Building a Property Management Company
Question for the RE pros in here - what do you think about building a residential property management company as a way to break into the industry? I figure I could start with single family homes, townhomes, and condos, and then eventually manage multi-family buildings. The recurring management fees would cover my expenses and give me predictable income, and then I could use the rest of my time chasing my own investment deals (rentals, multi-family) with my and outside investor money.
Good plan? Am I missing something here? Would I be better off working in acquisitions/ REPE firm and then doing my own deals on nights and weekends?
Advice appreciated! Thank you.