6 Key Professionals Every Real Estate Investor Should Have on Their Team
Not long ago, we talked about qualities that make you a better real estate investor. One such quality involves a team focus. We think it’s beneficial to talk more about what your team should look like:
Attorney: Let’s face it, there are too many laws to keep track of and they change frequently. Working with an attorney who understands the local and national laws that affect your real estate investment is simply about protecting that investment—and yourself. Look at it this way: even if you inadvertently skirt or break a law, it could cost you more than what you put into the investment.
Tax Professional: Again, hiring a tax professional is about protecting your investment, but it’s also about making the most of it. They can help you to determine where you can acquire a break or what you can claim in your returns to offset your expenses.
Property Manager: Property managers have their fingers on the pulse of the market. They know what it takes to maintain an investment property, they have insight into real estate investment opportunities that arise, and yes, they can help you protect your property to maximize the investment.
Investment Realtor: Good realtors share numerous positive qualities that result in successful real estate transactions—but for your purposes, you need to find a realtor who specializes in investment properties. They must:
- Know the market you are interested in.
- Have an extensive network.
- Understand what you can get with what you have and find property investment opportunities that fit YOU.
- Actively scout for opportunities. They are movers and shakers.
Mentor: It doesn’t matter if you’ve been doing this for six months or five years, there is always more to learn about real estate investment. There will always be someone who can teach you. It’s important to look for a mentor with these qualities:
- Savvy, but not over-confident.
- Secure enough to share insights.
- Interested in the same type of real estate investments i.e. rehabbing excites them, and you. Or, low maintenance rental properties butter their bread and yours.
Find a mentor through a local real estate investors (REI) group or by asking your other professional team members.
Contractors: Okay, this is a general term, but the idea is that you have at least one or a handful of building professionals you know you can rely on for updating, improving and maintaining your investment property. Even if you are all about DIY, unless you are a professional contractor, you will need help and guidance at some point. Your property manager may already have these people on their team, but just take the time to make sure you are covered—and comfortable.
It’s ideal to have this team assembled before you pursue real estate investments, but it also doesn’t hurt to check in with yourself along the way and make sure your team is solid.