Starting out by buying Property Management accounts... Good Idea?

[Eric O'Brian]

Hello everyone,

I've saved up $80k from my job and have been looking for a smart way to get into real estate. My goal is to buy investment properties to rent out, yet in this sellers market where it's hard to find deals that make sense, I want to invest that money in buying property management accounts (perhaps 40-50 accounts).

I have a friend who is a broker, I am studying to get my agents license, and he said he could help me get my property management company going.

I figure it could be a way to create an income stream, learn more about the business, be in touch with owners who might need to sell fast, and if I could get 50 accounts, it would be bringing in enough money where I could hire someone to deal with most of the tenants, and still make a good profit. This would free up my time for other business ventures.

Can anyone offer any advice on this situation? My broker friend has run his own property management firm before and also wants to get into it, and it sounds like a very smart thing to do- he is encouraging me to do it and makes it sound like a promising income stream. Just hoping to get some insight from others, looking to invest my life savings into this.

Many thanks!

-Eric