Posted by BillW. on February 07, 2001 at 23:27:40:
Mark,
Start at your local Department of Consumer Protection , real estate division in your state. See, the state gets real concerned whenever someone handles a lot of cash. Bad people sometimes get involved, and voting consumers sometimes get ripped off. Property management companies have had their share of problems, so the state want’s CONTROL. Almost every state regulates property management. However, I think that there are SOME states that allow contractors to do property management. California comes to mind, but there, you need a state contractors licence. Having said that, I’m sure that there are many people doing it without following the states rules, but I do not recommend going against the rules. Just check with the state and see what they want. Then you can make your decision.
Of course, you could always hire someone with a brokers licence to qualify the business and manage it for you. You would just be the investor/owner. They would be the qualifying broker/manager.
I’ve been getting alot of calls lately from landlords asking if I am a management company.This got me thinking…If I can turn these leads into a profit center, I could start a management company,manage them for a fee, then when they are ready to sell, I’ll be first in line. Anyone here run a management company for profit?(I know some investors create a company to manage their own properties)Any suggestions on where to start? Thanks a bunch everyone.
Re: Starting a management company??? - Posted by JohnB_NJ
Posted by JohnB_NJ on February 08, 2001 at 11:03:53:
Hello Mark,
As I am sure you know, you need a RE license. Also I would suggest that you have some experience in dealing with tenants. Do you currently have rental units of your own? If not, a few good property management courses would be a good start.
Jeffery Taylor (MrLandlord.com) has some good courses.
I agree with you, when the owners are ready to sell, you will be the first to know about it.