Should I Start A Property Management Company?

Question

Crazy Idea here:

I'm a college student and I currently make $2K/mo and live off of $1K/mo, so as you can see it takes a while to save up. I managed to save a lot by going to a local landlord who I knew had a vacant property he was trying to get rid of and offered to stay in the place and fix it up for him if he would cut me a deal on rent. So i'm living there paying $250/mo in rent. Which got me thinking, if I can do this what else can I do?

I started to realize that bringing value isn't really that hard at all.

I really want to learn as much about real estate as I can before I buy my first deal, I already work for a Broker as a runner and marketing assistant, so I see that side of things as well.

Here's the question: Should I go to local investors and offer property management services at a discount just to get my feet wet and see what it's like?

Account Closed · Answer

@John Dunham. Seasoned investors don't want to hire a PM that is just trying out a new gig to see if they like it. I invest out of my market, and my PM is a key part (probably the most important part) of my team. If you are starting any business, do your due diligence. Start by:

1) identifying your potential competition. Who else does PM in your market? What do they charge?

2) know your market inside and out

3) build relationships (local REI, realtors, lenders)

Then... jump in with a professional presence and give nothing less than 100% to your clients. That's what I expect from my PM teams

Good luck!

John Dunham · Answer

Thanks Account Closed, for the advice.