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Updated about 9 years ago on . Most recent reply

Starting a property management company
My parents own a duplex and they want to take a less-active role in managing it. They approached a couple property management companies in the area to get rates, then approached me asking if I would be interested in managing it for them for that rate, instead of them paying someone they don't know. I'm extremely interested, and I see this as a good entry point for starting my real estate investing. I want to treat this like a business, not just a job. For 3 months of the year, it is a vacation rental, and the rest of the time is a monthly rental. I'm sitting down with them tomorrow night to talk over the details and what the arrangement would look like. Are there any expenses that a property management company commonly incurs during the rental (eg, cleaning between renters, marketing, etc.) or are these usually all passed on to the owner?
Thanks!
Brett
Most Popular Reply

Brett you need a real estate brokers license to manage property you don't own. Ask your parents to give you a small interest in the property so that you can manage it without a license.