Take a property manager job to learn about Rental properties?

Question

I just had a recent offer to become a property manager for short term rentals. I currently have a great job on a different field but want to get into RE. Will being a property manager help me get into the game and learn a lot to soon manage my own properties? Pros and cons?

Caleb Brown · Answer

I think it'll help you learn so yes. Is the pay similar? I'd weigh out the financial side of things. Also see the track history of the PM, see if they have been in it awhile. You don't want to accept it and then soon after they switch gears. I would house hack on your first deal as you learn. Then as you grow you can buy a STR

Drew Sygit · Answer

@April Laspinas Wrong part of RE Industry - companies tend to specialize in residential, retail, office, industrial, etc and even those are broken down into more specialzed niches.

Wale Lawal · Answer

@April Laspinas

Yes you will definitely learn as a property manager, but there are other ways to learn as well.

House hacking can be a good way to get started in real estate investing without having to purchase a rental property requiring a big down payment. By using an extra bedroom or units in a multifamily property to rent, house hacking can turn a home that’s already owned into a property that generates rental income.

Here are some common strategies people use when looking for a home to house hack:

• Multifamily housing where one unit is a primary residence and the remaining units are rented to tenants
• Single-family homes with multiple bedrooms that can be converted into a self-sufficient suite by installing a bathroom and kitchenette
• Houses with areas easy to convert to bedrooms, such as homes with a den or playroom that can be turned into an additional bedroom
• Homes with the basements, attics, or garages already partially remodeled are good candidates for house hacking
• Property with a large lot suitable for building an additional dwelling unit (ADU), which is a free standing dwelling similar to a guest home or in-law unit

All the best!

Steven Foster Wilson · Answer

First off, you said you have a "great job." If you enjoy your job and like what you are doing there are so many other ways to learn about RE and grow in RE than taking a job that you potentially will not like. I would not take the job unless you actually want to do it.

Patrick Drury · Answer

@April LaspinasYou should definitely take the opportunity and move into real estate full-time. As mentioned in the forum LTR and STR are not quite the same. Each is very unique and has its strengths.

Eliott Elias · Answer

GREAT and underrated way to get into real estate. Offer property management services to your buyer and seller clients as well when you get licensed to make that passive income

April Laspinas · Answer

What do you mean by saying wrong part of real estate industry?

Drew Sygit · Answer

@April Laspinas why wouldn't this work?

The only cons:1) Not enough pay

2) Learn bad habits

3) Wrong part of real estate industry

Nathan Gesner · Answer

a property management job is an excellent way to learn the ropes quickly. You will better understand the law, and you will develop policies and procedures that enable you to manage more effectively than an amateur landlord.

I will point out that managing short-term rentals is significantly different than long-term rentals, so a lot of it will not bleed over.

Greg Weik · Answer

Interesting.  Is STR the area you are interested in?  Do you have a real estate license?

Depending on your exposure to property management, you may (or may not) find that learning PM has far more value than just learning to manage your own properties.  If you really learn PM the right way, it's a game changer in terms of creating wealth without risk.  This is assuming you learn and then start your own PMC.

I think the question is what kind of PMC has offered you the position?  If they are average, you may not learn as much as you hope.  Ultimately, you need to learn process, procedure, scalability, technology application, and logistics, along with the law.

Take a property manager job to learn about Rental properties?

Most Popular Reply