Seeking advice starting Property Management business

Seeking advice starting Property Management business

Member since 2021 · 2 posts · 1 vote

Hello All,

First, I'd like to introduce myself as I am fairly new to BP and this is my first post on the site. My name is David Schaefer, I'm 36 years old and currently live in the Boise, ID area. For the past 7 years, I have been an educator. The past couple years have been extremely tough for anyone in the profession. I've found myself wanting more and more to leave the profession. I adore the kids, but like many of you am drained with the 9-5 and selfless hours any teacher has to put in while not getting compensated for their time. Which has led me to pursue real estate property management in the Boise area. You may be asking how I settled on property management. Well, my aunt has been a property manager in the Spokane, WA area for the past 30 years. I've seen not only how had she works managing almost 200 doors by herself with my uncle (and primarily her) but I've also noticed how much satisfaction she gets from partnering with tenants and landlords and her relentless drive to make it work for everyone in the "PARTNERSHIP." I've spoken with her about the possibility of her assisting in not only helping me learn what it takes to be an effective property manager, but also create and manage a successful business. My only issue is, she has her hands full and I need to get my hands dirty because I believe that's the best way to truly learn the business. So, here we go. I've decided to leave my job at the end of the semester. I have 2 small kids and a wife that thinks I may be as crazy as it gets (to put in nicely) and I'm going "all in" on property management and real estate investing. You may be asking or even thinking why have I decided to post this today, well first and foremost, today was my last day at my teaching job. I wanted to teach until the Christmas break and dedicate all my time to do whatever it takes to be successful. The past few months I have done most of the legwork to get my business off the ground come the first of the year. If anyone has any tips, advice, leads or is even interested in working with someone who is hardworking, dedicated, detail oriented, honest, trustworthy and willing to do whatever it takes to build a PARTNERSHIP and successful business, please reach out and you may even contact me directly. Thank you for taking the time to read a little about me and I look forward to hearing from you. 

David Schaefer

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Investor · Spokane, WA · Member since 2020 · 37 posts · 18 votes
4y

Hey David, 

I am also starting the real estate venture as. I just closed on my first rental.  I am in the spokane area. I wish you were in the area so we could team up to learn these big steps together!! Excited about your full time journey. You will be great. It seems like you have a great resource with your aunt so that is priceless. Maybe you could connect me with her since I now need property management. We could definitely stay in touch and chat about our challenges and keep each other motivated. What a great year for you!! Be proud of yourself!!

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  • Investor · Spokane, WA · Member since 2020 · 37 posts · 18 votes
    4y

    Hey David, 

    I am also starting the real estate venture as. I just closed on my first rental.  I am in the spokane area. I wish you were in the area so we could team up to learn these big steps together!! Excited about your full time journey. You will be great. It seems like you have a great resource with your aunt so that is priceless. Maybe you could connect me with her since I now need property management. We could definitely stay in touch and chat about our challenges and keep each other motivated. What a great year for you!! Be proud of yourself!!

  • Member since 2021 · 2 posts · 1 vote
    4y

    Thank you Shira for reaching out with the supportive and encouraging note. Let’s absolutely stay in touch and congrats again on your 1st real estate investment property!

  • Mark AinleyBusiness Member
    Property Manager · Roselle, IL (Chicago Suburb) · Member since 2013 · 2k+ posts · 1k+ votes
    4y

    @David Schaefer There is a great opportunity in the US around management.  The industry itself is coming into its own and the opportunity as an industry to mature is happening.  There is also alot of great resources out there too starting with Podcasts.

    • Triple Win
    • Property Management Mastermind
    • 300 to 3000
    • Profitable Property Manager

    There are many companies set up now that focus on the PM industry that can help you grow right and grow faster.

    • Profit Coach
    • PM Grow
    • Rent Scale
    • Aniquim

    We have been around for 18 years and did most of our growth in the last 5 years.  Happy to jump on a call anytime so just send me a DM if interested.  

  • Justin WindhamPro Member
    Banker · Nationwide · Member since 2015 · 4k+ posts · 1k+ votes
    4y

    @David Schaefer

    Welcome to Bigger Pockets!

    You’ll find plenty of friendly, knowledgeable people willing to respond to your posts.

    The site has quite a few tools that can be helpful for new members. For example, if you are looking to connect with other members near you, want to learn from people in a specific area you’d like to invest in, or have a desire to find people interested in certain topics, you could use the search feature here: https://www.biggerpockets.com/search/users


    I really like the alerts feature that can quickly guide you to current topics that may be of interest: http://www.biggerpockets.com/alerts

  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    4y

    Thank you for that introduction, and welcome to BiggerPockets. I hope you continue to learn from everyone on this platform.

    If you have not, great books to read are:

    • Rich Dad, Poor Dad
    • The Millionaire Next Door
    • Cash Flow Quadrant
    • Tax Free Wealth
    • Set For Life
    • Rental Property Investing
    • The Millionaire Real Estate Investor
    • The REAL Book of Real Estate
    • So Good They Can’t Ignore You

    You are more than welcome to reach out if you have any questions.

    Good Luck and go make it happen!

  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    4y

    @David Schaefer

    1. Set up your business systems first. It’s irresponsible to solicit business before you are ready.

    2. Out source the accounting

    3. Under stand who regulates the industry and how to get and stay in compliance

    4. Personally…. Not sure what your wife does or

    How much money you have saved but it takes years to build a business and it takes Capital even though it’s a service business. Your new so you most likely won’t qualify for many loans. You need reserves.

    Expect to make $0 for some time while you pay up front to create your business. Could take 3 years to start paying yourself.

    Irish Jones Realty4.948 Reviews
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