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Property Management ....OFFLINE

Discussion in 'Making Money' started by thisisTyler, Jul 26, 2016.

  1. thisisTyler

    thisisTyler Newbie

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    ok so in my city its damn near impossible to rent from a home owner, there are property management companies that you have to go through to rent almost anything, they do all the dirty work so to speak for the home owner as in find tenants do background checks, eviction, etc. , from what i can see they are making good money this one company has over 10 employees and a nice big building for there business, i was curious of how to start one of these businesses because a few citys over from mine there is no such thing (as in property management company) any guides or advice would be good i was also thinking of calling the company and acting like a homeowner and asking there fee's cuz if home owner wants $750 a month rent what does the property management get of that or do that tax it thereself as in rent would be $850 a month
     
  2. hdparsons3

    hdparsons3 Newbie

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    Occupation:
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    Richmond, Virginia
    I'm actually in the property management business and own rental properties as well. It's not too hard to start basically all you're doing is collecting rent, subcontracting repairs, filing court papers etc. The usual going rate is about 10% of the monthly rent per single family home that you manage. It takes a while to get going but if you do the math 10% of 800 is 80 dollars a month, if you're managing 10 properties that's 800 a month and if you manage 100 that's 8000 a month so it takes a while to scale up but once you start your business and do a good job word of mouth should help you spread
     
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  3. thisisTyler

    thisisTyler Newbie

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    thanks any advice on getting started and what about licenses and how to do court papers ,etc.
     
  4. SavyCon

    SavyCon Regular Member

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    We're I'm at, going rate is 5-10% - although rents are $3-7k/month. Check your local jurisdiction - in CA you need a Real Estate license from the BRE (bureau of real estate) to preform licensed activities, such as property management.
     
  5. hdparsons3

    hdparsons3 Newbie

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    Depends on where you are going to be doing business. Most states require a real estate license and as far as court paperwork goes you can hire an attorney who will take care of all of that for you for slightly more than you could do it for yourself. Feel free to pm me if you have any more questions.