Property Management Business
i am new to the game of real estate, i'm an invester i would like to start my own property management company, to manage my own properties. what are the steps in doing so? also need books or websites on this subject.... thanks.... need detailed instructions[ Edited by wes1219 on Date 06/09/2004 ]
Quote:
On 2004-06-09 19:26, wes1219 wrote:
i am new to the game of real estate, i'm an invester i would like to start my own property management company, to manage my own properties. what are the steps in doing so? also need books or websites on this subject.... thanks.... need detailed instructions
<font size=-1>[ Edited by wes1219 on Date 06/09/2004 ]</font>
You might get better results with this in the Landlording forum.
Robert
Watch state laws and do property management for a fee.
in CA you have to have a RE brokers lic.
Wrong forum.
Also one of the worst ways to start out in RE investing. All the hassle with no upside. You will learn a lot but you also have a lot of liability. Likely you will need to get a license in addition.
If this is really only a way to get into investing there are better ways. If you just happen to like people management then it might be OK.
John
[addsig]
In Illinois you do not need to have a brokers license to manage your own property but you do need a license to manage for other people.
Starting a company to manage your own properties can vary considerably in complexity depending on what you want to do. Easiest is to trot downtown and file a certificate of assumed name, bingo you are in business. Next more complicated is a LLC or a Corporation withthe secretary of state.
For books its hard to beat the Institute of Real Estate Management. They are on Michigan Ave., across from the Tribune tower. Just a short ride on the purple line from Evanston.
Are your properties located in Evanston? The Edgewater/Uptown Builders association used to attract landlords from Edgewater and Rogers park, just to the south of you. But Iv'e not been involved with them in years, don't even know if they still meet.
Mark,
When did they rename the line from the Howard and Ravenswood lines to colors?
Robert
Robertt,
Must have been six or eight years ago now. Personally I liked the old system better. But what do I know? Nobody ever asks me when they do something like this. King Richard II and all that, you know?