All Forum Posts by: Andrew Schultz

Hi Ramon

I run a property management company in Buffalo that is fully licensed as a real estate brokerage in NY (requirement to manage property for another party) and fully insured. We manage properties throughout the city for out of state and out of country investors, as well as a few "hands off" locals as well.

In addition to myself, @Michael Sherwood is in Buffalo and has a property management outfit as well.

My number one recommendation, even if you don't work with one of us, is to always make sure you are working with a licensed and insured group. Otherwise, you can be putting yourself and your investment at very serious risk.

Best of luck here in Buffalo!

Drew

Hi Zachary

Would this be separate from the Buffalo BP meet ups?

Best

Drew

I like the Surface Pro 2. Runs a full version of Windows 8 and you can install any Windows based software package you want (Office, for instance). Basically a laptop in tablet form.

@Michael Sherwood Thank you for the shining recommendation! @Zachary Smith , I manage property throughout Buffalo and WNY and would be more than willing to speak to you regarding your needs. :-)

Currently rereading "Rich Dad, Poor Dad" and "4 Hour Workweek"

Originally posted by @James Wise:

Originally posted by @Alex S.:

I am in Ohio

You need to get licensed as an Agent then find a broker to work under who will let you do P.M. under his brokerage.

If your working as an Agent for 2years and have closed 40 deals you can then sit to take the test to become a broker and start your own P.M. company.

.

Ohio law sounds very similar to NY with regards to this! If you are managing property for another, for a fee, you must be a licensed broker or a licensed agent working under the auspices of a licensed broker.

Hi Alex

This would really depend on the state you are looking to operate in. For instance, in NY, it would be illegal for you to operate a property management business as an unlicensed individual. Other states have varying laws.

Hope this helps!

You may also want to factor in something for Gas and Electric. Inevitably, these utilities will wind up in your name during turnover periods.

By my calculations, this won't meet the 50% rule.

I'm using the following for expenses that you haven't listed here:

Water: $800/yr
User Fee: $300/yr
Insurance: $800/yr
Vacancy: $1800/yr
Maintenance: $1800/yr
Management: $1800/yr (should be factored in even if self managing)

What is your P&I payment for this property? What will you have in to it in cash for the purchase?

What's the address? I'm putting mine together and I'm looking to see how others set theirs up, what you include, etc. How do you advertise it? Put it on direct mailings? Adwords? Facebook? Business cards?