A wise man (Brandon Turner) once wrote a book (one of many) called The Book on Rental Property Investing.
Let’s give him a hand for writing this must-read book!
There is one chapter in particular that helped me think about what real estate investing looks like long-term.
For the record, this chapter has nothing to do with financial freedom, being able to live a life I want to live, or simply having passive income—EVEN though these are 100 percent long-term goals.
It’s chapter 4: The 10 members of your real estate team.
It could be called chapter 4: How to scale your business. Same concept.
When the book was written, BiggerPockets was kicking ass butt and taking names. Today, we are doing that at a much larger scale!
I want to use this article as a reminder of how BiggerPockets has grown into a resource with multiple ways to help you create your successful 10-member team.
BiggerPockets Love was an April Fool’s joke once upon a time. However, may I point you in the direction of Matt and Liz Faircloth? They are married. They work together in real estate. They have advice.
Brandon wrote, “It doesn’t even matter whether or not they (spouse) care about real estate; your spouse/significant other has a huge impact on your mental state, ambitions, free time, money, future, and every other aspect of your life.”
- Matt Faircloth webinars, every Monday at 4:00 p.m. MT.
Pro tip: Ask him and Liz how they decided to work together and how they continue to work together. I know for a fact this is a topic they are passionate about.
2. Mentor/Accountability Partner
“This is the person you turn to when things get tough or you need some motivation to continue.”
This sounds like my dad.
We have this covered in spades. My favorite is below.
- NEW! 90 Day of Intention Journal comes with a mastermind group. Not only do you have the chance to start stating your intention, but you are then connected with like-minded individuals who can hold you accountable to take action.
3. Real Estate Agents
You are going to want someone, who as Brandon put it “understands the investor mindset.”
- When you visit biggerpockets.com/companies and select “real estate services,” you not only get to meet agents who are BiggerPockets members, you get to meet agents who are investor-friendly.
So many types of lenders to choose from:
- Large national bank
- Small community bank or credit union
- Mortgage broker
- Mortgage company
- Private money or hard money lender
If you need help deciding on what type of lender to use, the blog, especially the finance section, has many articles on how to choose a lender.
- We have multiple options for mortgage loans from large national banks and lenders here, and if you are a Pro member, you can access special Pro-only Perks on the Pro Perks page.
5. Contractor and Handymen
I’m not an investor. However, I do own a home and have hired multiple handyman, electricians, etc. Not easy.
Brandon’s advice is to find a contractor, handyman, or other member of the home service profession to be your go-to.
We have a great solution to help you 1) find a service professional you can trust (and add to your team!) and 2) get help immediately if you are unable to use the person you have on your team.
We built a “Find a Contractor” page in September. On this page, you can look at the hundreds of types of home service needs.
Note: Home services is not just for a house. It extends to apartments, commercial work, and other scenarios. It’s just a nice catch-all phrase.
You can also submit an emergency request through this page. For example, click into “Handyman.” As you fill out the information on the page, you’ll notice the third question is: “Is this an emergency?”
You can say “yes,” and you will get connected with handymen who are available that day!
We are working on an even better integration to offer you access to scheduling contractors too. Just wait!
- Find a contractor page! Disclosure: We partnered with a leader in the home services space to make finding home improvement professionals as easy as submitting a request and waiting for phone calls.
I am going to use Brandon’s words:
“Although you are entirely capable of doing your own books, you may want to hire a bookkeeper to keep track of income and expenses and to get your finances tax ready.”
Related: How to Build a Highly Effective Real Estate Team
- Company page for bookkeepers: Lending/finance company page
Don’t commit tax fraud. Enough said.
Oh, and also, ask for advice. We have multiple finance forums where you can talk to experts and ask questions. For instance, do you want a recommendation for investor-friendly CPA who lives within 50 miles? Ask the BiggerPockets community!
- Forum to explore: Tax, Legal Issues, Contracts, Self-Directed IRA
Can you tell that with bookkeepers, CPA—and now lawyer—I’m a little in over my head? These are smart people. Let them help you.
- Forum to explore: Discussion for Tax, Legal Issues, Contracts and Self-directed IRA
9. Insurance Agent
“Today I have a great agent who can shop numerous companies for the best policy and can change policies as needed while keeping all my paperwork in his office.”
Be more like Brandon.
- Ask questions and meet experts in the Property Insurance Questions & Discussions forum
10. Property Manager
Like a broken record now.
- Company page for property managers: Property Management
I hope it helps to know that BiggerPockets can assist you as you build your team!
Who’s an essential real estate team member who wasn’t listed above?
Tell me below.