I have been listening to the Bigger Pockets podcasts and am starting to get really excited about the possibility of getting into REI. I currently work in the Real Estate and Facilities Management Dept. of a large company and was thinking of possible leveraging what I already know of property management and taking on an additional job as a Resident Property Manager for a local apartment complex somewhere in Los Angeles.
What's the best way to find available Resident Property Manager poositions in my area?
I have found craigslist to be a pretty good method, however i have noticed that some would like a pm certificate to go along with experience.
Send a resume to local management companies who manage not only large properties but also smaller <30 unit properties. Your target should be those smaller properties as they are often part-time gigs with partial or even full rent credits. (This will help you SAVE to get into the game)
Inform them why you want such a position and what you know about the industry. You should be familiar with Fair Housing, Landlord Tenant Laws, and how to effectively perform a lease-walk (i.e. showing).
Also, be prepared to get your hands dirty in assuming not only the role of resident manager but also as caretaker, handyman and strategic response team.
Although I work full time in Real Estate Management and operate my own business I still manage to make time to be a Resident Manager for 80 units on my own. In my area compensation for Resident Manager comes out to roughly $20 per door- That's $1,600 additional per month to begin putting aside for your first investment property!
I think this is the best way to begin in real estate- you not only learn the ropes but you also get the opportunity to make mistakes, find solutions and better yet understand the phycology that goes into the job as a manager, owner and consultant.
Now get typing the resume and building your list of companies!!!
Jonathan and Marcus, thank you so much for the advice! This is incredibly helpful.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!