Property Management Company

[Ross Schneider]

Hello Everyone! 

A little background: My partners and I started our company a little over a year ago.  We wanted to start flipping/holding, but we had extensive knowledge in wholesaling so decided to start with what we knew.  After we complete a large multi-million portfolio in East Texas, we decided to find more of those deals.  We then contracted one in the TCU area in Fort Worth, Tx.  We found people were wanting a property manager, and we thought, "Hey! We could easily do that for you." Since we live in the area it would be quite easy to collect rent and answer questions.  We also know a contractor who would be able to do maintenance and repairs for us. 

My question is to anyone with experience starting their own property management company, what is the best route to get this going? One of our close contacts is looking to get into the rental game and thought we might be able to manage his first rental in Fort Worth.  It would give us some credibility and we could build our clientele from there. We have always wanted to expand out of wholesaling.  This way, we could build some capital to help us start flipping and holding houses for the long term.  In advice (negative or positive) would really help.  We are just four young guys starting our journey to wealth.  Thank you! 

[Tim Bishop]

Have you listened to Chris Clothier's bp podcast?  His company manages in Memphis and DFW I believe.  Might be a good place to start if you missed that one.