All Forum Posts by: Shawn Beers

Hi All,

Looking for ideas.  I want to start a property management company in Washington State.  I am not a realtor or broker nor have I ever been one.  Washington State law requires that property management companies have a managing broker on staff.  Given that I am just starting out, I don't have the cash flow coming in to hire a managing broker.  

Does anyone have any ideas on how I can work around this issue?  I need a licensed manage broker as an "employee" of my business for legal reasons, but I don't need this individual to do anything for my business other then hold a license which would make it legal for me to operate my property management company in Washington State.

Aside from hiring an individual for a token fee each month - ie 100 to 200 dollars to be an "employee" of my company, I cant think of any other reasonable option.  I could partner with an individual that holds such a license to start my business, but finding the right person for this would be a challenge in itself.

Please share any thoughts you all might have on any other options that may work for me.

Thanks

Shawn

Thanks for the feedback.  I am not a broker.  This means that if I want to start a property management company, I would need to partner with someone who has a managing broker or designated broker license.  As a start up with no income, I cant afford to hire a managing broker or designated broker.  Looks like I will need to come up with some sort of a business arrangement with a managing or designated broker for this to work.   I would not need this person to do anything other then be listed as an "employee" of my business.  

I would appreciate any ideas anyone might have on a solution to my dilemma.

Shawn

Hi All

I have spent some time going through forums looking for peoples comments on the different property management software options that are available.  I am just starting out but want a software option that allows for me to maximize productivity as my business grows.  For reasons of cost, complexity, lack of functionality, or lack of customer service numbers to call, I have eliminated the following from consideration: Buildium, Appfolio, Yardi, Tenantcloud, cozy.co

I am considering RentecDirect or RentManager.   I like that RentecDirect does not require a contract or sign up fees.   RentManager is nice in that it charges $75 dollars per month regardless of the number of units I manage.  I do plan to contact these two software makers for further information and online demos, but would value feedback from any biggerpockets users that have had experience using either of these two software options.

thx

Shawn

Hi All,

I live in Washington State and am looking to start a property management company.  Does anyone know if I am required to have a realtor license or any other sort of business licensure in order to do this?

thx for any replies

Shawn

Thx for the replies. I know there is no easy answer to this question. There are pros and cons to either option. Hopefully the answer for my specific situation becomes more clear as I move forward in this process.

Hi All- My name is Shawn

I am getting started. I am at the point of needing to choose the market I will invest in. My goal is to buy and hold duplexes and 4-plexes for cash flow. I live in Walla Walla WA. I know several people recommend doing your first deal locally- but the northwest is more expensive then places like Texas or Georgia. I feel that I could do a better job of researching and buying a multi family property in the northwest since I can physically be in and evaluate neighborhoods that I would consider buying in. However I don't think I could research as well or make as educated of a decision buying a first property as far away as Texas or Georgia -due to logistics of working a full time job with little vacation time to get away and learn markets in far away states. So the dilemma is buy in the northwest where I may know a market better but have a harder time with positive ash flow or assume more risk buying in markets that I cant know as well but that in general have better cash flow. I realize there are tons of resources out there- but as a beginner learning the game, its hard to top being able to physically spend time in the area and be able to physically go and see properties before putting offers in. Would like to hear peoples thoughts on this. Thx