Can I Work and Live in the Same Building?

Can I Work and Live in the Same Building?

Residential News » Q & A with Dottie Herman | By Dottie Herman | July 24, 2015 9:00 AM ET

Q & A with Dottie Herman
Q: I own a business and would like to rent an apartment under my corporation. Is this possible?

Answer: Provided your corporation's by-laws permit the leasing of real estate then renting under a corporate name is possible.  However, not all landlords are willing to do this without assurances about who will reside in the unit, and confirmation that no business activities will be conducted out of the residential unit.  In addition, the landlord will likely require some personal guarantee about payment on the rent.
Q: Can you be a certified agent in one state but live in another? For example, certified in New York, but live in New Jersey or Pennsylvania?

A: Yes, you are permitted to be licensed to sell real estate in a state in which you do not reside. The only requirement is that one conducts business within the state they are licensed.

Q:  I live in CT and recently went through a divorce. At the time of the divorce, the house wasn't settled.  Now, after trying to do a modification and not getting it, the house is on the market as a short sale. My credit has suffered and I was wondering, if I add a letter to my credit report explaining the divorce and such, will that help me get some credit? Prior to all of this happening, my credit was great and I had a score around 740. Now it is much lower-in the low 600s. My ex-husband did nothing to help me and won't even cooperate with the short sale, but my saving grace is that my divorce decree says the house is to be sold.

A: Going through a divorce can wreak havoc on credit scores, as you have experienced.   Placing a note on the credit report will not help you.  It actually can hurt your ability to improve your credit scores if you were to hire us for credit repair.  The only thing a note will do is explain that you were having financial issues due to a divorce and that is why you have delinquencies.  The score does not care why you were delinquent, and will stay low with or without the note.  Fortunately, credit scores are never terminal, so there can always be a light at the end of the tunnel.  If you are in the process of a possible short sale, it would be a good idea for you to have a credit review so that you can decide the best course of action once the short sale is completed. Once your credit has been reviewed, an expert can give you some helpful feedback.
Q: Hi. I am a sophomore at a school in California. I've decided to become a real estate broker and plan on attending college in California. But I would like to work in New York, so what are some ways or options I have once I finish school to move from LA to New York and get a job at a real estate firm?

A: Choosing a career in real estate early in your education process can afford you the opportunity to explore the diversity of the field. You might consider applying for internships now with local brokerages, developers, and investors, so that you can learn more about career opportunities under the real estate umbrella. Your school may be helpful in finding placements or referring you to the appropriate higher education programs that will give you the knowledge and skill sets to help you pursue your passion.

It is always helpful to get some local experience before you relocate. Additionally, it's important to develop a resume.

Continue to visit the websites of a variety of brokerage brands and the properties they represent. It's also helpful to learn what's required by New York State for licensure, as it differs from California law. Good luck!

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