I only have one more class left in my real estate class before I take the exam. Instead of being a real estate agent I was thinking about working for a Property Management company so I can learn the business. What ways do you think are good before you start investing?
It make sense to learn about managing rental property before buying it. Working at a good property management company should help. You may also get an early notice when a current owner wishes to sell a good property.
If there are Real Estate Investor Association near Midland start attending meetings and talking to other investors. You will quickly learn what works in your area and may find a mentor/partner who may help when you are ready to jump in.
Thank you Rob! I will look into that.
I agree with Jeff, working for a property manager is a great way to get the fast track on owners who want to sell. I have gotten some great leands from my property managers. They seem to have a good pluse on who wants to get out of the business. The last lead I got was for a package of 10 properties, unfortunately, the numbers just didn't work out.
Thank you Jeff and Jesse. I found a local Real estate investors club in my area. First meeting is tomorrow. Thanks for the advice.
Most property management companies do both traditional real estate as well as managment so you can get the best of both worlds if you pick the right one to work for. It shouldn't take long to pick up the property management side so I recommend focusing on working with investors to build up your network. You should be able to transition pretty quickly to solely working with investors on finding properties and knowing the management side will give you a leg up on understanding whether deals are really good or not for your clients.
Thank you Chris.
I think the best idea will be to get some experience with a reputed company first. I am saying this because you can’t directly start practicing as an independent real estate agent without having enough know-how of all the technicalities that you’ll surely come across. It is true that working with an experienced property manager will help you keep track of property owners looking to sell. That means this is the easiest way to get some useful leads as a novice. And once you are experienced and have your own network, you can begin to work on your own and start a real estate company.
@Brandon S. Lewis welcome to BP!
I think a person with your interest would find the book "The ABCs of Property Management" by Ken McElroy very helpful. Check out his BP podcast and his website is pretty good too.
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