Starting a Property Management Company in CA

[Chinki Kumari]

Hi Everyone,

I live in Bay Area in California and own a few multi-family properties in Bay Area that I have been self managing.  Now that they are established and since I am already spending my time on this, I have been thinking of starting a small property management company in CA and take on management responsibilities of other properties.  As I take on more properties under management and also add to my own portfolio, I pan to hire my own W-2 employees but this will begin when I hit 50+ doors.  I wanted to know if anyone who has successfully done this in Bay Area and give me a checklist of things I need to acquire or do prior to starting.  Also any general dos and don't will help me a lot.  I am happy to also connect to folks in Bay Area who are in this business and have successfully scaled this up.

Chinki

[Alan Grobmeier]

@Chinki Kumari, in MOST states you have to be a realtor or real estate broker to manage rental properties/be a property manager AND collect a fee.  

Owner/operators are under a different 'heading'.  LOTS of 'hoops' to jump thru like intermixing of $$$$, separate bank accounts, insurance, liability, and the like.  Not for the feint of heart.  Especially if you've never managed class C, D, or F properties.  Yikes!

However, if you are part owner, you can, in many states, take a draw for managing.

Not legal advice, you will lose ALL your money and get sued.  LOL.