How to start a Property Management Business in Michigan or anywhe

Question

Hey guys, Ive been putting my mind to work as far as brainstorming ideas to get into real estate. Can anyone point me to the right direction to starting a property management business? Pros and Cons? Is it profitable if you grind your butt off? Too competitive?

I live in Michigan, Metro Detroit, and when I start this I know out of state investors will be glad to have someone to work hard and be serious about doing an awesome job managing properties and I am it.

Love you guys on here and hoping to get some help in starting a property management business in Michigan but if anyone has blogs, youtube videos, people, anything to steer me in the right direction I would love you like Kanye loves Kim Kardashian and we all know that he loves Kim or maybe himself who know lol

Account Closed · Answer

There is more and more competition...but the trend seems to be to hire PM's instead of doing it all yourself.  You'll need a real estate license under a broke in order to do property management in Michigan.  If you want to do it all on your own, you'll have to eventually become a broker yourself.

Account Closed · Answer

Account Closed you a huge help and the post you made helped a lot thanks. I will keep everyones input in my thoughts on how to accomplish this.

Account Closed · Answer

@Timothy Steele I appreciate the good comments thats a good idea that i will take if i show my face enough and show them i can put the time in and bring forth good value Im sure they will atleast here me out

Account Closed · Answer

@Ron Walraven Thanks for the info being from Michigan do you suggest a different route for a young guy like me to get active in real estate? Ill work for free, scoop poop, lift a car, it doesn't matter I need to get active but thanks for the advice.

Account Closed · Answer

@Timothy Steele & @David Hines I appreciate the help maybe I need to learn more then jump right into it. Thanks guys.

Account Closed · Answer

@Stewart Beal is the brokers license the same as the real estate agent license or two totally different things?

Account Closed · Answer

@Jonathan Towell No go ahead and express your honesty I am looking to get into real estate at a young age (22)

I want to hear all the goods and bad with starting a company like a 3rd party property management business i want to create a business and use that business to make money to buy more buy and hold units

Account Closed · Answer

@ Jamiel Strickland as you know I was HOA president in Los Angeles, CA for eight long years. I watched our management company grow with me. I got to know the owner well. They gained several credntials such as a real estate sales person license, Certified Apartment Manger certification, National Board of Certification for Community Association Managers among others. I got to learn the Davis Sterling Act (California specific) and some basic legalities about exterior Master Policy insurance for buildings. When I first got started I was scared, lots to learn, but I must have asked every question in the book to our management company. Most of the time they had an answer, sometimes they said, I don't have an answer but I'll get back to you. Be supportive in your role to keep the client.

The take always are as follows:

1. Its a numbers game. Fees are competitive so you'll be juggling accounts.

2. You might get spread thin across accounts so make sure you cover the essentials.

3. Get an attorney as you'll have lots of liability when advising the lamen.

4. Make friend with an insurance company as a Master Policy is mandatory in most HOA, commercial property and apartment buildings.

5. Hire a good accountant and tax professional as you will be handling lots of money.

6. You'll be constantly working with vendors to do work at a fair price, only recommend good contractors otherwise you might get angry calls from clients.

This is not legal advice. Consult an attorney, CPA, tax professional, Real Estate professional as you'll be wearning many hats and have lots of responsibility juggling work orders

Good luck. Management companies make a killing so if your good and fair priced you'll do just fine. That's my two cents.

Terrance Givhan · Answer

I'm from Detroit as well and yes property management is very lucrative and profitable to say the least. When you don't have a ton of listings or deals closing you still have a paycheck coming in.

Tim Steele · Answer

@Jamiel Strickland

Your hearts in the right place and you sound like you are ready to go out and make things happen. You are on here stratigizing and that is really awesome. Taking action is what most people are not doing and you are!!

Talk to some property management companies. Since you are will yo work for free, tell them they can pay you for what they think your results are worth. Managers love people with your attitude.

Another tip. Owners like to buy foreclosures at your local courthouse. Find them there, introduce yourself. Let then know you want to learn and will start by running errands or whatever. Owners love people with your attitude.