All Forum Posts by: Joe Norman

I don't have experience with STESSA, but have managed my own small portfolio with QuickBooks Online pretty effectively. It is NOT specific to property management, only invoicing and bookkeeping but it does that well. For actual property management software I now use RentVine and have been very happy, although it doesn't do the business bookkeeping as well (still need QBO, and separate bank accounts, for that). However if you're only managing for yourself, not others, it would probably be sufficient. Good luck!

Sorry to hear you are dealing with this. Maryland doesn't regulate PMs (which is a whole other story), however if the PM does have a real estate sales license (i.e., they're a Realtor) then they can be subject to discipline by the Maryland Real Estate Commission, and you can be compensated from the MREC Guarantee Fund. I don't think we're allowed to post links but if you Google "maryland real estate commission guarantee fund" then one of your first links should be to "File a Complaint". I suggest you do this regardless of whether the PM is licensed or not.

Pro Tip: Even in states where licenses are not required for a PM, it's always a good idea to hire one who has voluntarily obtained one. This gives the owner client peace of mind as well as some protection.

Non-humble self promotion: I own and operate Blue Door Residential Property Management (and am fully licensed) and would be happy to talk about your needs if you want to shoot me a PM.

There is a reason that most states (including Connecticut) require property managers to be licensed, one of which is that they are required to have basic education on the rules and laws governing the practice. Please do not act as an unlicensed manager, it will only result in issues for both you and your friend.

Another option for getting into properties quicker is to have your own representation (vs. contacting the listing agent). A Realtor who works for YOU will likely be quicker to get a showing scheduled, return your calls, etc.

Good luck!

There are a lot of good questions in here, and it's great that you're asking them. That said, I would strongly advise that you get a lawyer involved, or at a minimum a licensed Realtor (you mention "brokering" the deal, and that you are a SWE for Google, but not that you are a licensed Realtor...if you are then disregard that last part). There are a lot of details that will need to be handled, and handled properly. I would call a Broker you trust and ask them for a referral to a few Title Companies that employ attorneys (not all do, at least not in Maryland).

There is a lot more that goes into property management than just collecting rent! Be sure to study up on your local rules and regulations and make sure you're comfortable with it all before taking this on. One missed step/license/notification/etc could result in huge headaches down the road if you ever have to evict. Good luck!

Quote from @Jon K.:

About half of my portfolio are voucher tenants at the moment. I will tell you from experience that the squeaky wheel gets the grease in this process. Calling frequently and being respectful when you do so goes a LONG way to speeding things up.

Second this. I've also found that most of the housing providers are much more responsive to tenants than they are to landlords. I suggest you get the tenant involved in checking in regularly and asking them to move things a long.

If you are doing management and tenant placement yourself then you should have a lawyer prepare a Lease Agreement (i.e., "tenant contract") for you. In addition consider other documents you will need to have on hand like Pet Addendums, Notice to Vacate, Lease Extensions, Lease Assignments, etc. Good luck!

Yes, I think you're being a little unreasonable. If you have a repair agreement in place then you need to trust that the seller will get it done and order your appraisal. As Russel stated above, if you do not then you could be the one at risk of defaulting.

If you want the funds to be separate then you should create a separate LLC to not co-mingle funds.

If you are simply looking to not pay your broker a split on the commissions then you should talk to them first to see how they want you to set it up outside of the umbrella of their brokerage (if that is even allowed in IL).