Want to Hire an Experienced RE Advisor. Recommendations?

4 Replies

I've started this real estate journey (buy-and-hold multi-family, 12 doors now), and I want to take next steps to continue to grow and use leverage and my resources as smartly as possible. I'd like to find someone I can show my portfolio, my finances, etc., and get advice as to the smartest next steps. I'm sure there are opportunities to leverage my W-2 income, my rental income, and my qualified IRA funds in ways that I hadn't thought of, since I'm still early stages in my experience level. Anyone out there hired an experienced RE advisor like this and had a great experience?

Hi @Gloria Sheridan I don't know that what you're seeking actually exists, but even if it did I fear any advice they gave would be severely compromised and unreliable. You're looking for a single, turn-key solution provider, and the critical flaw in that approach is the inevitable conflicts-of-interest that arise. Your RE investment advisor can't offer objective insurance advice, nor can your your attorney counsel you on accounting matters.

Instead, I'd recommend you begin assembling a small team of best-in-class professionals with expertise in a single discipline and a willingness to engage with you and other members of the team. At very least, this should include your accountant, your attorney, your insurance professional, and perhaps an experienced RE investor colleague you know and trust.

Meanwhile, you're going to have to chair this committee, so you'll need to continue to get smart on investment options and opportunities. There's no way you will want to outsource this function: No one is going to be more committed to your success than you!

@Mitch Messer : Hmm. Perhaps I've been unclear in my original post. I'm not looking for someone to do **any** of the work for me. I'm not looking for "turnkey" anything. I'm currently doing all the property-finding, rehabbing, financing, contractor management, and property management activities myself. What I'm looking for is a financial advisor who is real estate savvy, who knows about the full spectrum of financing options available to me (given my available resources), who can help me review my current portfolio and decide which are the smartest directions to pursue in the future. That is why I posted this thread in a Finance & Lending sub-forum.

As far as a team, I feel like I've made good progress on that: Great RE agent, insurance guy, skilled trades, contractor, CPA, self-direct IRA provider, etc. The member of my team I'm looking to add is RE Financial Advisor. Thanks for your feedback, though, Mitch.

@Gloria Sheridan

Have you created a schedule which lists how much equity each of your 12 doors have?
A simple excel that details each properties fair market value and outstanding mortgage liability will suffice.

This will allow you to determine how much equity each property has for a potential refinance/heloc.

Since you have 10 doors, you may not be eligible for traditional freddie mac/fannie mae financing. You may want to consult with a portfolio lender.

Regarding the qualified IRA funds, you may want to see if you want to put that money to work investing in deals for other investors or to put it into a real estate syndication.

Good luck on your goals!

@Gloria Sheridan I would be happy to share some advice over the phone, but my advice will focus on errors I’ve made in my investment career and how you may avoid some of those. I do not want to be paid, just want to ensure investors don’t make some mistakes I have.