Just Starting Out
I was recently laid off and I want to start my long dream of owning a property management company. I have someone who would like to be my first client but I am at a lost of where to start...........can someone give me some advice on where to start. My background is property management for both residential and commercial and marketing. I think if I had the right tools I would be a great success. Thanks.
My advice would be to come up with more specific questions, don't mean to be harsh but it will help you if you can spend the time to formulate more exact questions.
As far as property mgmt, landlording, Shemin wrote a good book on the subject.
Try a couple of tci's links
http://www.thecreativeinvestor.com/modules.php?op=modload&name=Forum&file=viewforum&forum=24
http://www.thecreativeinvestor.com/modules.php?op=modload&name=Forum&file=viewtopic&topic=32196&forum=24
[addsig]
Thanks for your response. My questions are in the state of California do you need a RE license to manage other properties? Do most charge a percentage or a flat fee? What is that fee? Should I outsource legal counsel? Where can I go to get statistics about my area and what the going rental rate is and how many renters there are in the city?
In FL you do need a license to manage property not owned by yourself, don't know abuot CA.
I've seen from 6-10% for property mgmt of monthly income but I've also seen people charge $50 per unit per month.
Most mgmt companies I've talked with reccomend prepaid legal services.
If you go to HUD's website you can find out about low-moderate income rental rates, as for higher end stuff you can wath the paper or call for rent signs to get an idea. As far as teh number of renters, that might be a good question for your local board of realtors.
GL
Quote:
On 2004-09-17 19:45, glabier wrote:
Thanks for your response. My questions are in the state of California do you need a RE license to manage other properties? Do most charge a percentage or a flat fee? What is that fee? Should I outsource legal counsel? Where can I go to get statistics about my area and what the going rental rate is and how many renters there are in the city?
Go to : http://www.dre.ca.gov/reftoc.htm
And this will cover most of what you need to know.
Good luck
Quote:
On 2004-09-17 19:45, glabier wrote:
Thanks for your response. My questions are in the state of California do you need a RE license to manage other properties? Do most charge a percentage or a flat fee? What is that fee? Should I outsource legal counsel? Where can I go to get statistics about my area and what the going rental rate is and how many renters there are in the city?
Since you only care about the area you are in I would suggest getting a list of property management companies in the area, calling them up and asking them the questions you asked here.