How can i get my foot in the property management business?
DREA asked:
I have a dream of owning my own property management business. Can anyone tell me what type of education i will need or tips on getting started? Any advice will be really appreciated. Thanks, D : )
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I have a dream of owning my own property management business. Can anyone tell me what type of education i will need or tips on getting started? Any advice will be really appreciated. Thanks, D : )
Caffeinated Content
January 1st, 2009 at 1:04 am
Open a store on ebay or run auctions!!!
But whatever you are a store owner or running auctions, all sorts of merchandise from various category in competitive price is the main point to catch the eyes of your buyer.. All sorts of merchandise will also bring the unbelievable opportunities to expand your business and you won’t loss any chance of making money.
Right here, we know what you are thinking about, all the opportunities are waiting for you.
As a store owner, you can not rely on the single merchandise to maintain your business. Business getting flourishing along with all kinds of merchandise added. Your store should looks like professional and attractive. You won’t loss any chance of making money.
Here I introduce. It’s the best dropshipper and wholesalers of handbags and watches I found so far. Good communion and good after-service. What a pity! they do not sell much clothes at the moment.
January 2nd, 2009 at 10:18 pm
I’ll tell you one thing, its a hard field to get into.
It’s my passion too! And I’ve looked into it deeply.
First off it depends on where you live and what you want to do. Do you want to work for someone else or do you want to own an apartment complex? Do you want to be on the bussiness end of it? The showing places part of it? The maintenence part? Or the accounting/financial part?
First things first, you must have the knowledge. There are places that offer courses you can take. But if you have the money you don’t need the schooling.
A) If you have the money, get some basic training in electrical, plumbing, maintence and the tenant laws. Actually get some thorough knowledge of the tenant laws and property laws. Then just go buy a place and get started. Few years later, buy another place. Few years later buy a 3rd. 10 years down the road sell all three of those places and buy one LARGE place.
B) You don’t have the financials to buy a place off the bat. Check into some schooling. But to be honest the schooling is even hard to get into. Theres one school in my province that offers any sort of training and to take a lowest education of it they want like 2-3 years experience in the industry. You could get a job as a live-in landlord and gain some experience. Then later take a mortgage for your own place.
The only thing is though to get started you have to have another decent job to back you. Say you owned a 4 or 6 unit building, well just to get the mortgage on something like that you have to have a certain income. And you have to be able to cover certain costs such as: if you couldn’t rent a unit for awhile.. well the mortgage still needs to be paid, you’d have to cover the difference in what you’re not making for not having the unit rented. And then theres things like if the furnace goes for a crap, gotta be able to buy a new one. Can’t have no heat. Or if the roof needs replacing or if the roof falls apart all together you need to be able to fork out that money to repair it. And roofs need repairing from anywhere between 10-15 years. 20 years if you have a really good and expensive roof.
Also if you know anyone in the business right now try sitting down and talking with them. They’ll be able to let you know how they got started and what problems they have encountered.
My biggest advice to you right now before you get started is start learning the tenant laws of your state/province. You should be able to find them on the web. I have a PDF version saved on my computer of the Ontario Tenants Act.
Best of luck to you!
:)
January 3rd, 2009 at 8:42 pm
Thanks dkitty for being really honest about this business.
The state that I am in doesn’t require that you own the property that you manage. You/your company would be hired by the owner to oversee it’s running.
Try searching “property management business start up” followed by your state to see what the requirements are.
June 28th, 2010 at 6:54 am
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