Hi everyone - I won't bore everyone with details here (I already did that in another post) but I am in the process of overhauling my life/career, and the prospect of REI has become my prime motivation and goal since.
While I am adamant that I have the proper mindset for this kind of business, I also have the sense to know that my succeeding to the point of being able to quit my day job is at minimum "several" years off. In the meantime I would like to make a career change, and preferably move toward something that will augment my career in REI.
To this end, the path I am considering most thoroughly is Property Management. After speaking to the one PM I know, and researching it a bit, it seems like something that can be broken into with less time/money than some other professions, such as becoming a Real Estate Agent (in certain states, at least). It also seems to be a skill set that would be invaluable in owning properties, especially for someone like me that intends to be a Buy and Hold type investor.
I'm hoping that someone that is currently managing their own properties has input on this -- I'm curious to hear how helpful property management skills are in owning real estate of your own. I understand many of the basics of it, but in practice I have little concept of how time-consuming it is. For example...what number of properties can one person reasonably expect to be able to manage alone?
I suppose my hypothetical concern is this: say am hired by a PM group, and learn the business. Over the next five years I invest in several properties with the intention of managing them in my spare time. How big a bite is too big? Will I feel maxed out with five properties? Twenty-five? Fifty (though maybe by fifty properties I could quit the day-work)? Obviously there are lots of circumstantial factors, but can someone give me a ballpark estimate of what one reasonably talented PM can do by himself?
Equally important: I have little concept of what a good property manager costs to hire....would I be saving myself much money at all by becoming my own, as opposed to hiring one once I have properties?
Really I am interested in any advice anyone has to give on the topic of being your own property manager, and the merits thereof, as well as any experiences people have had trying to enter the world of property management. It may be a bit off topic, but if anyone has knowledge of the salaries in that field, that's welcome too. I am always skeptical of the figures I hear, and somewhat doubt that people can start making 60k/year in their first few years in that field.
I am also open to hearing about other professions that could augment an REI lifestyle. I just chose property management because it seemed most suited to my personality and seems to require less steps than some other careers.
Many thanks in advance, these boards have been invaluable in developing my starting plans.
HI @James Z.
Being a PM can help you hone your landlording skills, which is invaluable if you want to self manager your buy and hold property. If the PM role is located in the same area you invest, you will be able to learn more about the area, and make connections that will help you with your own pursuits.
Does anyone know how many properties you can manage? Nope, just you, that takes time understanding how you set up your systems, which type of properties you buy that in turn drives which type of tenants you attract.
Thanks @Jordan T. , this was helpful.
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