Where should I begin assembling my team?

[Alec McGinn]

Hello BP, I have just recently purchased my first live in Home with the intent to rent it out down the road. My next goal is to acquire a 4-plex. My plan is to self manage the property, but I do want to have plenty of help. Who should I be looking for in my network that would help the aquisition and management and rehab of my next property. Please list them in order of priority. Thank you!

[Brian Pawl]

I might be biased because I think my property management company does a great job, but reputable management companies with a track record of taking over properties, renovating them and renting them out is your best bet - especially for a newbie. They are actually more affordable than you might think, and they will help maximize your returns even though you pay them a management fee. Of course, there are terrible management companies out there, so avoid them at all costs.

If you do want to go the self-managed route, I would suggest getting with a good multi-family real estate agent who knows your market. They should be able to refer you to an attorney who will help with the close of the sale. During the acquisition stage (or preferably before) you should be meeting with and getting bids from multiple general contractors familiar with multi-family rehabs. If you need a good one with the means to travel nationally, shoot me a message and I can refer you.

After you own the property, you will need to decide if you want to actually manage it yourself, or hire a management company. I personally don't have any experience with this company, but something like Renter's Warehouse might be a good option for you. Google it and you should be able to read all about them.