Updated almost 9 years ago on . Most recent reply
N00b ALERT from California
Hey everyone... I am just getting started in this Real Estate investment, and will have a LOT of questions as I learn more... I have started listening to the Podcasts from 2013, talk to a close friend who uses this site regularly, own one SF home that I used to live in and now rent out, and also another SF that I live in with my wife and two beautiful daughters (1 & 3). Our risk tolerance is probably a little lower at the moment than when we didn't have kids, but still very interested in attaining financial freedom!
I would love to get some tips around:
1) Attorneys - Should they be local to where you live, or where you want to invest? Typical fees to be expected if you want to have them write up contracts / deals etc?
2) Property Managers - Typical fees to be expected if you want to use them to find a tenant, and of course manage the move-in/move-out, and monthly rent collection etc
3) Out of State investment - I know almost everyone does it, but do you feel that I should travel out there at least once, and see the properties I'm about to buy, or do realtors give virtual tours, and help you out as much as they can to create a comfort level you need to buy it sight unseen?
4) How do you find the right realtor? Aim for a property manager that IS a realtor?
5) Setup a "trust" or LLC from the get go, or wait till I have a portfolio before I consider those things?
6) What set of professionals do I need on my "team"? Attorney / CPA / Bookkeeper / Property Manager / Realtor / Contractor / Handyman etc etc...?
Thanks for everything I've already learnt so far, super excited to continue learning, and hopefully be in a place one day when I can give back to this amazing community of like minded, helpful individuals!