REI investment advisor

4 Replies

Hello, I'm writing to find a REI investment/ financial planner in my area of Schaumburg Illinois. I'm brand new and need to professional help with my real estate and retirement goals. Reading past posts leads me to believe this individual needs to have real estate investments themselves so to better understand what exactly I'm trying to accomplish. Thank very much in advance for your help and consideration.


Jared, CFPs are usually into insurance, annuities, mutual funds, qualified retirement accounts and perhaps stock and bonds, that doesn't leave much left for real estate!

I suggest you look to an investment adviser who is also a RE broker, then they can make money in RE. 

Most are commission driven but there are fee based advisers. 

I have found that estate attorneys are better off to begin with than to end up with. They form the framework of your plan and then you fill in the needs with investments and insurance according to the requirements laid out, your abilities to fund and manage your estate. 

I don't agree that an attorney or CPA or a financial planner or an insurance agent has to hold RE to advise you, they aren't telling you how to handle a tenant or if that property is a good deal, that's not what they do. They advise on matters of law, taxation and financial alternatives and goals or as to your insurable interests and risks. 

Add to that team a good RE broker and a mortgage broker along with your bank and you should be set. 

I'm guessing those who feel they need their advisers to be RE investors too, have difficulty in 1. understanding their professional role and 2. communicating in their specialty, having to speak investor lingo instead of offense folks. That's okay, you need to communicate!

But, accounting, finance, law, investments and insurance matters really don't matter what type of business you're in (unless you're just speaking about RE law specifically). Your banker and mortgage guy are specialists in real estate financing to complete the total package. Your attorney and RE broker can guide you to the best title settlement types and you need to know them. Your mortgage folks can suggest a list of appraisers should you need one, they are good to know in time as well. 

Back to estate attorneys. I recently spoke to an older commercial owner needing to sell due to health reasons, they have a buyer. What had been suggested could cause them a big mess and financial trouble because they didn't consider the financial planning side of their estate. Investors do not need to be financial planners or familiar with health matters, they simply need to recognize the signs when to include specialists. Do not fear the costs, the guy with the problem pays the cost! In bigger deals, it's not an issue. It's a big issue if you advise someone in doing a deal and you mess up. 

Estate management is not just for the old and dying, you can get hit by a bus any day or someone else can. :)  

@Bill Gulley thank you very much for your insight. Looking from my perspective it's difficult to find out who to seek out first. I have it in my mind what I want and were to go it's who can fill the gaps that has me stuck. I'm still several months away from doing my first deal, but from what you said it's a attorney that should be first. Thanks again Bill for taking the time to help me out.



Your post interested me. Are you looking to go into a substantial amount of RE deals or just add it to your portfolio to diversify your holdings? I'm not certain I would pay an advisor for a RE portfolio advice, but that's just me. I would stick with reading and posting on BP to gain knowledge about the RE market. The area you live in, has greeat potential for growth and profits. However, good deals are hard to come by! Look into Northwest Indiana for RE. Your inital costs are substabtailly lower there, than in your area. Yet the profit percentage is the same or higher.  NW Indiana also has a great buy and hold market as well as a good flipping market. It all depends on what town you invest in and what your goals are. Hope this helps.

@Scott Steffek well this all started when I was trying to develop a business plan, taking breaks from it to listen to podcasts. I found a great one podcast 17 with Jeff brown, that really made rethink what I was doing with my 401k retirement money from my current employer Also writing my plan do I need to be a LLC, and according to podcast 109, with Scott Smith I do. So it looks like I needed to restructure my retirement plan and begin a LLC. And develop a strategy moving forward. And to answer your question, I want to buy and hold multi family properties, with the end goal of building a cash flow of 500000 a year and depart from my current job and doing this full time.

Also I agree were I'm at the prices are less than favorable, it's very difficult to find a prop over 1% let alone the 2% rule. However for me, I work out of ohare, so my strategy for my first property, is to house hack using a FHA loan, within a hour drive from there. So, from now till May of next year I'm saving money for my down payment and structuring my team/ business, and continuing my education (May was chosen because current lease is up then) thank you Scott for you'relp