All Forum Posts by: Corey Arnemann

Hi Bigger Pockets community,

My name is Corey, and I am looking for a property manager in Edmonton who is interested in starting their very own property management brokerage and would like to partner with me in doing so.  I have just completed my property management course, and I now need to work under a brokerage for 2 years and pass the brokers exam to start my own brokerage and any other courses needed to do so. However, I believe 2 years is to long to wait and start one, when I could be working with someone already ready to be a broker and work with them. 

Currently I have bought and manage many properties in the Edmonton Area, and already have clients who would be willing to pass on anyone looking for property management services to me and the brokerage.

If you are interested, I would love to chat more about this possibility. Again this is strictly in the Edmonton area.

Hi Casey,

One way to start knowing how to structure the deal is to look into what structures there are in the world available to you, and start learning them. There are so many out there that its hard to say with the limited information given here, what the best way to structure the deal would be.

Another thing to consider is what are your goals in real estate. Are you looking for flipping, monthly cash flow, long term hold etc... Depending on your goals, this may or may not be a good deal. 

I would first start identifying your real estate goals. Once established, determine what properties would fit your goals. Then seek out those properties, and setup the deals so that they give you what you are looking for.

Here might be an example:

Say my goal is to buy long term properties. Pay them down over the course of my life, and retire, and use the monthly income to pay my retirement, and sell when needed.

I will seek out properties in key areas of the country that allow for families to rent, that are affordable (middle of the market), and can easily sell in 40 years time. The areas will have stable or growing markets. 4 bedrooms max, no less then 2 bedroom. Must have a garage.

Say I find a house, 3 bed, 2 bath, with a garage in a family neighborhood that is growing. Its worth $280,000 now, and I estimate it to cash flow $100.00 from rents, and eventually, could potentially sell it for more. There is some fixing to do. This would be a great deal. 

Now I ask, can I buy it now. Maybe I need cash. Did I save up some, or can I ask a lending partner. Maybe I need credit. Can the seller finance it etc...

Then once you have solved the 90% of questions, go for it!

One final piece of advice I will give is to not screening single properties. Let the sellers screen you. What this means is, try and give 10 favorable offers a week on properties, and let the sellers determine if the offer is good for them, instead of trying to figure out the best offer on 1 property.

This is just a basic start to get you thinking and not professional advice. There are tons of people here who have been doing this for many years.

Hi Chris, I am a landlord of over 50 rental properties and if I had 1 piece of advice for new landlords, that would be that tenants are people, not product. If you treat tenants like people, they will act like people. If you treat tenants like tenants, they will act like tenants.

I had a landlord say to me, "if you can't have a cup of coffee with your tenants, then you have built the wrong relationship with them, or have picked the wrong tenants". To this day, my tenants all offer me a drink of some sort whenever I drop by. We all smile, and shake hands, and together have a wonderful landlord/tenant relationship. Be nice to the people, but hard on the problems if you face them. Hopefully, you will enjoy being a landlord as much as I do!