How to start a property management company
Background - Currently own a home. It's a starter home that we have lived in for 2 years ~100k purchase price. We will be moving out in a few years and I started wondering about renting it out. As a highly entrepreneurial type of person, I began thinking about the possibility of opening a property management company. A quick Google search of management companies in my area yielded no results (in the single family home market).
Idea - When we build our home and move out, have my current home become the first asset of the property management group. Form the company around that and taking in new clients in my area for a small % of the rent, and scale from there.
Question - Is it a normal starting procedure? Will it be extremely difficult to convince new clients to come on board if the company only has a single property? What types of books would you guys suggest on this topic to kind of build a game plan? How much does it cost to start? 'This would entail things like starting the LLC only/obviously the marketing and other things vary to greatly to put a number on'. Anything else you can think of that might be helpful.
Thanks