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Updated over 7 years ago,
Do I need special qualifications to offer Property Management
Hey BP!
I'm a new investor and about to have my first property under my belt. It's actually my current residence that we'll be renting out after we move out in a couple weeks here. We plan to manage the property ourselves so we were looking for a few decent Property Management Software to get things organized (Well, my wife is the organizer, not me :) ). Anyways, I have a Contractor who is or go to guy for anything related to house fixing and recently we became fairly good friends and I found out that he is also an investor. I'd like to slowly build a partnership with him and just learn the ropes through his experience, but after listening to alot podcasts I've learned that the best way to earn someones trust and to get into business with them is to add value. So, I had the idea of suggesting to run some of his own investment properties at a pretty reasonable rate (Perhaps 6-7%). I'm not really looking to do it for the money moreso to gain the experience and build a trusting relationship so that he can introduce me to his wider network of investors.
So my question is, EDIT: (HOW) can I (after building the proper corporate structure, etc) offer to become a property manager for someone with little to no experience? I've read somewhere that you have to be a Broker for some amount of years? Is this true? After owning my home for about 2 years, I've built some pretty good relationships with certain contractors and Im confident I can provide the services needed to run small properties. I'm also a peoples person and while this isnt a qualifying factor it makes a world of difference when you're an approachable person :).
Thanks,