New BP member from DFW, Texas! Looking to network with the pros ;)

New BP member from DFW, Texas! Looking to network with the pros ;)

Rental Property Investor · Ellensburg, WA · Member since 2012 · 5 posts · 0 votes

Hello All!

My name is Kelly Moreland and I live just north of Fort Worth, Texas. My husband, Mike, and I are from Washington State, but moved to Texas about 7 years ago. We currently own two residential properties that we lease out...plus our own home, of course. We have one young son and he's learning to clean, paint, and fix things at an early age :-)

Our real esate goals are to: 1) buy more residential properties for our own portfolio; and 2) begin our own property management company within the next year. We realize both are lofty goals, so we're working at them slowly and keeping our day jobs! My husband would like to eventually transition to property management full time though.

We're hoping to gain some valuable insight from seasoned professionals in the property management industry. Mainly around how you got started, what pitfalls to avoid, which business investments are necessary and worthwhile and which are not, etc. We know we have a lot to do - but where should we start?!

Looking forward to meeting new people here and learning a ton. Then, we hope to be able to pay the knowledge and wisdom forward some day.

- Kelly

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Mark UpdegraffBusiness Member
Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 689 votes
14y

Welcome Kelly!
I know in NY state, you must be a licensed broker in order to collect rent for someone else. I think the general consensus on BP regarding PM companies can be summed up as follows:
1. A good PM company is HARD to find
2. Running a PM company is not worth the hassle for the $
3. Fees and Services offered are all over the board
4. No one will spend your money as carefully as you will, including the PM
5. Trust but verify

I've created a separate entity for my PM activities for liability protection. I cannot legally accept rent for others as I'm not a Broker, but I am on my way to becoming one. I think if I do accept clients, I will be very selective on who.

Best!
Mark in ROC

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  • Mark UpdegraffBusiness Member
    Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 689 votes
    14y

    Welcome Kelly!
    I know in NY state, you must be a licensed broker in order to collect rent for someone else. I think the general consensus on BP regarding PM companies can be summed up as follows:
    1. A good PM company is HARD to find
    2. Running a PM company is not worth the hassle for the $
    3. Fees and Services offered are all over the board
    4. No one will spend your money as carefully as you will, including the PM
    5. Trust but verify

    I've created a separate entity for my PM activities for liability protection. I cannot legally accept rent for others as I'm not a Broker, but I am on my way to becoming one. I think if I do accept clients, I will be very selective on who.

    Best!
    Mark in ROC

  • Homeowner · Burleson, TX · Member since 2008 · 756 posts · 376 votes
    14y

    Kelly Moreland welcome to BP. We are having a DFW get together in a few weeks. Come on out and join us.

    http://www.biggerpockets.com/forums/86/topics/72333-dfw-bp-meetup

  • Homeowner · Burleson, TX · Member since 2008 · 756 posts · 376 votes
    14y
  • Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    14y

    Hi Kelly, welcome to BiggerPoeckets. I hope to meet ya'll at the meetup Greg is putting together.

  • Jerry PuckettPro Member
    Wholesaler · Fort Worth, TX · Member since 2010 · 1k+ posts · 1k+ votes
    14y

    Hi Kelly,
    Welcome, always room for more Texans. This is the right place to learn what you need and meet some great folks. Hope to see you in Arlington in a few.

    Are your rentals in Fort Worth?

  • Rental Property Investor · Ellensburg, WA · Member since 2012 · 5 posts · 0 votes
    14y

    Greg B., I appreciate the invitation to the meet-up! Unfortunately, we'd never make it to Arlington in time. Keep me in the loop for future meet-ups though. I hope we can make one at some point.

    Jerry Puckett, we bought our first property in Denton and the last one in Justin. Completely different properties, that's for sure.

  • SFR Investor · Dallas, TX · Member since 2009 · 71 posts · 12 votes
    14y

    Welcome to the area and BP Kelly. Hope you will enjoy them both :)

  • Investor · Southlake, TX · Member since 2009 · 950 posts · 338 votes
    14y

    Welcome to BP Kelly Moreland! My rentals are in Haslet and Rhome, sounds like you're in the same general area, sort of.

    I think you guys will really enjoy the website. There's a ton of info, as well as great advice on here.

    Sorry y'all couldn't make it to the meet up. Maybe next time!

  • Commercial Real Estate Lender / Syndicator · Dallas, TX · Member since 2011 · 888 posts · 309 votes
    14y

    Welcome to BP Kelly.

  • Real Estate Investor · Bellingham, WA · Member since 2008 · 407 posts · 90 votes
    14y

    Welcome to BP Kelly

  • Developer · Houston, TX · Member since 2008 · 488 posts · 121 votes
    14y

    Welcome to BP Kelly!

  • Investor · Plano, TX · Member since 2011 · 84 posts · 45 votes
    14y

    Welcome, Kelly! Great to see the Texas crew growing.

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