Family Property Management

[Jonathan Breton]

Hello BP Community,

First off, this website and community is a beautiful wealth of knowledge! I am hoping that the community can help me get the ball rolling!

Due to growing up with a realtor as a mom I have always been interested in getting involved in the real estate market, which is how I came across BP in the first place. Down the road I hope to build a portfolio of properties with rentals, fix and flips, and so forth. But I would like to first gain more experience and make sure I have a better idea of what I am getting in to. So here is the scenario…

My best friends parents own 3 homes (all previously lived in). Home A is the current home that they live in. Home B is a local SF home and a self-managed rental with tenants under their own PM company. Home C is about 2 hours away and is currently managed by a local PM company.

Home C is my interest! I am in the process of convincing them to bring Home C under their current PM company and allowing me to gain experience by managing that home. Through BP I have been able to formulate the letter to send to the current PM and tenants informing them of the transition, but beyond that I am still finding my footing.

As for looking into the future, my goal is to take the money earned and invest that into my own properties.

Any words of advice that can be offered would be greatly appreciated!!

Thanks!!