Real Estate Laws

Here is some Real Estate BS that I just found.

My brother wanted to go into business with me awhile back flipping houses, and operating rental property.
We formed an LLC and are 50/50 owners.

He recently approached me about property management as he knows a few people who do not want to deal with the management of thier property anymore.

After doing some research I have found that

To operate a property management company the owner(s) have to be licensed brokers.
To be a boker you have to have been a licensed Realtor for a minimum of 2 working years under a licensed broker.

For us to get into property management one of us would need to dedicate the next 2.5 years of our lives as a Realtor.

They have the property management business locked up nicely…

Who do you think created the profession?

I am ok with the license and class requirements, but one should not have to enter into one profession for 2 years just to enter into the desired profession.

It’s the same way here. The property management is an add-on to the real estate license. Your broker needs the endorsement and so does the agent. There has been so many problems with co mingling of funds they are pretty strict on it here.