Becoming a Project Manager
Hi there! I'm new to BP and work in the personal insurance business so looking to learn more about investing for both work and personal interest! I don't own my first home yet so that is my first goal and then to begin investing!
My question though is my sister owns a home in DFW and bought it during the pandemic and has a wonderful 3% interest rate. She will eventually be moving out of Texas to go back to our home state in FL. She's asked me about project managers and has considered whether she should keep it as a rental or sell it when she moves. I am planning to stay in DFW and through my industry I have a trusted real estate friend to help us find tenants, and know a lot of HVAC, landscapers, plumbers, contractors, roofers etc so I believe I could be her property manager. Outside of maintenance issues, what else should I start to research or know when it comes to being a property manager?
I believe creating an LLC for liability reasons would be wise. The area the home is in I think she could charge around $2.2-$2.5k in rent a month as that looks fairly average if not more its a 3b,2b with a good front and backyard in a relatively quiet neighborhood with no HOA.