5 Players You Need on Your Real Estate Investment Team
Real estate investment can be intimidating, particularly for those new to the game. That’s why you need a team. A posse. A squad. You get the idea. They say that two heads are better than one. Imagine what you could do with five or so.
While every investor’s level of experience, and needs, differ, it can be helpful to form a network that includes these key players:
- Real Estate Agent/Broker. You need someone onside who understands the local real estate market (even if it’s not local to you). They should assist you with all stages of the process, from locating suitable properties to referring you to funding sources to negotiating the most favorable terms and conditions.
- Reputable Turnkey Investment Property Company. An experienced turnkey real estate company has the inside track on the market and on hot properties in your area. Like a real estate broker, they can help you find new or fully rehabbed properties. The difference is that they will be in turnkey condition; that is, they will be ready – and stocked with tenants – to start generating income for you.
- Property Manager. If you do not have the time or inclination to act as a full time landlord, and yet still want to reap the benefits of real estate investment, entrust your property or properties to a reputable property manager. They will take on the day-to-day, nuts-and-bolts aspects of management, freeing you to pursue other opportunities. With the right property manager, you can enjoy a host of services – from having them field those middle of the night plumbing calls to empowering them to deal with tenant disputes.
- Accountant. When you add to your investment portfolio, your finances become more complex. It’s the nature of the beast! But you don’t have to face it alone. An experienced accountant can help you wrangle your financials and tame the beast. Further, they can guide you in the accurate keeping of records and receipts that will make it easier for you to claim key tax deductions.
- Local Contractors and Vendors. When you own a property, you will need to draw from the community of contractors and vendors, from plumbers and electricians to snow removal companies and landscapers. Choosing skilled, reliable, and reputable professionals is a must. Once you establish strong working relationships, you have a go-to for any problem, upgrade, or project that comes up.
Another benefit of hiring a property manager is that they often have these relationships established, and because they manage multiple properties, they can take advantage of bulk or discount prices.
Who’s on your team? Contact USREEB if you need to start forming strong investment contacts. www.usreeb.com