Tell me if I'm doing this wrong:
A friend and I have spoken on multiple occasions about getting into residential rentals. We've both worked as resident managers in years past, so we have some exposure to the kinds of problems we'd face in the maintenance and interpersonal realms of the business.
A third friend contacted us out of the blue, wondering if we'd be willing to manage her house after she moves out of state later this year. For whatever reasons, she's interested in holding on to it and renting it out, but will be on the other side of the country.
So we're thinking this could be a nice introduction to residential real estate without having to worry about the ownership angle. We're not looking to get rich off this one house, but give us practical experience in advertising, marketing, managing a maintenance budget, dealing with tenants, etc.
Is this a bad idea? A good opportunity? Am I asking to get my ass handed to me? Our idea was to start with this on the side, grow into other opportunities as we find them, and ultimately start purchasing our own properties 3-5 years down the road. It's my intention to transition out of my desk job into managing residential rentals as my post-retirement career.
If you'd like to see numbers, I can share some. Just ask.
