Purchasing a Property Management company

[Andrew Belz]

Hi all,

I am residential real estate agent currently in the process of purchasing a property management company (mainly the contracts held). I am working both with the owner of the company and an attorney who is a family friend to make the transition over the next few months to adequately learn the business and processes. The owner is getting out of the business due to age, (76 yrs old) and in the last 7 years he has gone from managing 135 rentals down to 45 because he can't keep up. Our last step is running a forensic audit of the company (S - Corp) and then we will write up the contract to purchase. The company makes +-80k gross and +-50K net. 

I am looking to begin building the company back up and begin growing/hiring when it makes sense. I am also potentially looking to expand into managing mid-term and short-term rentals. Last I am looking to to move my real estate brokers license to an affiliated business or connect them in some way. 

Long term I would like the property management company to have +-200 units including our mid/short term and a team of 3-5 agents working alongside. I am trying to create a roadmap to get here and I am struggling. Any advice on finances, purchasing a company, who I can get to help/hire, how to structure this, or any advice in general would be greatly appreciated.. Thanks!!