Do I need special qualifications to offer Property Management

[Greg Lindor]

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,

[Edward Hamill]

What you can do, and make OK money from it, is Home Watch services...  For example, find a senior community and market each resident to keep an eye on their property during the summer, notify them of maintenance issues so THEY can call and schedule to have it fixed, collect and send their mail, etc.  No license required in Florida for any of this.  Insurance will cost you about $40 a month and an "OK" mobile reporting software is another $35 a month, so overhead is way low!

Average fee is about $100-$150 a month for simple services (weekly checks and photos emailed).  Add $20 a month plus shipping to send mail 2x a month and another $30 a month to start the car, roll it forward or backward a few inches.  could be $200 a month per home for 30-45 minutes of your time each.

Not a huge money maker, but an extra couple grand a month for a Saturday or Sunday job isn't too shabby.  You also know before anyone when they want to sell... put them in touch with an investor that will pay you a bird dog fee (I choose to not do wholesaling).  More money in your pocket for no cost AND you didn't break any laws!

Hit me up via PM if you have any questions.