property management business

[John Carlson]

hello,

My girlfriend and I have spent the last year discussing starting a property management company, we've both taken a strong interest in real estate investing as well. I have a background in the trades and can fix most issues that arise and if i cant fix it I know someone in that trade who can fix it. My girlfriend is stronger with the day to day operations, talking to people, understanding personalities etc.

so my question is what advice would you give to two newbies starting down this road? 

[Drew Sygit]

@John Carlson

We bought out a "mom & pop" competitor that had the same skillset breakdown you two have. 

The "pop" handled maintenance and repairs. The "mom" handled owners & tenants.

The proglem - neither one of them were good with systems for accounting and paperwork. 

So, their company was a mess and actually losing money!

Once we took over and cleaned up their mess, we found problems and losses they weren't even aware of.

FYI - the two of you could probably keep all the balls in the air up to 50-75 doors. Above that amount, you'll lose control as you can't remember everything, which will lead to mistakes, which will lead to unhappy owners & tenants, which will eventually cause you to implode.

Find someone REALLY good (a nerd) at accounting, systems and PMC software.