New BP member from DFW, Texas! Looking to network with the pros ;)

[Kelly Moreland]

Hello All!

My name is Kelly Moreland and I live just north of Fort Worth, Texas. My husband, Mike, and I are from Washington State, but moved to Texas about 7 years ago. We currently own two residential properties that we lease out...plus our own home, of course. We have one young son and he's learning to clean, paint, and fix things at an early age :-)

Our real esate goals are to: 1) buy more residential properties for our own portfolio; and 2) begin our own property management company within the next year. We realize both are lofty goals, so we're working at them slowly and keeping our day jobs! My husband would like to eventually transition to property management full time though.

We're hoping to gain some valuable insight from seasoned professionals in the property management industry. Mainly around how you got started, what pitfalls to avoid, which business investments are necessary and worthwhile and which are not, etc. We know we have a lot to do - but where should we start?!

Looking forward to meeting new people here and learning a ton. Then, we hope to be able to pay the knowledge and wisdom forward some day.

- Kelly

[Mark Updegraff]

Welcome Kelly!
I know in NY state, you must be a licensed broker in order to collect rent for someone else. I think the general consensus on BP regarding PM companies can be summed up as follows:
1. A good PM company is HARD to find
2. Running a PM company is not worth the hassle for the $
3. Fees and Services offered are all over the board
4. No one will spend your money as carefully as you will, including the PM
5. Trust but verify

I've created a separate entity for my PM activities for liability protection. I cannot legally accept rent for others as I'm not a Broker, but I am on my way to becoming one. I think if I do accept clients, I will be very selective on who.

Best!
Mark in ROC