How To START A Property Management Company From Scratch That You Won't Hear Anywhere Else!

[@saminicholls7889]

In Montana no need to have a real estate license, you can have a property management license! 4-day course, test, license through the State of Montana.

[@DeRosaGroup]

Good to know thanks !

[@ighproperties5076]

Correct but you should get a Real Estate license then if you buy or sell anything for yourself you make money each time. Also your clients might want you to sell their property when they are ready since it is difficult finding a honest and hardworking realtor they already trust you and you can give them a discount as well.

[@lishab.6536]

@@DeRosaGroup ll

[@lesliebrew4789]

Texas requires a broker if 3rd party management is involved. If the manager works directly for the owner, no licensure is required.

[@Lawrencekingsley01]

"To obtain financial freedom, one must be either a business owner, an investor, or both, generating passive income, particularly on a monthly basis." - Robert Kiyosaki. I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already,earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made..😊

[@DeRosaGroup]

That's amazing!

[@cathenido1624]

what kinds of investments do you make. I totally agree with you. I have a lump sum right now doing next to nothing in a savings account. but it's hard for me to take part in certain kind of investments right now due to the fulltime nature of my job.

[@Lawrencekingsley01]

Personally, I work with Regina Louise Collaro, an investment advisor who collaborates with a licensed wealth management firm. I must say that my financial journey has been exceptional under her guidance. Regina is widely recognized for her excellent services, so you may already be familiar with her. Thanks to her expertise, I have achieved financial stability and now earn a consistent monthly income through her passive income strategy. I highly recommend finding a reputable investment advisor for yourself

[@cathenido1624]

How can I get to Regina pls

[@Lawrencekingsley01]

She is easy to find , make a quick research of her on the internet with her name Regina Louise Collaro and leave her a message. I believe she works with anyone independent of their location.

[@rkardos4220]

In Florida if you are doing property management for others that includes listing and leasing you need to be a Real Estate Broker to own your own company. If a person is just doing physical maintenance of a property then no real estate license needed.

[@DeRosaGroup]

Yes that's the case in most states. The real estate activity that requires a license is on the leasing side.

[@tinacamara8334]

Fist listener, thanks for the great advice

[@DeRosaGroup]

Your welcome! Please subscribe!!

[@rajabell3802]

how much are you guys paying for property/airbnb management? what percentage or fixed fees per month each property are you guys paying?

[@DeRosaGroup]

We don't do Airbnb management or own them but I've heard between 15 and 20 percent

[@abrahamlincoln6619]

Accounting Business management Client and tenant relations Cleaning service Remodel contractors Handyman Landscaping All things to consider.

[@DeRosaGroup]

Throw marketing in there also

[@luluedw]

Bookkeeper tenant relations Maintenance --handyman -3rd party $25/hr Scale fast (get over 100units) Network with the experienced

[@abrahamlincoln6619]

Definitely charging way more than 25 an hour for a handyman in my area. 75-100 an hour is more like it.

[@DougReynoldsVideos]

What is the best way to get an entry level job at a PM company.? Thank you

[@DeRosaGroup]

Get your real estate license first, then find a PM shop that either needs a field agent or a site manager or even a leasing agent

[@vinceliu605]

Does the fact that being associated with a Brokerage as a real estate agent meets the requirement of Broker license? Thanks

[@DeRosaGroup]

Yes, because an agent is using the brokers license also

[@DeRosaGroup]

What are your thoughts on starting a property management company? Let us know in the comments. 🗨 ❓ If you would like to have Matt answer your questions send us an email at [e-mail]. If you come on Mentorship Monday you get 1 month FREE of Derosa Insiders. 📘 Grab Your Copy of "Raising Private Capital" Available now on Amazon amzn.to/2LkYEi7 As always, please email us any real estate questions to [e-mail] and we will answer them on an upcoming episode! 🏠 Watch More Mentorship Monday for Real Estate Investors kzbin.info/aero/PLwMizf219eEJbmzKrSVVvjcTqFfWgfUjz 💪 Watch More Getting Started Videos kzbin.info/aero/PLwMizf219eEKkqO6f1veboEdlNVaKgsMV 👤 Facebook: facebook.com/thederosagroup/ 🌎 Website: www.derosagroup.com/

[@beadsofparadise]

Do you have any accounting classes for small PM beginners?

[@DeRosaGroup]

We don't, but you could try your local community college?

[@stefan7002]

I use Tokeet to manage my listings! They are awesome!

[@DeRosaGroup]

Nice!

[@SUP33RMARIO]

Where exactly can I find a states requirements on owning and running a PM company? Your stating you need a brokers license but where can I find that information?

[@DeRosaGroup]

if You go to BiggerPockets.com there is all the information you need in one place. You can even talk with local investors to get legitimate information. Free accounts too!

[@kamrandemetriuswilson]

Lot of gems and actionable realistic experience

[@DeRosaGroup]

Thanks! You would do well in our Insiders Community. It's direct access to Matt and his team, weekly masterminds, and an inside look at a growing real estate company focused on raising capital for apartment building deals. Join us at www.derosagroup.com/insiders

[@tinacamara8334]

Things I never knew I needed to know

[@DeRosaGroup]

Well, now you know! Glad it helped

[@Jay-bp1dw]

I've been researching and I can't find any information on "leasing the license of a broker". How would one do that?

[@DeRosaGroup]

We have found companies that lease Broker in Charge licenses. Look for that online in the state you are considering

[@RachelBianchi]

What are your opinions on PMS?

[@DeRosaGroup]

Not sure, is that a PM company? If so never heard of them.

[@CoreyChambersLA]

California property management requires licensed broker to be involved unless the property manager is an employee of the property owner.

[@DeRosaGroup]

Yes, this goes for most states. You or your employees can manage properties that you own, but once you start managing for others you need a license

[@aname1689]

In Texas, as long as you're not negotiating rent prices, etc., then you do not need a license.

[@DeRosaGroup]

True but most property managers do those things, they don't just take maintenance calls

[@mahmoudfathy7904]

So good

[@DeRosaGroup]

Thank you!

[@blaisewaggoner5899]

When you were managing 30 units, did you simultaneously have anther job? At what point do you quit your 9-5 ? Thanks!

[@DeRosaGroup]

Managing was my only job, but we had additional income from my wife at this time to make ends meet.

[@GlennGoryl]

Excellent. Thank you.

[@DeRosaGroup]

Glad it was helpful!! Stay tuned for more content!

[@dotprentals]

Where do you find brokers who lease their certifications? This is for Texas.

[@lesliebrew4789]

I'm a Texas broker. What do you need, specifically?

[@dotprentals]

@@lesliebrew4789 I'd like to open a PM business and lease PM certs for PM operations. Do you offer something like that?

[@DeRosaGroup]

There is a company that does this nationwide. Leave a comment on our Facebook page and we can get you the name of the company. Fb page is called DeRosa Insiders. It's a free community

[@Alicatnoscaredycat]

Could I realistically get into this at 25? I leased apartments for 1 year and love the industry and I just want to find out how to make this a career

[@DeRosaGroup]

Absolutely. I know several PM company owners that got started at your age. Start by working for a PM company for 1 year to learn the ins and outs, and also make some contacts. After a year you could be ready to branch out on your own.

[@FRestates09]

How are the broker of record usually compensated? Do they charge a percentage of the rent or a flat fee, if so how much?

[@DeRosaGroup]

They usually get a flat fee, and it is completely negotiable. Sometimes they also get ownership of the property management company which is also negotiable

[@etladmin5046]

@@DeRosaGroup what does getting ownership of the property management mean?

[@DeRosaGroup]

@@etladmin5046 So when you start a PM company you need a broker of record to have their license on your company. I was saying that you want to avoid giving that broker ownership of the PM company if you can. I hope that helps!

[@DeRosaGroup]

@@etladmin5046 So when you start a PM company you need a broker of record to have their license on your company. I was saying that you want to avoid giving that broker ownership of the PM company if you can. I hope that helps!

[@doradominguez7316]

Question: at what point do you think it's a good idea to get property management software? I'm considering switching from Excel/Drive/QB Online to a comprehensive tool (currently looking at DoorLoop). Wondering what your thoughts are.

[@DeRosaGroup]

Over 3 units, you should be on a pm software. Use one that has a pay portal Integrated for tenants to pay you electronically also. It's a game changer

[@osuproperties]

use turbotenant

[@lesliebrew4789]

Depends - residential or commercial? Number of tenants?

[@joshmclanahan5628]

You need a Broker license in Florida

[@joshmclanahan5628]

Takes 2 years before you can start your own PM company

[@astrosntexans]

South Carolina has a separate PM license you can get instead of getting a real estate sales license.

[@DeRosaGroup]

Good to know!

[@lesliebrew4789]

What software the PM company is using is irrelevant. As long as the information is thorough and complete is the answer.

[@DeRosaGroup]

So true!

[@ighproperties5076]

In Georgia and most states you need a real estate license and you need a broker if you are not one.

[@DeRosaGroup]

True for most states

[@WallStreetRedneck]

@@DeRosaGroup didn’t you just say you need a brokers license tho?

[@DeRosaGroup]

Yes, you need a brokers license, sorry if it was confusing

[@csantiago-williams5616]

Most but not all. Real estate/Broker licensing is not required in my state to own a PM company.

[@buckiehomessellsinmyrtle8888]

Question? I live in a very competitive resort area on the Carolina coast. There are a lot of PM companies around here obviously, and In particular 3 big ones that have a strong hold on the market closest to me. I’m a licensed realtor with a lot of connections to tradesmen in the area and I want to start a property management company. Do you I still need to get my PM license for $280 here or should my license be enough even though I’m not a broker?

[@DeRosaGroup]

As I understand it you still need a brokers license to have a PM company, that's the bad news. The good news is that it doesnt need to be your license, you can use your brokers license or find another broker to be the broker of record for your pm company. With regards to the competition they are likely much larger companies, you may want to target managing properties they won't take on, like really small residential, vacation rentals, large apartments, or commercial. Whatever they don't do, to after it. Niche down!

[@lesliebrew4789]

@@DeRosaGroup Correct. As long as a broker is involved somewhere in the picture, all is well. He should be an employee or a hired contractor as long as he/she is present.

[@glenn7721]

How do you learn about management for short term properties?

[@DeRosaGroup]

Thanks for sending this question! We're trying to answer as many questions as we can. You should check us out on Facebook! Matt can answer your questions LIVE. facebook.com/groups/DerosaInsider

[@glenn7721]

@@DeRosaGroup That group has me blocked.

[@DeRosaGroup]

@@glenn7721 Hey there. We'd like to know more about this issue. Please send us an email at [e-mail] so we can further assist you. Thanks!

[@glenn7721]

@@DeRosaGroup I rarely log into facebook with my main account and it says pages can't join.

[@DeRosaGroup]

@@glenn7721 Ahh, that's it! Currently, only Facebook Profiles are allowed to join in the group. Since DeRosa Insiders is a community of like-minded people, it's best if you join from your main Facebook profile.

[@Cococokieful]

Excellent video exactly what advice I needed. Short and sweet video!

[@DeRosaGroup]

Glad you enjoyed it!

[@Lisa-nt7wt]

I just found this page and man I am glad I did ! All my questions were answered God Bless You !

[@DeRosaGroup]

God bless you too!!

[@tessakelly6061]

When comparing software, I didn't hear RentRedi mentioned, however I feel like they are all over the place lately with advertisements and growth. Any input on whether this is a good software to use for a new PM company looking to scale?

[@DeRosaGroup]

Thanks for sending this question! We're sorry for replying a little bit late since we're receiving an influx of comments. If you want your questions to be answered by Matt LIVE, you can ask him every Friday noon on DeRosa Insiders for FREE! facebook.com/groups/DerosaInsider

[@mikemorgan8646]

Say what? I have to have 500-600 doors to be profitable?

[@DeRosaGroup]

It can take that long. The beginning is tough because every unit you add requires more and more hires and overhead

[@danj7290]

This got me thinking about how I got started in real estate. I view real estate as my end-all-be-all and when I had my day job I hated the fact that I was not getting on hand experience with real estate so I quit my job and basically became a project manager for other Real Estate Investors. My question is for people like myself that NEED to be in the game. what is the best way to be involved? Is it become a project manager like I did or a property manager or do side jobs and read read read.

[@DeRosaGroup]

Thanks, that's a great question! We would love to have you ask it LIVE on our Mentorship Monday program. Can you email it to [e-mail]?

[@ruthanngardiner8940]

You do not need a real estate license to run a property management company. In which state is that a requirement? Property management focuses on the day to day ins and outs of a property; versus a real estate agent deals with the buying and selling transaction of the property.

[@DeRosaGroup]

You're misunderstanding the definition of a real estate broker. You are of course allowed to transact real estate on your own, such as putting your home up for sale by owner or for rent by owner. If you're not the owner, you need someone to act on your behalf, and that person must have a real estate broker's license. Transacting real estate is not just selling it or buying it, it is also offering it up for lease. So any transaction that is done by someone who is not the owner requires a real estate license, that would include property Management because the property manager is leasing, collecting rent, acting on your behalf and is not the owner of the property. Hope that helps!

[@everybodyloveskey8962]

So if I own 4 properties and wish to start a property management company, am I required to get a real estate broker license

[@kathiishunz1]

@@everybodyloveskey8962no

[@PROPERTY_EXPERTE]

Not true mme. A property manager must be licensed bcs the license permits you to help the owner of the property profit from it having gotten the understanding of the general concepts that govern the cashflow in and out of a real estate transaction. There lots of maths in it mme.

[@lesliebrew4789]

@@everybodyloveskey8962 No, not to manage your own properties. A license is required if you choose to manage property that you do not own. You are known as "3rd party" management.

[@Real.Estate.Report]

I had a PM for my Airbnb properties but they ate up way too much of the cash flow. Tempted me to start my own PM company but I ended up selling 2 and converting the last one to a long term rental and self managing. Thanks for the video guys!

[@DeRosaGroup]

Thanks! Have you read Matt's Book Raising Private Capital yet? If not go to www.biggerpockets.com/store to pick it up and also get a bunch of bonuses including an Ebook on buying apartment buildings!

[@andrewlebaron363]

😂 this is relevant. Talk soon.

[@DeRosaGroup]

"We're happy to see you find our content to be useful. Joining our group on Facebook would be great, Matt goes live every Friday at noon EST and answers questions directly! Here's a link: facebook.com/groups/1870891109678497"

[@robertpeek3657]

wrong

[@DeRosaGroup]

How so?

[@darkdrakex]

I have 8 rental units of my own that I manage in California, and have been debating this. It sounds like such an awesome business to get into to grow the rental portfolio and make extra cash. Thanks for the awesome video its a lot to think about.

[@Pinnacle17]

You get around to doing it?

[@percolettivercetti3910]

If you don’t mind, how were you able to get those properties?

[@briandeluca6908]

Multifamily meets the exclusion criteria for not having to get a license for real eatate professionals

[@DeRosaGroup]

There isn't a y exclusion criteria for management of real estate that we know of and we just launched a pm company for multifamily. Care to elaborate?

[@dejafitzgerald925]

Not required in nevada

[@DeRosaGroup]

You still need a real estate license to be a pm company on behalf of others