Residential Property Management Side Hustle?
So I’ve got some free time recently as work has been a bit slow, and I had the idea of potentially spending some time assisting residential property owners and doing some sort of property management side hustle. The idea came from my personal rental where my landlord uses a property manager and it doesn’t seem to be too challenging (I could be very wrong). This is just a random idea that came up as I’m looking for unique side hustles and have some interest in real estate although not really looking to break into REPE, REIB, etc… any insight on any one who has any experience in this would be extremely helpful.
Bump
Property management is probably the least rewarding work I can imagine in this industry with the smallest margins. Maybe you could make it work, but that sounds terrible to me personally.
The worst part about residential is actually managing the properties. Assuming you'll charge less than traditional property management companies, this seems like a lot of work for little pay. That being said you could end up with properties that need little attention in which case you'll be collecting a smooth ~5-7%/month for little work.
I’ve also considering partnering with some of the local property management companies and see if I could do some part time work to test out the Theiry
You'd be better off with a side hustle as a residential manager where you get a free unit/discounted rent if you live in a HCOL city.
Seems like a more challenging gig to find
You think it's easier to get someone to trust you to manage their entire asset?
Property management is probably the least rewarding, least well paying job in the real estate world.
The first question is: what do you think property managers do? It would be easier to give you advice if there was some grounding for it. If you really, really love harassing people for rent checks, it's a great side hustle.
OP here - my thought was that harassing people for checks is a pretty easy task and isn’t very time consuming (can do whenever have some free time during the day), and I also am assuming that I won’t have to deal with any awful tenants. This is a very fresh idea but I’m starting to look into it more and more each day. I agree it’s not the most rewarding but seems like it could be a decent source of side-income for minimal effort.
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