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I live in NC and thanks to corporate America, have lost my job recently. I currently own 3 rental properties and do section 8 on all of them. I have been thinking about starting my own business and the thought of starting a “Property Management” company is something I am considering. Is anyone out there doing this? What obstacles did you face? Any success or failure stories would be appreciated. Thanks!!!
Re: Property Management Question - Posted by Frank Chin
Posted by Frank Chin on June 21, 2005 at 11:06:59:
Check the laws of your state.
In NY, one has to have a “brokers” license, and bonded to be a property manager “for others”. Not needed to manage your own properties.
The logic is you’re collecting rent for others, and hence the regulation. They don’t want just anyone, perhaps “conman”, absconding with monies owed to other people (owners). Believe you’ll also need a separate escrow account to park rents collected.
I own rentals and I have done PM for others. I did not like the property owners. I found for the most part, they owned one house and had no concept of costs and risks. They did not want to pay for repairs and upkeep. If you are highly organized, able to persuade and negotiate and really like people, go for it. I never minded the tenants.
I’ve been in the pm business 8 years. Understand it is a low margin business. Consider managing 50 units at $700/month in rent, at 8%. That’s $2800/month, if you collect on everyone, which you won’t. For one person, that’s alot of phone calls, gas, leasing, trips to court, etc. for $2800. I spoke to Robert Shemin (natl. speaker/author) on Friday, and when I told him what I did, he said, “you work hard, and don’t make much money, huh.” He could say this because he ued to have a successful pm business-and he said he never made much on it.
On the pos side, it has worked for us because we also do sales, and we’ve made deals by being in the business. The key, I think, is you have to be into other things to supplement the pm. There are just probably many other ways in rei to make similar money w/o such a time consuming, intensive job.