Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Innovative Strategies
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 13 years ago on . Most recent reply

User Stats

4
Posts
0
Votes
Dave E.
  • Plains, ID
0
Votes |
4
Posts

Building "another PM" company. Could use the professional advice!

Dave E.
  • Plains, ID
Posted

My proposal is quite basic.

I currently own and manage two properties ( 4br/4bth). They are both condos in the same building, not a difficult tasks. I do everything my self, and it takes about 20 hours of work a year to gain a 10% return. I am able to be a hands-on type LL due to my close proximity of the campus.

As I have began to research other proprieties in my condo, I noticed that a minimum of 65% of owners lived out of state. This can be explained very simply, out of state students who have families able to purchase a house wil in turn make a much better investment.

But, a guy living 6 states away doesn't want to deal with the difficulty of managing a property that far away. Usually makes sense to sell, some still rent.

I want to provide a quasi-co/op property management service. I would provide tenants with the amenities that the large corporate groups can afford. Stretching one service among the same place is a win win for everyone.

So I really am just hoping to gain insight into the world of a PM company. Tenants are not difficult to find, our supply of housing has far exceeded demand thanks to a dip in enrollment after the recession. This year the university had the highest enrollment in history with next year projected to be even higher. College students are great, tenants I think.

My Goal is to start very small, only catering to properties that I know very well. The condos in the building could be easily maintained as they are all fairly new. Anyway, this is a ramble and if you have read this far then thank you!

Most Popular Reply

User Stats

17,995
Posts
17,199
Votes
J Scott
  • Investor
  • Sarasota, FL
17,199
Votes |
17,995
Posts
J Scott
  • Investor
  • Sarasota, FL
ModeratorReplied

What are the laws in your state around property management? In my state, a property manager must hold a brokers license, which requires 3 years of licensing as a real estate agent first.

These types of licensing requirements may not exist in your state, but it's something to look into...

Loading replies...