In this big and bold information age you would be hard pressed to name any business that operates from start to finish with one individual. In fact I would argue it’s impossible to name even one, and I mean from start to finish. Not even an artist or author works alone. They purchase key materials made from others. They do research and gain inspiration from others. It’s no different with making sure you have a great real estate team.
Your team is actually far more important than the latter examples. That’s why the first step to investing in real estate is the team assembly. In this aritcle I will explain the four key figures you need to have for your real estate team. Read on…
Yes, you must have a blood-sucking attorney on YOUR side! The first thing to do with you Attorney is use him/her to set up your company. You need to know what type of company to set up in the first place and the pros and cons of the different business types. From limited liability to the different forms of corporations and also partnerships, your attorney will advise and even do all this for you. It’s very important for you to create a different legal entity by forming a company. This eliminates or at least limits your personal financial state if something bad happens with your ventures.
Accountants are another key part of your new real estate team. Unless you have a degree in accounting or are a math wiz, then you need one. They will do all the number crunching. I like to call them the bean counters. Have them do taxes and all the financial statements. A very helpful team member that will save you loads of time on paperwork.
This person is your go to guy on finding property and evaluating the market you’re working in. If you choose to invest in more than one place, then you will need one for each market. You will want to send them information on what type of properties you’re looking for and they will contact you when they find candidates. Then you will go around and evaluate the properties with them.
Another key member of your real estate team is the property manager. After you have chosen a piece of real estate and bought it, these guys go in and manage it for you. If you want you don’t have to have them and it can save you costs. In exchange you are going to have to give you time doing what they do: Dealing with renters, problems with homes, upkeep, etc. Eventually as your portfolio grows you will need to hire property managers, as you simply won’t have the hours in a day to handle these things. You’ll be too busy relaxing and counting cash.
Although there are more people you will need to include from time to time on your real estate team, these four are what I consider the top level members. The people you will use again and again. Remember to choose these people wisely because the better you pick the better your team and business will be.
For more information on real estate team members and all things real estate please visit my website called Blue Collar Real Estate.