I have been examining deals for weeks to try and get the feel for how to be successful in REI. However, these are some questions I am having because it seems very important.
1. Does my lawyer, CPA, Insurance agent need to be local to my state? I live and operate in separate states which i believe are extremely different.
2. Are these people mandatory to have in place before I even attempt to make an offer on anything?
3. What kind of annual expense do these three garner? I have not budgeted for them in any of my deals, and it seems like that would be pertinent for me to do so.
Meh, you will use them sparingly to start with. Not sure if you are investing in Atlanta, but I imagine that to be a competitive market if so. The three people you mentioned are all not necessary until you find a deal, and even then the role the will play is minor (depending on the size of your first deal.)
They just need to be licensed in whatever state your business is located.
As far as expenses for each
Insurance Agent - $0 (paid from your premiums) check out nreig.com
CPA - I assume you mean a tax attorney, which is different from say a bookkeeper who would monitor the transactions on your account and log them accordingly. $Varies based on the services provided
Lawyer - Might charge you hourly for work that goes "off script" but will often have set fees for services like evictions, contract, partnership formation, LLC filings etc.