Advice from seasoned professionals in the property management industry.

[Matthew A Rodriguez]

I will try to keep this post/ question short and concise. My love for multifamily investing it growing every day. I love studying my market and sub markets. Analyzing deals. Talking to everyone I can about my love for real estate. I realize that property management will either be the bane or salvation of a solid investment deal. Because of this, I am opting to in-house PM rather than "out-house" property management( thank you Syrios Bros!). My goal is to not only manage my own eventual large portfolio of properties but also other investor's properties for a fee. I will transform the PM industry in my local market for the best. I will offer a superior service and build THE trusted name in PM first in my community and then all of the thriving surrounding markets. I will build a company synonymous with quality PM. I am earning my RE License this year. I will be going for my brokers license three years after obtaining my RE license per South Carolina law. I currently work a dead end job in the agricultural industry. I need to make a transition. I am strongly considering applying to a PM company in my area to learn the ropes. With so many bad companies out there, I fear learning the wrong way to do things in the industry. In your experience should I take the leap and do what I can to make the PM company I end up working for great while learning? Also, will the commercial lenders see me working a W-2 job and having a working knowledge of the industry as a plus and possibly sway them even more into underwriting a financially sound investment? Thank you in advance for your consideration and advice.

[Rondi Frisch]

Originally posted by @Aaron T.:

Originally posted by @Rondi Frisch:

Great plan! There are so many sub-par managers out there it amazes me that they can get clients at all.  Double check SC laws regarding licensing and working relationships of managers.  I'm a PM / Lic Real Estate Sales Assoc in FL and I have to work under a broker (I happen to work for a PM company with a fabulous broker/manager, and I'm learning SOOOO much).  There are many flat fee brokers not in PM that will take you under their license to do management, just understand your State requirements before you do something that could jeopardize your your future goals by inadvertently getting slapped on the wrist or fined by your licensing body.  In FL practicing 'real estate' without a license is a 3rd degree felony with up to a $5K fine...kinda scary!

I'm in your boat regarding the W-2 issue which is why I'm working my way up in the PM world while investing on the side.  I have an amazing credit score, but until this spring I worked as an independent contractor in another industry and I've had 'stated income' for 10+ years.  Before the crash I could blink and a big bank would lend me money...not so simple any more.

 Rondi,

What do you need to be PM in FL? do you have to be a realtor, broker, or any special certs?

In FL to be a PM you must have a real estate sales associates license and work under a licensed broker or be a broker yourself.  There are some certification course you can take, but the State doesn't require those and they are not a substitute for the real estate license.  In FL the act of showing a property for lease is considered "practicing real estate" under the statute if you do it for compensation (ie, not a property the you personally own).