Peter Lohmann quit his engineering job to start a property management company and scaled it from zero to 500 units. He breaks down how he did it — and shares 2 key pieces of advice for novice real estate investors.
. At the time, Lohmann said the adjacent business seemed to be a straightforward way to make some recurring revenue to help supplement their income from the rental properties. Soon, customer calls started pouring in. , which started as a one-man operation in his apartment and became a full-service firm employing 15 people who manage approximately 500 units today.
"We make it a hands-off experience for the property owner so that they can focus on either their day job or they're finding the next deal," he said,"and they don't have to be bothered with tenants calling in with a maintenance request."hasn't been great for property managers because clients will often choose to sell, causing them to lose streams of revenues.
Knowing well enough that real estate creates wealth better than many asset classes, Lohmann recommends that novice investors entering the space buy as nice of a property as they can in as good of an area as possibleHe adds that investors should stick to their local neighborhoods, cities, or states especially for their first couple of properties.
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