All Forum Posts by: Peter Mckernan

@Cayden Williams Congrats on the home purchase! I would say that this should be a trial run to see how you feel about management. It is a great field, and the challenges are endless; however, at least in California the CPM process and experience requirements are pretty extensive. To become a CPM in residential property in California you need to have three years experiences at managing 300 units at one site, 200 units at 2-4 sites, and 100 units at five or more sites.

If this is really something that you would like to get into I would suggest looking into getting your real estate license for educations and ease of finding more deals. After a little time as an agent and managing you can look to managing for more income.

Good luck!

Peter  

@Kyle Soderman I have not heard about a class that is needed for rental property; however, some cities require a fee for code enforcement for your rental house. This is to keep the exterior of the property in good working order and the exterior clean. These things can be looked passed since it's not a primary home.

@Mindy Jensen

I have started helping people with management of their investments over the past month. I never hired any property managers for my rentals because I thought that with the very few rentals I have I did not need the help; however, I can speak on what I believe makes a great property manager.

I believe that the property management company needs to be intentional about managing their client's investments. This is a business, and with any business comes responsibility. In this field the responsibility is a person's house, commercial property, or multi-family property to name just a few. That means the management involves very valuable assets, which in turn should cause the manager to manage the property with high intent. Without intent and professionalism, an investor gets a "bad property manager."

Hello @Account Closed. Focus on getting the properties first. Once you are about to close on the property/properties you can speak with your broker about a recommendation for management, or they could recommend a mentor for getting you on your feet while working with your new property/properties.

You might seek out a property management company that has a buy and sell side. This could help you get some management advice while looking for the perfect property, and they can broker the deal for you!

Good luck!

@Jack B.

I would say @Steve Vaughan is pretty spot on with his information about distance. 

I would add that it must make financial sense (i.e. gas expense, time, price point, and ROI). I have two rentals that are about 50 minutes away from me; however, they are in the same town I grew up in and my parents still live there. I head back to see them and gives me time to check in on my rentals.

Also, make sure it's an area that can give you a good ROI and meets your price point. Some of the areas around me are very expensive.

Peter 

@Stephen Walker welcome to BP! There are a few good credit unions within the IE. Arrowhead CU, Alta Vista, and Alaska CU just to name a few. You'll need to build a relationship with them and see what they are willing to help you with. 

Hey @Rich Bravo !

There are a couple groups that meet up in the Orange County area. OCREIA in Costa Mesa, OCFIBI, and also a meet up down in Mission Viejo on every third Wednesday of the month and you can find that meetup at the link below.

http://www.meetup.com/Orange-County-Real-Estate-In...

@Warren Doller Sounds good! Let me know! 

@Warren Doller Welcome to BP! I'm in Orange County as well! There are a few investor meetings in Orange County. If you would like to connect since we are in the same area let me know! 

Good luck! 

Those would be a little tougher to sell, but I would say if you are focused on wholesaling you could define that skill within condos and SFR. Define wholesaling as a skill and make the pool of prospects bigger by hitting SFR and Condos. This could be your focus and it allows you gather your in-depth knowledge of Orange County.

You can even define it by wholesaling SFR and Condos within North Orange County, which is your neck of the woods.

Good luck @Abraham Hodroj