I'm considering starting a part time property management business. I manage several of my own rentals, and got to thinking: as passive as this is (I hardly ever get called) and as much as PM's charge on houses like these, I'd be making about 1K a month just by taking on 5 more properties. I could do this now or even as a "retirement job" when I retire.
So half of first months rent, then 10% of the rent for the months thereafter. I think since I could note than I'm an investor and own and manage my own rentals could be a good marketing/sales tactic. "I know how important your investment is and I will manage as well as I do my own..."
Thoughts? Should I get an LLC started, web site, etc.? It doesn't need to be a big add campaign, as all I need are 5 clients to produce the above income. I'm in Washington state in case there are any regulatory issues.