Newbie starting property management

[Toby Russell]

So I’m a small time investor with one rental for about a year and only slowed down getting more by my 40k job. I’ve been pondering starting Property management but of course need to get my real estate license. So the other week I shot a local brokerage a email asking if they ever considered starting that side of real estate. Surprisingly they answered and I met with both the owners all alone. They seemed interested but I was very transparent about my experience and that I would need to keep my day job as well for a while till it took off. My questions are other than my license, where should I go from here? Start marketing to find interest? And what about compensation? I’d need at least what I’m making now and then I was thinking a split oh each home on top of that? Any help welcome.

[Michael Tempel]

I agree with above posters.  I know in MN you need a brokers license to manage for another for a fee.  That is a 3 year commitment after getting your sales persons license and acting under a broker.   Not trying to be a buzz kill, but it will save you a huge lawsuit to investigate this in your area.

Secondly, I am very impressed you reached out to local brokerages and started that conversation, you may of found a huge opportunity.   I was not licensed when I first starting managing properties.   You can hire or pay a broker to oversee operations and at least in MN if you are party to the transaction (fractional owner) you can manage that property.

Feel free to connect, I am extremely busy, but really enjoy helping others in their journey, especially in building a PM business.  It is the hardest F-ing thing I have done, but also still gets me out of bed in the morning 21 years later.   It is awesome to be of service to others even on the worst days.   On another note, it might pay okay also :-).