New member from Boulder, CO. I closed my first home yesterday!
Hello everyone!
I just closed on a 4bed/3ba yesterday - this is my first home. Hopefully tomorrow I'll write my last rent check ever. The plan is to live in the house with roommates, likely people I know. Given the hot market here, starting out with a single family home was the only way for me to approach house-hacking.
Long question:
I also have a friend who just landed a job in Washington DC. He leaves very soon and will rent out his place while he's gone. He feels that commercial property managers are too expensive - this presents an interesting opportunity to me, to try being a property manager part time(I work a 9-5 as a financial analyst). How do I figure out a fair price for managing the place? He has it listed at $2,650/month. Townhome. If I give him a discount from "fair market price" that seems OK to me because I'll gain some experience and discover whether or not it's something I want to pursue. Also he's giving me some great furniture for pennies on the dollar. From my perspective, I make out either way.
Thanks in advance for any advice!
Most Popular Reply
@Colin Simon Welcome to Bigger Pockets. I believe you need to have a real estate license to manage another person's property in the state of Colorado.