PM is not all that difficult.
1. Know the laws
2. Get PM software
3. Get connects I.e. Subcontractors
4. Market yourself/go to meet ups
5. Start managing
Having properties free and clear is a good feeling. I already have a couple paid off myself ;)
Originally posted by @Mathew Zorn :
I’m 32 years old, on active duty with the Navy, father of four and have a beautiful wife! I’ve been on active duty for eight in a half years and will be retiring from active duty service in 12 years.
I have had a rental property for 13 months now and have learned a lot from the current tenant boy do I mean a lot. I get help and free advice from a PM that I go to church with and who I also bought my second house through.
My goal is to have a PM company in full swing by the time I retire in 12 years with more than 150 units and an actual office suite to run the business and for a place the customers can turn too when they need something.
I also want to have four rental houses paid off and fully own so I can use the income to help put my kids through college, so time is of the essence!
I’m looking to figure out how to get this PM company started with advice from PB community!
Welcome to the site Mathew.
If you ever have any questions make sure your posting them in the forums. We have thousands of members, many of which have some great info to offer here. Also feel free to tag me & i'll drop by the thread to offer up some advice.
Good luck to you & i'll see you around the site.
@Mathew Zorn Welcome to BP. Glad to see some active duty guys looking beyond the pension and realizing the various opportunities to build wealth in real estate. Are you planning on remaining in the Virginia Beach area after retirement?
You could start working part time for a reputable PM company near you. Would allow you to learn the game on someone else's dime.
@Brian Wilson even if I retire as a Lieutenant Commander $60,000 retirement a year is not quite enough if I maintain the current bills I have now not to mention what my TSP will pay out when I retire.
I’m starting to learn from my Realestate Agent who is also my PM who gives me advice and helps me run my rental. She does want to bring me on part time to help learn that part of the business! I want to be able to step out of the navy and right into another $60k job a year doing PM and possibly having my own PM company in this area. I’d like to Manage over 150 homes.
Yes I do plan on living in VB area when I retire. I have about 13 years left before retirement and have a lot to do before then.
Welcome! I just listed a single family in Windsor Woods that would make a great rental. Most of the major items have been replaced in past 5-7 years. 3805 Colonial Pkwy
Good luck with your company!
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