Property management for a friend

[Zachary Beauchesne]

Hello all! Looking for some advice here.

Recently my wife's co-worker got a job in Wyoming and is moving there at the end of the month. She is leaving behind her small 2/1 condo and renting it out. I offered to manage her property for her and it sounds like she may take me up on the offer. I have experience managing my own home but do not have experience with being a landlord, however I want to gain experience as it could be another small source of income while I work my current 50 hour a week job. I am looking for advice as far as if I should set up a proper business with an LLC, some good websites to use for screening and finding tenants, and appropriate rates for services offered. Her being a friend of family I don't want to charge what other management companies do for turnover, instead I would like to raise the management fee from say 8-10% from 10-12%. Would love any and all feedback.

[Angelica M Garzon]

Hi Zachary, 

I agree with @John Underwood. If you're only managing your friend's condo the going rates are between 8-10% $ collected and I wouldn't invest any money on LLC at the moment. However, if you start to see this is something you might want to go full-time setting up the correct entity should be your #1 priority.

Hope this helps & Good Luck!