All Forum Posts by: Account Closed

Best I could find:

http://www.allpropertymanagement.com/propertylaw/property-management-law-in-wisconsin.html

My first step is to get the real estate license which will likely take several months.

Second, form the LLC/register with the state. Use the EIN to open up a business checking account as well as open up a business line of credit.

Third will be securing business/liability insurance, as well as purchasing an umbrella policy that will cover my personal assets just in case.

Fourth will be opening a "merchant" account so that I can receive credit card payments.

Finally, marketing my services and taking on clients.

Sound about right?

That makes more sense...I could see a 5% rate if there were a lot of properties with one client.

Hi Nick, thanks for the reply.

Alpharetta is about 20-30 minutes north of downtown Atlanta.

Thank you for the information regarding rates...my research indicicated to me that competitors charge anywhere from 10-15% for their services.

Are you paying 5% management fee in Arizona or in Atlanta? Keep in mind that fees will likely be different state by state.

If you are paying only 5% in Atlanta, than I need to reconsider my idea :)

edit to add an example:

http://www.propertymanagement.prudentialgeorgia.com/prudential_ga/modules/agent/agent.asp?p=text&id=671&acc=21264

I hope I'm posting this in the correct section.

I am going to start a small business with property management. I wan't to focus on single family residential and charge landlords either 10% or 15% of the rent.

I have tried looking for books on Amazon on how to start this up but haven't had much luck.

I do know that here in Georgia I need to have a Real Estate License to do this, and that's not a big deal. I'll be starting the classes soon, in fact.

I'm just not sure what sort of business insurance I would require, and also what a good way of handling payments would be. In other words, when I collect rent from a tenant, take out my cut, and then pay the owner of the property, how is that handled.

Thanks in advance.

I did this myself using realtor.com and several other websites that showcase rental homes. I tested 3 different prices once I established a comp, and the weird thing is that the highest priced one pulled the most responses. I must have been off somewhere.

For me the Craigslist test was most valuable to see if there was an actual demand for rentals in a certain area. It gave me the answer I needed.

I recently won a nice copy of "How I Turned $1000 into Five Million in Real Estate in My Spare Time" by Nickerson. Quite a meaty book.

Using his formulas and checking out listings online quickly illustrates how difficult it can be to attain positive cash flow unless you buy distressed properties at a discount.

Another one I recently read and enjoyed is "Million Dollar Habits" by Robert Ringer. Not really Real Estate related, but a pretty good in your face book on success in general.

I'm currently researching areas that would work for SFH rentals.

One thing I've been doing is looking up deals online (mostly REO/fixer uppers) and then making fake Craigslist ads advertising the property to see what sort of response I get and what rental rates people seem open to.

Two quick things: I never post details on the properties like street address or anything like that, and I never respond to the emails I get.

I'm merely testing ads and seeing how much interest there would be in a certain property and would it rent for enough to make cash flow positive.

Any thoughts on this, and does anyone else do the same thing?