Property Managment StartUp

[Tyson R.]

I'm currently looking for my first investment property is SLC and I plan on self managing it. A family friend who has properties offhandedly asked me if I wanted to manage his properties. He only has a handful and since he knows I have no experience I don't feel that he is worried about too many rookie mistakes on my end. 

So my question, would this be foolish to take on? starting my own little property management business before I have any experience. I figure he would help teach me his system, I could use stuff I've learned on BP, it would give me experience for my own properties, and it would be a bit of extra income. The two biggest concern are time and maintaining the relationship (I would hate to cost him money from my mistakes). I have the summer off but I'm very committed in finishing my education and I'm working part time.

Any thoughts or words of wisdom would be appreciated.

[Mindy Jensen]

You also have to be a licensed agent in CO. I just checked and you must have a real estate license in Utah to manage property for anyone other than yourself. 

The pros would be the money you make doing it.

There are many things to consider besides just getting a license. Are you good with people? Does your friend have the same renter criteria that you do? It is super easy to manage property filled with quality tenants. It is a disaster to manage property filled with sub par tenants, constantly chasing rent, dealing with evictions, etc.

Most states require you to be licensed under a more experienced broker for 2 years before you can hang out your own sign.