Through the years of working with residential investors we have had the pleasure to work with some great ones. None of these people have tried to be a one person show. The tie that binds them together is they all have a team. The successful investor’s team consists of advisors, associates, and vendors that provide stellar service and expert advise.
The Successful Investor’s Team
The primary members of your team should be (in no particular order):
Accountants – I do not know of any business that can survive without great accounting and tax advisors. Accountants provide structure advise for purchasing platforms, or just make sure you are filing your tax returns on time.
Attorney – Sooner or later you are going to need to go to court. As a rental owner you actually need two different types of attorneys. An attorney who handles evictions and judgments and another to advise on business matters.
Handyman – This person needs to be a jack of all trades. They need to be available at a moment’s notice to assess problems and fix many. They also provide information and suggestions as to the best solution or references for bigger problems.
Realtor – Somebody who handles your acquisitions. A professional relationship that is a win-win. You will quickly lose most Realtors if you are just expecting them to spray low-ball offers all over the market looking for a bite.
Property Manager – Unless you really want the hassle of day-to-day operations, a property management company can handle everything for you. From leasing to management and maintenance, to daily bookkeeping, while making great referrals to you of accountants and attorneys. Great managers will cover their cost in the increased rent they collect and the time they will save you.
Am I forgetting anyone? Anybody on your investment team that you consider crucial?
The lesson learned is that no matter how much you may think you know, or how much time you have on your hands, a support team will make your investment business that much better.