said this its really up to the Numbers that the deal returns. 

Hello, I am actively looking for a Large Multi Family Apartment complex either in Tennessee or North or South Carolina.

I am open to other areas as well, but these are my preferred areas, the property I want must have the following capability,

• Room for instant/forced equity
• Room for growth of opportunity, i.e. under rented, neglected or room for further expansion
• Preferably B or C+ properties

I am not affraid of work, and in fact are one of those crazy people who likes a challenge, so I hope the BP community keeps me in mind, I look forward to your thoughts and suggestions. 

Hi all, thanks for the advice, as for the difference interms, Leasing vs Renting, A Lease has a fixed term, i.e. 6, 12 months and a Rental agreement can be open ended, month by month etc. Lease is often written with more specific terms regarding use of the property, it often has restrictions for both parties. I recommend using a good Rental agreement set for a period, not a month by month, this protects both parties and I find a good rental documents with a term of 12 months or more often results in a better quality tenant with higher rents.

Thank you Kristen, great advice I appreciate the help, I am going to look deeper into the possibility of getting my License as well, I believe it will add a level of Profesionalisem to our Business as well, after all being informed is never a bad thing.

Hi Kristen, this is good to know, did you find it advantagous to get your License, or did the extra reporting pose or cause you a problem?

Hi Sarah, thanks looks like I am going to give the License a miss then, cheers David

Hi All, thanks for this, I rang them again, got a different person who sent me off to some other sites and I discovered the following, 

Must Michigan property management companies have a real estate broker's license?

YES. Property management is considered a real estate activity under existing Michigan real estate licensing laws. Under the Michigan Public Act, anyone who engages in property management must have a real estate broker's license, unless they are a real estate salesperson employed by a real estate broker to engage in property management. Property management is defined as:

the leasing or renting, or the offering to lease or rent, of real property of others for a fee, commission, compensation, or other valuable consideration pursuant to a property management employment contract.

However, if the activities provided do not include leasing or renting services, a license is not required.

Are there any exceptions to the requirement that a Michigan property manager have a real estate broker's license?

Yes. For example, direct employees of a property owner engaging in property management for that owner need not be licensed

Ref: http://www.allpropertymanagement.com/propertylaw/p...

After circling around a half a dozen times, I am going to say that I have interpreted the answer now as NO, and my reason for this is because of the fact I am the owner of the company, and we are not taking a fee from others.

But I still feel it might be worth Learning if I can Hang a realtor license without working for a Broker. Does anyone know if this can be done?

Also thanks for the Insurance question, we have each Property insured, individually and after I set up my Management company it will have Insurance to protect us. The sole reason for the 2nd company is to protect the Holding company which means the Deeds cant be accessed in the event a Tenant or someone tries to sue. 

Hello, We are a LLC and have just secured 1 x 7plex and 1 x Duplex property recently and I have another 4 in the pipeline and we intend to manage them ourselves for now, the issue is in Michigan to Manage properties you need to have a Real Estate License.

I was thinking about setting up another LLC for managing the Properties to provide some security by not exposing the Holding company.

So this makes it hard to do, legally, we do not want to work for a Broker and I do not want to go down the wrong path so my questions are,

1. Is it possible to Hang a License in Michigan and if so who or how?
2. Is there another way to Manage the properties ourselves?
3. Does anyone have any other ideas or advice?

I have searched the Internet and Forums and cannot find any advise that works, I read that you can Hang your license on Auction.com, however I tried and that seems to be a No Go. 

Maybe a diamond in the rough??

Thanks for this.