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You are here: Home / Archives for Finance / Real Estate

Real Estate

How to Become a Property Manager

June 4, 2023 By Cade's Team Leave a Comment

Have you been looking for a lucrative career that doesn’t require formal education or for you to pay for expensive degrees? If so, property management is an intriguing option.

A property manager is a person who is responsible for overseeing and managing real estate properties on behalf of property owners or real estate investment companies. Their role is to ensure the smooth operation, maintenance, and profitability of the properties under their care.

Property managers handle various tasks related to the day-to-day management of residential, commercial, or industrial properties.

Skills Required to Be a Property Manager

Because property management primarily relies on practical skills that can be acquired through hands-on experience, you are unlikely to need a formal degree to get into this field. Most of the key aspects of property management can be learned on the job.

Plus, as you acquire experience and a track record of success, you can advance your career by managing larger properties or even start your own property management businesses. When it comes to creating financial freedom, starting a business is one of the most rapid methods of wealth creation.

In some states, like Virginia where I live, you will need a real estate license to work in property management. This requires taking a 60-hour pre-licensing education course, paying a fee, passing a state licensing exam, and passing background check. This is a bit of work, but nothing insurmountable and it will help you to command higher pay.

On average, property managers in the U.S. earn an annual salary ranging from $50,000 to $80,000. However, in addition to base salaries, property managers can receive additional compensation from bonuses or commission structures. Bonuses are usually be tied to factors like meeting or exceeding occupancy targets, reducing vacancy rates, or reducing expenses.

Wondering how to become a property manager? If so, keep reading to find out exactly what you need to do to achieve your goal.

1. Start Your Training

The first step to becoming a property manager is to get a license (if needed) and start your on-the-job training. It is certainly not required, but it can be helpful to have prior work experience in a related field such as business management, real estate, or finance.

Once you start your on-the-job training, you’ll learn the ins and outs of property management, such as hiring, leasing, and collecting rent and other fees.

2. Know the Landlord Tenant Laws and Regulations

Next, property manager jobs requires knowledge and familiarity with landlord-tenant laws and regulations. You can learn these rules though real estate courses, online, or on-the-job. Specifically, you must be aware of regulations related to the following:

  • Tenant rights and responsibilities
  • Landlord rights and responsibilities
  • Security deposits
  • Rent
  • Foreclosure protocols
  • Eviction procedures
  • Discrimination laws

As a property manager, you’ll also have to learn about both state and federal regulations. It’s important to note that regulations can differ depending on where tenants reside. You must also be familiar with local ordinances and codes that can affect the leasing process.

Thankfully, the same common circumstances tend to occur over and over in real estate, which means that you’ll learn what you need to know over time.

With this knowledge and experience, you can become a seasoned property manager.

3. Developing Your Management Skills

To become a property manager, you’ll also need to focus on building your management skillset. This includes boosting your skills in areas such as the following:

  • Problem-solving
  • Dealing with stakeholders
  • Budgeting
  • Marketing
  • Tenant communication and management

As you develop these skills, you will become competent not just in managing property, but at working in the real estate industry at large.

Meaning, you’ll be well positioned to get move into the fields of real estate investing, real estate fundraising, or working in investor relations, if you so choose.

4. Securing Prospective Tenants

Finally, as a property manager, you have the important responsibility of finding and screening prospective tenants. This step is essential, because it is what drives income for the properties that you manage.

This step typically involves advertising your property online, as well as doing in person showings. It also involves screening tenants to determine if they are good match for the property based on their income level, credit score, and rental history.

To do this, you must have the necessary tools in place. Switching banks in Appfolio for property managers is one way to simplify this process. The reason is that software like this allows you to quickly and easily switch banks for rental payments. It also allows you to review rental applications, determine creditworthiness, set up security deposits, and create payment reminders.

With the right property property management tools in place, finding and screening tenants can be a simple and streamlined process.

Ready to Become a Property Manager?

Becoming a property manager can be an interesting career path for those who enjoy working with people and don’t mind solving problems on a daily basis. It offers flexibility, upward income growth, and the opportunity to make an impact.

If you think you have what it takes, take the first step today to become a property manager.

Did you find this article helpful? If so, explore other articles in the real estate section of this blog.

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Filed Under: Exclude

8 Sources of Funds that You Can Use to Invest in Real Estate

June 4, 2023 By Cade Hildreth Leave a Comment

Individual investors own 70% of all rental properties. Most investors invest in real estate because it is a compelling way to produce passive income, multiply your net worth, benefit from debt paydown by tenants, and secure tax advantages.

Are you considering investing in real estate? If so, you’re going to have to figure out how to fund your purchases. Given this reality, it’s helpful to understand the different types of real estate investment funds that you can use to get into the game.

Read on below to learn about eight real estate investing strategies you can use today. [Read more…] about 8 Sources of Funds that You Can Use to Invest in Real Estate

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Filed Under: Uncategorized

Top 5 Reasons to Invest in Manufactured Home Communities

May 31, 2023 By Cade's Team Leave a Comment

Today, around 70% of rental properties are owned by individual investors. According to recent Census data, there are approximately 48.2 million rental units in the U.S. today, which are composed of single-family homes, townhomes, apartments, and other unit styles, such as manufactured housing units. Another common name for manufactured housing units is mobile homes since these units can be moved to a new location by flatbed truck. [Read more…] about Top 5 Reasons to Invest in Manufactured Home Communities

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Filed Under: Real Estate, Real Estate, Real Estate, Real Estate, Real Estate

Master List of Real Estate Syndicators for 2023

May 6, 2023 By Cade Hildreth Leave a Comment

Real estate syndication is when a group of people pool their money together to purchase real estate assets.

Typically, there is the real estate syndicator (or sponsor). This person or group identifies the properties to acquire, presents them to the investors, and collects the capital needed to close on the properties.

In contrast, investors contribute capital in exchange for an ownership stake in the property or properties. The investors do not participate in the day-to-day operations of the assets and their financial downside is limited to the amount of money that they invest. [Read more…] about Master List of Real Estate Syndicators for 2023

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Filed Under: Investing

A Guide to the Different Types of Land Surveys

April 15, 2023 By Cade's Team Leave a Comment

If you’re considering becoming a real estate investor, then one of the simplest ways to do it is to buy land. Why is this?

It’s because land has inherent value, it tends to go up in price over long periods of time, and perhaps most importantly, there is a fixed supply of it. For these reasons, many real estate investors like to buy land in the “path of progress” and then hold it until it can be sold for a hefty profit. [Read more…] about A Guide to the Different Types of Land Surveys

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“As an LGBTQ+ entrepreneur, real estate investor, former USA Rugby Player, and fitness fanatic, I’ll teach you what your parents and teachers should’ve taught you, but didn’t know themselves.” -Cade Hildreth

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Happy Pride Month y’all! VISIBILITY. JOY. PERMA Happy Pride Month y’all!

VISIBILITY. JOY. PERMANENCE. 

I am committed to all three. 

As we know from history, you can’t regulate a group of people out of existence. 

Leave a 🏳️‍🌈🏳️‍⚧️ in comments if you’re celebrating Pride this month and let me know how! 🤗 🎉 ⬇️
As we know from history, good people don’t spend As we know from history, good people don’t spend their time harassing marginalized communities. 

Think Hitler, think slave owners, think people who created assimilative boarding schools for Native Americans…

In honor of respecting other people, here are today's truths: 

1. Good people don’t spend their time harassing marginalized communities. 

2. Emotionally mature people don’t require “power over” others to be ok with themselves. 

3. Healthy people allow others to be who they are, not who they want them to be in the name of their own self-comfort. 

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People will honk if you change lanes. Let them. People will honk if you change lanes. Let them. 

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How to get 400% returns in real estate! Enjoy th How to get 400% returns in real estate! 

Enjoy this clip from my recent podcast, “Kelsey Jang, Army Engineer Officer & Company Commander, on Getting Started In Real Estate“.

Listen to the podcast itself (link below) to hear Kelsey (@kelshjang)share her experience with buying her first rental property priced at only $110K with 10% down.

It will provide you with a real-world example for how to get started in real estate—and start enjoying outsized gains!

Listen here: https://podcasts.apple.com/us/podcast/what-you-shouldve-been-taught/id1523094339?i=1000591353528

Have questions? Ask them in comments ⬇️
Credit Scores: Quick tips and tricks for driving y Credit Scores: Quick tips and tricks for driving your credit score up ⬆️

Which tip here was the most helpful? Let me know in comments… 💵🤔

Also, what topic would you like to learn more about next? 🤓
There are many things that bring me great joy, but There are many things that bring me great joy, but here are three of them: 

1. Top surgery, which has helped me to feel deeply present in my body 

2. Beanie’s furry and funny face 🥹

3. My incredible wife, whose uniqueness and spunk I cherish! 

Notice that none of these are professional or financial or even personal accomplishments…

They are simply profoundly beautiful parts of life. The best and most sacred parts, really. 

If this resonates, leave a 💙 in comments … wishing you all deep joy today too ☺️🏳️‍🌈🏳️‍⚧️
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