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.
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