6 People Every Investor Should Hire Before 2017

6 People Every Investor Should Hire Before 2017

3 min read
Sterling White

Sterling White is a multifamily investor, specializing in value-add apartments in Indianapolis and other Midwestern markets. With just under a decade of experience in the real estate industry, Sterling was involved with the management of over $10MM in capital, which is deployed across a $18.9MM real estate portfolio made up of multifamily apartments. Through the company he founded, Sonder Investment Group, he owns just under 400 units.

Experience
Sterling is a seasoned real estate investor, philanthropist, speaker, host, mentor, and former world record attemptee, who was born and raised in Indianapolis. He is the author of the renowned book From Zero to 400 Units and the host of a phenomenal podcast, which hit the No. 1 spot on The Real Estate Experience Podcast‘s list of best shows in the investing category.

Living and breathing real estate since 2009, Sterling currently owns multiple businesses related to real estate, including Sterling White Enterprises, Sonder Investment Group, and other investment partnerships. Throughout the span of a decade, he has contributed to helping others become successful in the real estate industry. In addition, he has been directly involved with both buying and selling over 100 single family homes.

Sterling’s primary specialities include sales, marketing, crowdfunding, buy and hold investing, investment properties, and many more.

He was featured on the BiggerPockets Podcast episode #308 and has been contributing content to BiggerPockets since 2014, with over 200 posts on topics ranging from single family investing and apartment investing to mindset and scaling a business online. He has been featured on multiple other podcasts, too.

When he isn’t immersed in the real world, Sterling likes reading motivational books, including Maverick Mindset by Doug Hall, As a Man Thinketh by James Allen, and Sell or Be Sold by Grant Cardone.

As a thrill-seeker with an evident fear of heights, he somehow managed to jump off of a 65-foot cliff into deep water without flinching. (Okay, maybe a little bit…) Sterling is also an avid kale-eating traveller, but nothing is more important to him than family. His unusual habit is bird-watching, which he discovered he truly enjoyed during an Ornithology class from his college days.

Education
Sterling attended the University of Indianapolis.

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One of the biggest mistakes that real estate investors make is not getting help. 

I know, because I’ve made the same mistake in the past. I’ve tried to do too much myself. I see new real estate investors, agents, and business owners doing the same thing. It’s extremely difficult to really grow to your full potential if you are tied down doing too many lower value tasks. If you are trying to learn and master — and stay on top of the changes in every single area involved in real estate — you are doing too much at once. Technology can help a lot. Still, there is still no substitute for the power of leveraging others. If you really want to make real estate work for you and see the best results possible, I strongly recommend making sure you have these people on your team before the ball drops.

Here are six people you should absolutely recruit for your team before the new year.

1. A Good CPA

Once you move into real estate, you don’t want just any old tax preparer. You need a savvy and experienced accounting and tax pro to prepare your taxes, advise you on the best structures, and aid in maximizing your profits and tax breaks — without setting yourself up for an uncomfortable audit. You may even want your own bookkeeper to help throughout the year. Note that these don’t have to be full time, in-house staff members on salary. But you do need them on call.

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Related: 20 Must-Have Team Members for Real Estate Investing Newbies

2. Property Manager

I know a lot of members of the BP community are against having property managers. Still, I will tell you that without a doubt, you won’t enjoy the maximum financial or personal rewards of investing in real estate if you stick to the DIY property management approach forever. You just can’t. Plus, there are now so many more efficient and cost effective property management options than there used to be. There are experienced individuals, tech savvy remote services, and even turnkey teams. Check out your options.

3. Real Estate Agents

This can be another touchy subject for many investors. From my experience, real estate agents and investors are better when working together, rather than working against each other. Real estate agents can find deals, they can provide great insights, and they can take a lot of the burden off of you for a lot less of the pie than you think. Every investor ought to have a handful of agents out there that are bringing them deals.

4. Attorneys

Sooner or later, you are going to need an attorney. You may need a corporate attorney, tax attorney, real estate-specific attorney, or one who specializes in estate planning. It just seems smart to find them before you are in a crunch — and to benefit from their advice so you avoid issues.

5. Contractors

Winning in the real estate game really comes down to the contractors you have. If you don’t have good contractors, then you are at a disadvantage when it comes to evaluating deals, fixing them up to rent-ready condition fast, and keeping your assets maintained. It can seem really hard to find great contractors, but they are out there. Ask for referrals.

hire-a-contractor

6. Personal Assistants

Many of the tasks that drain our time and energy can easily be done by a personal assistant. Most of the lower-value tasks we do throughout the day can be delegated to someone else as their higher value activity. That can even include researching and screening many of the above team members. Break down your annual income goal by the hour. If the tasks you are doing can be outsourced for less than that, you have to delegate them to assistants. If you don’t, you simply won’t make your financial goals.

Related: The Quick Guide to Hiring For Entrepreneurs: How to On Board Quality Team Members

In addition to this list, you may even want a marketing manager or general manager to take a lot of the management burden off of you. As you can see, many of these “team members” don’t really have to be in-house, full time, and on a salary that adds to your overhead. You typically pay on an as-needed basis. Scale as your needs increase and your business is growing. It may take some investment or giving up a piece of the pie at first, but it will allow you to grow to where you want to be.

Think about this: Instead of pocketing $150k this year, why not take $100k, pay an assistant $50k, and position yourself to make $250k the following year? If you have any surplus funds, it’s worth investing in getting great help this year. Set yourself up to make more the following year. Check with your CPA, and you might even find this is a way to lower your tax liability before the end of December.

Which of these members do you have on your team? Which are you planning on adding?

Let me know with a comment!