Would it be worth a pay cut to work to work for a property management company before I invest in my first rental property. Thus gaining the experience and knowledge of the field. This wouldn't be so I could manage ALL of my properties but to know the ins and outs so I can manage my property managers as well as manage a handful of my properties.
One side of me says to do it. The other says just make sure I work with a good property management company.
@Austin Cooke I have to apologize for my grammer. I am writing this with one eye open.
My mind is always thinking real estate before bed!
I would ask the same question as Ali. Depending on what your future goals are this could be beneficial in many ways or not be needed.
If your plan is to only have a few rentals that you want to manage then to me that seems a little overkill. On the other hand if you planned on buying multi family or a large amount of SFR's and wanted to cut down on costs by managing yourself then it could possibly help but is still not necessary. This would also benefit you in hiring a top notch property management company by having first hand experience.
There are so many great resources this day and age that can help you achieve what your looking for without diving into working for a PM. Think about your future goals to help you decide if it is worth looking into.
Working for a professional property manager could educate you much faster than trying it on your own. You would gain access to their forms, policies and procedures, and much more. They probably have you sign an agreement that you won't take their property but you could certainly use their material as a model and build your own. You'll learn a lot in a short period of time.
On the other hand, it depends on what your current income is and what your ultimate goal is. Instead of working for $40,000 a year to learn how to manage, maybe you could hire a coach for $5,000 to provide you with all the forms and teach you how to be a manager.
Curious what you decided! Hoping you've had success!