It’s rare that every investor is an expert in all areas of real estate investing. In fact, there’s really no reason to kill yourself trying to be an expert in all areas because there are others trained specifically to help you be successful in your investing endeavors. Here are five real estate partners every investor needs on their team to build a powerful portfolio.
A Good Property Management Company
Whether you’re a landlord who prefers to remain hands-off or you own out-of-town properties and can’t actively manage them yourself, having a good property management company on your team is a must. Property management companies handle all aspects of running and maintaining your investment property. Duties of a property management company include finding new tenants, making repairs, collecting rent, negotiating with contractors, and much, much more.
An Accountant Well-Versed In Real Estate Investing
The financial rules are complex for real estate investment properties, so it’s a good idea to have an accountant on board who knows and understands the laws governing your properties. A financial advisor or certified public accountant can make sure you’re tracking your business deductions properly, so you don’t miss any savings or end up owing fines for incorrect reporting. Lastly, a CPA can handle filing taxes for you (quarterly, in case you didn’t know), which can be a huge time and money saver for you.
The Right Lender
Whether you own just one investment property or several, having the right lender on your team can help you figure out terms, costs, and advantages that will meet your investment goals. Alternately, the right lender will allow you to act quickly when new investment opportunities arise.
An Insurance Agent
Every property is special, which is why you need an expert insurance agent who has experience in helping real estate investors insure their properties. If you’re constantly buying and selling properties, your agent can help you with a policy that allows for adding and removing properties, so you don’t have to purchase a separate policy every time you buy a new one.
A Real Estate Attorney
The sole job of a real estate attorney is to protect your interest. Real estate laws vary from state to state, so your attorney should be well-versed in the laws in your state. Real estate attorneys are different than regular legal attorneys in that they negotiate for the best terms on your behalf, apply any contingencies, and ensure that all contracts adhere to state laws. Real estate attorneys may also conduct title searches to be sure the seller is legally able to sell the property and that the title is free and clear.
You don’t need to be an expert in all areas of real estate investing. You just need to know the importance of having the right people on your team. Whether you’re new to the game or a seasoned investor, be sure you have the above five professionals on your side.