Newbie Looking for Property Management Mentorship!!!
Hey BP family! I am currently serving active duty in the US Air Force at Shaw AFB and am trying to start up a property management company in Columbia SC! A little background on myself, last year I started up a real estate investment company in College Station Texas with 2 of my best friends. Our goal is to rent out properties there to college students. Eventually I want to become a property manager in Texas but the requirements for property managers in Texas are very strict and I need around 3 years experience to get the license. Being stationed in SC I saw how easy it is to get a license here and decided this would be a great location to start my first company. The goal is to scale this company over the next 3 years and automate it so that I can operate it out of Texas! I currently own one rental in Columbia that I manage and it has been doing pretty well. Once I stop house hacking it I will be netting $500 profit each month. I am looking for anyone in the area who has property management experience or experience with scaling businesses in general! I would appreciate any help you can offer and look forward to working with you!
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- Rental Property Investor
- College Station, TX
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@Dylan Hunter Im a property manager in College Station, TX. I would highly recommend working for a PM company prior to starting one on your own. In the year that I've worked here, I've learned so much about the processes, procedures and software that make a good PM company run smoothly. All that being said, I would not recommend a PM company on its own. Let me explain, PM has very thin margins with a lot of liability (dealing with fair housing, other people's money, and tenant-landlord laws) making it a less than desirable company to own. However, it has the potential to turbocharge an existing company. For example, if you did syndications it might be worth also owning and running a great PM company that can increase the NOI of a multimillion-dollar complex. Or if you are a real estate agent you have the first crack at listing a property that you also manage.
So if your motivation is to create complementary companies that can increase your profit then adding a PM company can be a great idea. But if you just want to start a company that can supplement your income and helps you invest I would recommend other options.
- Gregory Schwartz
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